Mobile Wallet: Consumers Are Hesitant, For Good Reason

A new survey by Compete suggests most consumers are not yet inclined to use mobile wallet services, despite apparent awareness of around two thirds of respondents. 


About two thirds of people who use debit cards and credit cards say they aren’t planning to start anytime soon. Just seven percent of banking consumers indicated that they would be very or extremely likely to start using their phone or tablet to make a bill payment. 


About five percent of banking consumers said they would be likely to start using their mobile device to make a deposit. Most also say they aren’t likely to start using their mobile device to make a point-of-sale purchase.


None of that should be surprising. Consumers need a clear value proposition, and it still isn't clear that has been established. Mobile Wallet: Consumers Are Hesitant Few wallet services have been able to fully develop the features they believe will clearly add significant value for consumers, and few retailers are able to support those features, either. 


Beyond that, few consumers actually are able to use near field communications, for example, since their current devices are not equipped to do so. 

Although current use and intended adoption rates for mobile services are low, once consumers adopt mobile financial or money services and start using their phone as a mobile wallet, they use the services frequently, the survey also shows. Some 16 percent of consumers using "Mobile tap and pay" do so daily and another 36 percent use it weekly. A full 87 percent of consumers using mobile couponing do so at least once a month.


There is one important element to keep in mind for any brand-new service such as mobile wallets, namely that it usually is quite impossible for end users to understand or to quantify their possible use of a product they have not yet experienced. 


Apple, for example, has not had a history of conducting market research about any of its new products, on the theory that consumers cannot really describe their possible use of a product they never have seen.

Minimum Viable Product Development: Steve Jobs Didn't Do It

As popular as the approach seems to be, one wonders whether Steve Jobs, former Apple CEO, ever bothered with development using the "minimum viable product" approach. 


One can safely assume he did not, as minimum viable product development requires some amount of end user feedback about the prototype.

The whole point of designing using this approach is that a development team collects the maximum amount of validated learning about customers with the least effort. Jobs never seemed to think that consumers could provide much valuable input about products that solved problems they didn't know they had.


In this, as in other fundamental ways, Steve Jobs broke the rules. Keep in mind that the point of a minimum viable product approach is not to create a "minimum" commercial product, but rather to quickly test a concept with real users, at low cost, to validate an implementation.

Minimum Viable Product

View more presentations from Eric Ries

Minimum Viable Product

A Sister’s Eulogy for Steve Jobs

If you only care about Steve Jobs "the legend" (and I mean that in the best possible way), and not about his personal foibles (he wasn't "perfect."), read Mona Simpon's eulogy. A Sister’s Eulogy for Steve Jobs








Stanford University Memorial Church, where the eulogy was delivered.

How Steve Jobs Influenced Google

Steve Jobs apparently gave Larry Page, Google CEO, some advice recently:

"We talked a lot about focus. And choosing people. How to know who to trust, and how to build a team of lieutenants he can count on. I described the blocking and tackling he would have to do to keep the company from getting flabby and being larded with B players. The main thing I stressed was focus. Figure out what Google wants to be when it grows up. It's now all over the map. What are the five products you want to focus on? Get rid of the rest, because they're dragging you down. They're turning you into Microsoft. They're causing you to turn out products that are adequate but not great."

How Steve Jobs Influenced Google's Restructuring

New Apple TV Coming?

Rumored Apple television Would have to "think different."

Apple might be working on a television, the Steve Jobs biography apparently indicates.

“He very much wanted to do for television sets what he had done for computers, music players, and phones: make them simple and elegant,” author Walter Isaacson writes.

Such an effort would likely have to integrate content sources, create some sort of navigation system and then dispense with awkward and cryptic remote controls.

You'd probably want to use a standard-issue iPhone or iPad, for example. But if Apple follows the example of earlier disruptions, the Apple effort would include a significant content delivery mechanism. It was iTunes that made the iPod, the App Store that made the iPhone, Apps that made the iPad.

