Harper Reed, former CTO of Obama for America, recently spoke at a Tech Cocktail event, where Occasion was one of ten showcase startups. Harper, among a lot of other things, talked about how there is so much ‘e’, which stands for ‘electronic’, that it’s no longer worth noting. This resonated with the entire Occasion team.
‘E’ is often applied to major industries, such as e-banking, e-marketing, e-payments, and e-commerce. He said—and I’m paraphrasing—that there is no ‘e’ in anything anymore: It’s simply marketing, commerce, and banking. Digital is no longer a new thing. It’s a way of life.
Here’s how digital is part of our everyday lives.
I have not stepped inside a bank in over a year. I actually closed my accounts with any bank that has retail locations, and I now bank with Simple.
Ninety-nine percent of my communication is electronic, whether via texts, emails, Facebook, Twitter, or Yammer. Less than one percent of my communication is via my actual voice. For now, that is still non-digital.
I am streaming all sorts of entertainment: sports, tv shows, movies and music on my computer, iPad and Android phone. I am a “cord cutter”, and so are most of my friends.
I pay all my bills online either with my credit card or online banking. I don’t use or even have a checkbook for personal or business payments. Digital wallets will soon be the norm, revolutionizing person-to-person (P2P) payments as well.
Search ads, email marketing, video ads, content marketing, customer support and conversations with customers are all happening online. There is a startup that is helping consumers de-clutter their life from analog versions of marketing (print ads), which are impersonal and non-targeted.
B2B and B2C transactions continue to move online, and therefore still presents a lot of merchants with a big opportunity for growth. Commerce is growing three times faster online than offline in the United States. More commerce will move online as consumers prefer to buy faster and easier, and businesses seek the higher margins of frictionless sales.
The prevalent prefix of ‘e’ looks normal today, but in the not-too-distant future it will likely seem as quaint as calling the internet the World Wide Web.