The convenience economy is primarily a service economy — An economy where the consumer is in charge. Today’s customers expect to be empowered as they purchase their goods and services. They want their purchases to be convenient: when they want it, how they want it, and where they want it. The organizations who accommodate consumer demands will win and those who don’t will wither away.
The convenience economy brings two new perspectives to the fore. First, the emergence of new radically different experiences due to the democratization of technology. A driver-partner can provide a frictionless and predictable riding experience because of the Uber platform that allows him to capture and service the demand, and receive the payment. …
Prashant and I were among the early Product Managers and Engineers in Flipkart, PhonePe and Reliance Jio, and were part of the team responsible for building and maintaining the post-checkout system to support the large scale of Customer Orders, Payments, and Marketplace commission and Settlement operations.
As we scaled operations, monitoring and accounting high velocity, high volume and highly complex money movement became a challenge. We were part of engineering teams that built the financial infrastructure which enabled these companies to compete fiercely and become category leaders. We realized how a strong financial technology infrastructure gives a competitive advantage to the business to launch fast, increase the bottom line and be financially sound anytime. …