And since the whole point of TV is to "watch stuff," any new Apple initiative would have to include a content store of some sort, not simply integration of various input sources.

Jobs's final plan: an ‘integrated’ Apple TV

Steve Wozniak Is “A Little Afraid” About The Future Of Apple

Apple co-founder Steve Wozniak says he is “a little afraid about the future of Apple” even though “it could go positive.” Some of his concerns are based on Apple’s iPhone 4S product demo. Watch the video.


If you believe Steve Jobs really was a highly-unusual CEO, with a very-unusual way of approaching product development, that is a rational concern. 

He says the company talked about its dual-core processor, but “Steve doesn’t want us to think about dual-core processors, all we need to know is how do we get our answer, how do we connect to the internet… Human things, not technical things.” 


He also says he doesn’t want Apple to go the way Sony went in its products. Steve Wozniak Is “A Little Afraid” About The Future Of Apple 

Steve Jobs Plans: How Far Do They Go?

Apple Inc. co-founder Steve Jobs reportedly left behind plans for four more years worth of Apple products when he died last week.

The Daily Mail reported over the weekend that Jobs worked for the last year of his life on a plan for more products to ensure his Cupertino company's success after his death.

The report cites unnamed Apple sources who said that while he knew his end was near, Jobs was outlining new versions of the iPad, iPhone, iPods and Macbooks, as well as working on iCloud, the automatic remote backup of photos, music and other files.

Apple does not pre-announce what it is working on, so those reports, though having the ring of authenticity, do not make clear whether Apple now has plans only to tweak its existing products, or whether there is some additional roadmap for products that could create whole new markets, something Steve Jobs uniquely was able to do.

That's the big issue for Apple. Its ability to manage its current business is not really in doubt. The issue is whether Apple in the future can create additional brand new markets without Steve Jobs. You might use the analogy of Disney. It has a profitable business long after its founder, Walt Disney, died. But you might also note that much of its recent success is due to ownership of the ABC network and its properties, such as ESPN.

It is harder to see how Disney, without Walt Disney, has "created" and "innovated" in quite the same way without Walt Disney.

Steve Jobs left plans for more from Apple

Thanks, Steve

Steve Jobs Dies

Steve Jobs, the co-founder of Apple, died Oct. 5 at age 56. I wish I didn't have to write this. The world owes him quite a lot, and still can learn quite a lot. Just very sad.
 
Story here.

Hard to Top Apple, Really

Steve Jobs, Apple CEO, has been named the Financial Times "Man of the Year."

“Steve’s the last of the great builders,” says Roger McNamee, the prominent Silicon Valley venture capitalist. “What makes him different is that he’s creating jobs and economic activity out of thin air while just about every other CEO in America is working out ways to cut costs and lay people off."

Put simply, Apple under Jobs has created markets, not "taken market share." That's a big deal.

One can only hope McNamee is wrong about that last assessment.

read more here

New MacBook Air

Steve Job Anti-Android Rant

See Steve Jobs Discuss "Antenna-gate"

watch the video (you may need QuickTime). You didn't think Apple would post on YouTube, did you?

Apple's Curse of Success

Oddly enough, time, it's own success, the inescapable logic of public company valuation and the firm's ability to churn out products it can convince people they have to own, are going to cause Apple problems, despite the launch of version four of its iPhone, the iAd network or the iPad.

Apple likely will execute well enough on all those fronts. Still, as it keeps getting bigger, friction is going to increase. The simple fact for any large company is that growth is hard to sustain because of the law of large numbers: Apple simply has to climb a bigger wall every quarter as its market capitalization and sales revenue grows, quarter over quarter.

Also, as every equity analyst has said, or thought, Steve Jobs, a singularly important executive in the technology business, will not live forever. No matter how capable his successors, he has proven to be an unusually effective chief executive, not for his management prowess but for his driving vision. Most companies produce products. Apple creates emotional needs.

