Our world brings even more new products to markets but some companies need to innovate or get disrupted. And the growing population and their different needs and desires add an extra layer of complexity to the new product world. Products get faster copied than ever before but at the same time adjusting to the local needs. Uber could not catch up with the fast-paced Asian market and eventually sold its operations to Grab. While Grab is similar in nature it is different in its execution. Grab is not a highly focused and perfectly executing organization like you would expect from the west. It does all kinds of things, offers countless other services, and shows a convoluted set of offerings on its mobile app. As a foreigner, you need to adapt to their needs. If you set up Grab as steven Smith, you will fail. Grab driver won’t take you because you most likely don’t speak their language and that is doomed to conflicts. So your only choice is Taxis, which like in the rest of the world drive you through town any way they like and then present you a horrendous bill. Nothing you can do. Just pay. Or, you create an Asian identity like Tran Dug Tri. You may still get flagged but with an extra tip, you may get through. Wanting to enter the Asian market with its 3.5 billion population. Get innovative in any way. A startup told me that they have no interest in entering the US or European market “Too small. Why should I invest in the effort and have still only 25% of the Asian Markt”.
Payment models in Asia are plentiful. Adopt or forget the market. Mobile Pay is omnipresent. Credit Card is so yesteryear. But Credit Card businesses don’t notice. Their market is not shrinking – yet. Only they missed about 1 Billion new customers – about the same size they have today. Missing a market that is double of your own but also your competitors miss it – makes it an interesting situation.
New Asian Car Manufacturer
E-Cars from Asia will disrupt the US and the European automobile market. And this is no longer about China, South Korea, or Japan. VINGroup, a large Vietnamese Conglomerate will enter the global automobile market with all-electric cars soon. With a former GM executive on its helm, the new automaker VinFast will start selling cars in 2020. Now, Europe could prevent foreign car manufacturers to enter Europa but for the car manufacturer, Europe is only a part of THEIR market. To prevent disruptors with legal action like against Uber, AirBnB and other innovative products is not an option.
Innovate or get disrupted.
In the end, the world as a whole is a competitive space that provides amazing advantages for its consumers. And the advantage is not price!!! The advantages come as better, easier, more advanced products, better customer experiences, and more what the up and coming generation actually is looking for – whatever that is at any given point in time.