The New Marketplace

Mason Day

Let’s talk about the future of markets. How long will it be before someone masters the concept of selling plants to consumers online? Every day the industry sees more and more attempts to make the business model work. What’s really stopping companies from breaking through? For some, it’s shipping. For others, it’s an issue of inventory. Some voices say that it can’t or won’t happen, but honestly, if you can ship baby turkeys through the U.S. Mail, and order all of your groceries online and get them delivered to your house that afternoon, I find that a little hard to believe. You can buy just about anything online these days. If it isn’t digital, then it must be retro, but what’s really happening to the future of the marketplace?

For one, money is an endangered species. Data is the new currency. How can Snapchat turn down a $3 BILLION dollar buyout? Data. Maybe it’s scary, but these days some companies know more about people than their own families do. It’s this information, this data, which adds value to a business. It’s not to say that money isn’t still a huge player; not many people will work for free! However, these days the amount of data you control is more valuable than the dollars in the bank.

Where does all that data come from? Well … just about anywhere really. The days of simple electronics are done. I heard a phrase the other day, “If it turns on, it computes.” With technology becoming cheaper with time, more and more gadgets and gizmos are being built with their own computing system. Those new soda machines in the mall? What if I told you that they were tracking every purchase linking it with time of day, temperature and other variables? It’s a way for companies to survey an area without ever asking a single question. This town prefers cherry soda in May and people only drink lemon-flavored soda when the temperature goes below freezing. Sure, this isn’t every single soda machine, but don’t think it’s not in the works.

What do companies do with all of that data anyway? In the past, it used to take up to a year to analyze historical data. Historical data has now been replaced with real-time data. Since data can now be captured so quickly on such a personal level, it allows companies to make changes in real-time. They can leverage the future. This allows for things like individualized pricing. Some sites have begun using data to offer you a specific set of prices while you shop—a set of prices that could be entirely different from every neighbor on your block. Amazon has even started using this concept of real-time data to ship you something before you buy it.

Now don’t get too excited. Just because you’ve looked at the new tablet over a hundred times doesn’t mean it will be on your doorstep tomorrow. However, based on the data Amazon receives from you, they may or may not decide to ship an item to a warehouse near you to await your final decision.

What happens when you need to get rid of all this “stuff” you bought? Some people say we live in a digital age; I like to think of it more as the “Age of Stuff.” Now that people can purchase things easier than ever before, we’ve started to see a buildup of items. The great thing about “stuff” is that there’s always a market. People like things, but often get bored with the specific things they have. This has led to the rise of alternative markets. The world is now a giant flea market. EBay and Craigslist were the old staples, but now with Pinterest, Etsy and Facebook “Swap” groups, everything gets a second life. Now, it seems like there’s an app for used goods in every market. Looking to trade artwork? There’s an app for that. Want to trade your old corn planter for an old field cultivator? There’s an app for that. Specialized selling/trading is a major trend.

The days of judging a marketplace by years of trends are quickly becoming a thing of the past. With real-time data comes real-time change. When consumers change, markets change. It’ll still always be good to know what’s happened in years before. We’re humans—we learn more from our mistakes than our successes. However, now we just have to be able to adapt a little faster or be replaced by someone that can. We now live in an age where even the craziest ideas are possible. Concepts become million-dollar businesses in weeks, not months, and data is tracked in minutes, not years. This is the marketplace of the future. GT

Mason Day is Co-Founder of GrowIt!, an exciting new mobile initiative within the horticulture industry.