The Invisible Demand?-?The story behind Blockbuster Products and building for tomorrow's needs

The market is underpinned by a fundamental law: success is determined by the ability to fulfil a NEED.

Steve Jobs, a paragon of intuition in technology and one of my biggest personal inspiration, once said, “Get closer than ever to your customers. So close that you tell them what they need well before they realise it themselves”. This profound insight encapsulates the essence of foresight in product development.

Products and services that align with this tenet capture consumer attention and thrive.?

The smartphone revolution, sparked by IBM’s first touchscreen interface in 1993, is a testament to this. As of 2023, the number of smartphone users globally has swelled to 6.92 billion, underscoring the primal human need for connection and convenience.

The Indian digital landscape has been transformed by the likes of Reliance Jio, which has dramatically increased internet data usage by making it more affordable.? This shift underscores the burgeoning potential and the dynamic nature of the Indian market for global platforms like YouTube, Instagram and OTT platforms.

Founded on the premise of sharing and community, YouTube began as a simple yet profound idea by Steve Chen, Chad Hurley, and Jawed Karim.?

“We just wanted to create a way to share videos” they said, reflecting a universal human desire to connect.? Starting with a modest 30,000 daily visitors, YouTube quickly surged to over two million views each day by its official launch in December 2005.

Now, YouTube has become a ubiquitous presence in the digital landscape, with over 2 billion logged-in monthly users and more than a billion hours of video watched every day.

This growth trajectory showcases not only the platform’s appeal but also its role as a medium for everything from education to entertainment, becoming an integral part of daily life across the globe.

India now boasts over 1,200 channels with one million subscribers on YouTube, with creators exploring diverse monetisation strategies beyond ad revenue, such as influencer marketing and brand collaborations.

The foresight of its founders and Google’s subsequent nurturing have solidified YouTube’s position as a leader in the content creation and sharing space.

Instagram’s story began as a moment of clarity on a beach in Mexico.?

Kevin Systrom, pondering over a multi-featured social platform called Burbn, was struck by the potential of a singular feature?—?photo sharing with the ability to apply visually enhancing filters.

This pivot to what we now know as Instagram was driven by a universal need for self-expression and the desire to share life’s moments in aesthetically pleasing ways.? Systrom’s vision materialized into an app that resonated with millions, capturing their attention and creating a new culture of social interaction.

“Focusing on one thing and doing it really, really well can get you very far” Systrom once reflected on Instagram’s focused approach. Systrom believed that “Every startup should address a real and demonstrated need in the world… If you build a solution to a problem lots of people have, it’s so easy to sell your product to the world”.

Instagram’s rapid growth, from 1 million users just months after its launch to over a billion in 2018, has been a blend of strategic feature releases and an acute understanding of user needs.

The platform’s ability to adapt and innovate?—?seen in the introduction of video sharing in 2013, and later, Instagram Stories in 2016?—?has been crucial in outperforming competitors like Vine and Snapchat.

By 2022, Instagram had generated an estimated $51.4 billion in revenue, becoming a powerhouse of Facebook’s (now Meta) revenue stream.?

With over two billion people using Instagram once a month, it is the fourth most popular social app worldwide. ?

The platform’s largest market by users is India, with over 300 million active users?—?a figure that speaks volumes about the Indian market’s potential and the power of local content creators

Let us take a look at other markets, where good technology fulfilling a need has crafted the way lives are lead today.? ? ?

The luxury goods market, once the exclusive domain of brick-and-mortar boutiques, has transformed with the digital revolution.

The sector, valued at USD 272.74 billion in 2022, is poised for significant growth, with projections indicating a rise to USD 392.40 billion by 2030, a testament to the increasing appetite for premium products online.

The narrative of luxury e-shopping is not just about the allure of high-end products but also about the convenience and innovative experience that technology brings to the forefront.

For instance, Bernhard H. Mayer’s Mecanique Collection of watches and Cathy Hackl’s VerseLux jewellery line, both embedded with NFC chips, represent the cutting edge of this market evolution.? These products exemplify how luxury brands are harnessing technology to enhance the customer experience, making the act of purchasing as exquisite as the products themselves.

Despite the challenges posed by the pandemic, with sales initially plummeting, online luxury retail bounced back, driven by a newfound consumer shift to digital platforms.

Bernard Arnault, the CEO of LVMH, a multinational luxury goods conglomerate, is recognized as one of the world’s richest individuals with a net worth of $211 billion.?

As reported by LVMH, while physical stores faced closures, their online counterparts flourished, pointing towards a resilient and adaptable luxury market.

