Due to the rapid development of the tech industry it became easier to live in the modern society. Different companies as well as entrepreneurs are searching for new products that will change the way we live. Moreover, each year comes with new products which bring their breakthrough stars. Basically, new inventions are designed for those who are ready to change the world and the way how it works as well. In business, new products are considered as a set of benefits suggested for exchange. Companies see new products as development of something new that can be easily generated and commercialized in order to maintain their market share. That is why up-and-coming products are the most effective ones because they provide a huge range of opportunities for customers as well as for sellers. Let us have a look on one of the most popular up-and-comer technology that is widely used in the USA.
The most vital up-and-comer technology is called Dwoll, which was founded by Ben Milne. Thanks to him, paying for an item became as easy as pie. One needs only the recipient’s name and email address in order to send money. “Dwolla’s main strategy is to attack the current transaction costs of moving money around” (Tucker, 2012). Let us explain the strengths, weaknesses, opportunities and threats of this company.
In fact, Dwolla is considered as “a super-easy, super-slick online payment system that specializes in linking payments through social networks like Facebook and Twitter”(King, 2012). When this idea appeared it was hatched in response to the crisis, but today Dwolla has gained popularity among users, thus its profit is increasing week by week. The main strength of this company is that it charges only 25 cents per transaction above $10 unlike PayPal, which takes a percentage of the transaction. Moreover, Dwolla is viewed as the next generation of PayPal, but with the main focus on getting rid of the usage of credit card. Dwolla focuses on the ways of paying that do not require sending credit card information via networks. What is more, Dwolla is more than a payment networks it is a mandate for a debit card with none of fees, and none of the card deception risks. Most of the payments are conducted through Dwolla’s mobile app.
The main opportunity of Dwolla is its simplicity. With the help of mobile phone and the Internet it becomes easier to send money. One does not need complex bank account identifiers, the only thing that is required is the recipient’s mobile phone number or email address. One more opportunity is that this system can works with a relatively small team. That is to say, that any company with which includes a small number of employees can reach high profit.
Actually, for every plus there is a minus, thus there exist some weaknesses of Dwolla company. The most obvious one is its strong interested in the Internet payment system, Bitcoin. This payment system is believed to be an alternative to national monetary systems. It is hardly believed that a young company would be interesting in a contest to failed paper money.
One more relevant issue that should be mentioned is some kinds of threats that can cause trouble for business. Dwolla is little known by clients; thus they will not want to transfer funds directly from their accounts because they might think that this is a kind of fraud. In this case, Dwolla may lose favor among people. Furthermore, this system is only available to users in the USA. If this system becomes popular among European countries, its income will desperately grow twice.
As it can be seen, this up-and-coming technology is designed merely for amenities, which help users to save time. That is why saving ones time is one of the leading aims as well as advantages of up-and-coming technology.
All in all, the up-and-coming technology gains popularity among users. It is not weird because the main target of the technology is to make life a little bit easier and faster. Moreover, this technology is efficacious for those companies that have small teams. Thus, it shows that even with several people it is possible to build a firm, which will be able to gain the same profit as the huge company. Thus, up-and-coming technology in some cases is designed for the internet usage. This is due to the fact that the internet is considered the most vital system, which attracts attention all over the world.
Cornelis, A., D. K. (2010).Fundamentals of global strategy: a business model approach. New York: Business Expert Press.
Tucker, J. (2012).A beautiful anarchy: How to create your own civilization in the digital age. USA: Laissez Faire Books.
King, B. (2012).Bank 3.0: Why banking is no longer somewhere you go, but something you do. (p. 396). USA: John Wiley & Sons