Frugal Tech

Frugal Tech. In the face of economic uncertainty, consumers are increasingly seeking value for their money. This trend is reflected in the tech sector too, where startups are offering affordable alternatives to big tech products and services. Rather than abandoning innovation in difficult times, businesses should focus on smart, accessible solutions that bring new ways of operating without breaking the bank. In 2023 businesses should ask: what other innovations can brand and businesses deliver with clever shortcuts and effective alternatives?

This trend originates from the report:

OMG FUTURES - At The Edge - Tech Trends

Frugal Tech. As the cost of living crisis bites people, the sound of purse strings being tightened can be heard in many markets around the world. Big tech layoffs at Amazon, Twitter and Meta demonstrate the knock-on effect of a slowing global economy.

But in times of fiscal rectitude, there can also be winners. In the world of business, non-premium retailers are benefitting from people seeking more value for money.In the world of tech, too, there is also focus on affordable alternatives to protect bank balances.

We saw a rise in start-ups proving that, with only a few tweaks and shortcuts, they can do what the big boys do, but at a fraction of the cost. Just one great example - unmanned stores that don’t cost a lot, by Selfly. There is a misconception that all innovation must be a stunning disruption to the status quo, redefining the category for years to come.

In reality, innovation is a spectrum: at one end, yes, we have those game changing moments. At the other, however, we have incremental improvements, nudges, hacks and shortcuts that are just as valid and can deliver real value. As we batten down the hatches in preparation for a possible downturn, we should not be abandoning innovation, rather shifting our frame to incorporate those innovations that are affordable and accessible; smart solutions that bring new and exciting ways of operating but without breaking the bank.

Presuming automated retail has an enduring future (it’s not guaranteed), we’ve seen we can have our own Amazon Go Stores without Amazon. We’ve also seen we can have our own Metaverse without Minecraft. So ask: what other innovations can brand and businesses deliver with clever shortcuts and effective alternatives?.