What’s Old is New Again
Seek inspiration for new products by looking to the past
In fashion, it’s well known that styles follow a cyclical trend. As an elder millennial, I shrug my shoulders and chuckle knowingly when the kids these days tell me that wide legged jeans, crop tops, and middle parts are in. As if they think they invented the trend, as if I wasn’t rocking that exact outfit in middle school.
In tech, it seems like we are constantly pushing the envelope, inventing new things, new ways to interact, new universes even. But when you peel back the shiny layers of new technology, you will notice that, like fashion, tech also follows a cyclical trend.
Take Amazon for example. Amazon has fundamentally changed the way that we shop. It’s so easy to find anything that you want on Amazon from the comfort of your couch, tap a button, and expect the item to appear at your doorstep in two days. The success of Amazon has led to the demise of brick and mortar shops. And yet after conquering eCommerce, Amazon is recreating the infrastructure of brick and mortar. Customers can pick up groceries at Whole Foods on the weekend, grab a sandwich on your way into work at the Amazon Go store, or browse for your friend’s housewarming gift at the Amazon 4 Star Store. Although technology is incorporated into the experience, it’s not that different from shopping at any grocery store, popping into a convenience store, or using a post office box. What’s old is new again.
I experienced a similar pang of deja vu when I first came across livestream shopping. As someone who never had cable TV channels growing up, I was well aware that if I was tempted to turn on the TV late at night, it was hit or miss on what was showing. Usually it was a toss up between reruns of MASH or watching an infomercial. When you’re bored, the thrill of seeing how the Shake Weight will magically tone your arms or how the Snuggie will bring your family closer together is just entertaining enough to lure you in. The premise is much the same with livestream shopping. You’re bored, the livestream offers entertainment on a platform that you’re already on, and every now and then, the pitch lands just right and you hit “Buy”. What’s old is new again.
Many would-be entrepreneurs get stuck because you feel like you need an idea that is totally novel to be successful. But a lot of new technology is simply a new version of something old. You can discover your next product or business by:
Picking something that you use today.
Writing down the pain points that you experience when using it.
Brainstorming how you can make it better by changing one aspect of it.
Amazon Go is a convenience store that takes away the friction of having to wait at checkout.
Livestream shopping is the Home Shopping Network or QVC, but happens on an app like Instagram or TikTok, instead of TV.
Peloton offers the quality of studio classes, but the convenience of taking the class from home.
Not only are these new-old products viable, but companies are building huge businesses off of recycled ideas.
Amazon reported $21.76 billion in sales from its physical stores in FY2021, which include Whole Foods, Amazon Go, Amazon 4 Star Store, and other concepts.
Livestreaming is an $11B market in the US and a whopping $480B market in China where it first started.
Despite some recent challenges, Peloton has sold over 400,000 bikes and has over 2M active subscribers.
Your next winning product may be a new version of something that was cool for your parents. You can seek inspiration for new products by looking to the past. And if so, just be ready for them to tell you, “I told you so.”
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