The way we spend money has been evolving for years. In our contemporary time, we are not just spending more on or for things: we want experiences around our spending interactions. Digital technology is shaping this paradigm and opening up new vistas for entrepreneurs to create value. When technology enables new changes in behaviors, what follows are opportunities. In this video, I explain how spending is largely anchored more on experiences than the actual things we are buying. And the company that provides a better experience will win. Yes, one of the best moments for most is the discovery process during (digital) pre-shopping.
For some users of Venmo, the fintech which PayPal acquired, it is not the splitting of the bill that drives the usage, but the ability to share the split receipts with the location where it happened on Snapchat or Facebook that is driving the growth. You went to concert; good. But I went to concert and I am sharing the experience live; priceless. The concert has become more valuable due to the ability to share the experience live.
If your brand or ecosystem does not provide that experience, the Buy moment may not happen in your platform. In a boundless web with many brands, the Experiences Effect is very catalytic.