So Apple will start to become the victim of its own success. No company can create an endless string of hit products quarter-after-quarter and year-after-year, though it is hard to argue with what Apple has achieved since 2001. The iPod began the streak.

But then Apple discovered iTunes was something more than a distribution system for music, leading to the App Store and the mobile apps trend. The iPhone arguably changed not only mobile phone design but the business ecosystem. The iPad might be the start of another wholly-new mass market. And Apple seems destined to be a player in mobile advertising as well.

Keep in mind that Apple shares were selling for about $8 in 2001. They are up around $250 or so today.

Nor will even these challenges prevent Apple from bidding to be among the dominant firms of the coming mobile computing era. It has a shot at such success. But success, for a firm that is getting to be as large as Apple, increasingly gets difficult, no matter how visionary it is.

The targets keep getting bigger. And, at some point, reversion to the mean will occur. Some future executive will start to worry about the numbers too much, become shy about destroying existing product lines in favor of new and untested product lines. Apple will lose that "magical" quality Jobs talks about so much.

Steve Jobs Single-Handedly Restructured The Mobile Industry

With the introduction of the iPhone, Steve Jobs achieved something that might be unique in the history of business: he single-handedly upended the power structure of a major industry, argues Chris Dixon, Hunch co-founder.

Before the iPhone, the carriers (Verizon, AT&T, Sprint, T-Mobile) had an ironclad grip on the rest of the value chain, particularly, handset makers and app makers. Back in the old days, an application could get access to the customer only by cutting a deal with a carrier.

That mostly is not the case anymore. To a greater or lesser degree, app developers can work directly with handset vendors these days. That's a huge switch.

Steve Jobs Single-Handedly Restructured The Mobile Industry:

Steve Jobs Talks about Why It Created the iPhone

Steve Jobs talks about the iPhone and why Apple wanted to create it.

Steve Jobs on Apple's iAd Network

Steve Jobs talks about the iAd network at "All Things Digital."

Steve Jobs on Where Apple is Going

Steve Jobs, Apple CEO, expounding on a number of subjects at "All Things Digital." Jobs says Apple is not interested in search or TV. But Apple also said it was not interested in phones. I seem to recall that Apple wasn't all that hot on tablets, either.

All Online Advertising Does Not "Suck"

No, all mobile or Web advertising does not "suck," as Apple CEO Steve Jobs says. But Jobs probably is right about rich media being an easier way to make ads engaging. Good creative helps, too, as shown by this Google spot for Chrome.

"Steve Jobs Was Right"

"Steve Jobs was right," says at&t VP Ralph de la Vega. Right about slashing the price of the iPhone sooner than att&t would typically have done. AT&T Inc., owner of the biggest U.S. mobile phone service, said the increase in sales of the iPhone has been "significant" since maker Apple Inc. cut the price by a third. How much?

at&t appears also to have been at least partly right about the iPhone's impact. Sprint and Verizon executives both acknowdledge at least a temporary increase in churn immediately after iPhone hit the market, and again after the recent price reduction.

Perhaps of more lasting significance is the ability of iPhone users to use Wi-Fi for connectivity in place of the EDGE network. Though it is doubtful many users will settle for a single "do everything device" that primarily connects only when within range of Wi-Fi networks, it will be interesting to watch whether there is a developing market for devices used primarily as media players.

The reason is simply that if the primary use mode is media, not voice, users might be able to live with sideloading and "spot" access of connectivity at home, at work and at public hotspots. And if there is a market for that, there could be a market for other Web-based devices that have value even when they are not "always connected."

That in turn is significant because it could offer some new options for providers of services and devices optimized for Web applications rather than voice. The analogy is notebook computers, that are highly useful even though they are not always connected. It might be possible to create significant new business models for devices that are "mobile" but not "always connected."

That, in turn, is highly significant for application or service providers that do not want to depend on the legacy mobile connectivity providers for access and transport.