Diving deeper, let’s consider the Indian e-retail market, which saw a hyper-growth induced by the pandemic, resulting in an accelerated market penetration.

The market, poised to overtake the US with its online shopper base, has escalated to 180–190 million in 2021, with predictions of hitting 400–450 million by 2027.

The projected growth from $50 billion in 2022 to a staggering $150-$170 billion by 2027 is a clear indicator of the consumer need for shopping convenience.

Even the most innovative ideas need to anchor in the market’s needs to avoid the echo of failure.

Lido Learning, a Mumbai-based ed-tech startup, emerged with the promise of bridging traditional learning with modern technology. Founded in 2019, the company quickly soared, amassing attention with its interactive educational approach.

However, despite its initial success and significant investments, Lido Learning faced insurmountable challenges.? In 2022, it laid off over 150 employees and eventually declared bankruptcy when it could not secure the necessary funding, highlighting the harsh reality that innovation must be coupled with sustainable business practices for the long term.

On the flip side, PhysicsWallah carved a niche by not just identifying but deeply understanding the educational needs of Indian students. It offered high-quality, affordable coaching, which led to its meteoric rise and status as a unicorn in 2022.?

I recently had the privilege of attending a tech summit where I witnessed firsthand the remarkable energy and positivity of Alakh Pandey, the founder of PhysicsWallah. His passion and vision were truly inspiring.?

Alakh started his journey with a deep-rooted passion for teaching physics. His dedication to simplifying complex concepts and his unique style quickly endeared him to students.

His commitment to providing accessible education culminated in the launch of PhysicsWallah on YouTube, initially just to extend his reach.

Pandey’s philosophy is to offer free and affordable education, which resonated with students far beyond his immediate geographic reach, especially in Tier II and III cities.

“The vibes that you get from teaching a bunch of curious students is a big kick” Pandey says, reflecting on his early days of tutoring.?

Pandey’s infectious enthusiasm and unconventional methods, like the ‘Takla Gang’ initiative, deeply engaged students, fostering a community more akin to a movement than a mere educational platform.?

He aimed to “bring about a revolution in education by reaching out to millions of students in a sustainable and affordable way” a mission that turned PhysicsWallah into a unicorn startup, loved and supported by a vast student community who consider him more than just a teacher.

The contrast between Lido Learning and PhysicsWallah underlines a critical market truth: enduring attention is garnered through unwavering commitment to consumer needs, leading to sustainable growth and success.

The trajectory of consumer tech is dotted with success stories that speak to an intrinsic grasp of user needs and the art of holding their attention.

As Nandan Nilekani, an architect of India’s digital framework, articulates, “Innovation is about solving problems that affect people’s lives.”

This philosophy is mirrored in the ascent of platforms like UPI, which revolutionised digital payments in India by providing an unprecedented level of convenience and security. As noted in the previous article , India clocked over 11 Billion transactions via UPI last month.

The Indian market, with its diverse and vast user base, presents unique opportunities intertwined with challenges. Navigating the Indian market requires a blend of ambition and acumen.?

Ashneer Grover, known for his role in scaling BharatPe, acknowledges, “Success in India comes from addressing real problems at scale.”

The country’s digital market is expanding rapidly, with its online shopper base set to surge, presenting a fertile ground for companies that can tap into the consumer’s day-to-day needs and capture their attention with solutions that resonate deeply.

In these bustling corridors of the Indian market, every product’s fate is sealed not by its features alone but by the depth of its necessity in the lives of consumers.

Indian technology, with its rapid adoption and unique market dynamics, is poised to become a global case study in consumer-centric innovation.

It is not about creating markets but about identifying and filling them with purpose and innovation.

Ideas should be rooted in solving real problems, addressing demands that resonate widely.

This approach, underscored by the narratives and numbers we’ve explored, is not merely a path to success; it’s the blueprint for creating history and achieving profitability.

The future is beckoning, and it is those who listen to and identify the needs of today, before the consumers themselves know, will shape the technology of tomorrow.

Drawing from the lessons of market pioneers and the cautionary tales of those who faltered, Indiassetz stands out by applying the core principles of addressing genuine needs and securing user attention.

As India's real estate sector evolves, Indiassetz offers tailored, technology-driven solutions that redefine wealth management in this space, showing a clear understanding of both the pitfalls and the pathways to success in today’s market.

By focusing on the consumer's need for a simplified, comprehensive real estate service and capturing their attention with an innovative approach, Indiassetz is not just participating in the market—it's aiming to set a new standard for it.