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Passenger Experience Economy Could be the Next $1T market


Laureti CEO Says Only Compelling Mobility Ecosystems Will Open the New Frontier.

Great products do well in good markets, but great ecosystems create new economies altogether. The proof is in the elite $1T club. Apple, Microsoft, Alphabet, Amazon & Tesla. Despite their diverse sectors, these tech companies mastered the importance of an ecosystem by placing user experience at the center of its creation. Every step in their path to continued success is paved with powerful new ways of creating experiences by helping people and the planet.

Why are some companies great at creating ecosystems and others not so much? Compelling ecosystems are a translation of innovative thought leaderships. They focus more on just a core product because they break into markets with a wider perspective. The success of any radically new solution will rely on its supporting infrastructure. Like the iOS for Apple devices. Superchargers, powerwalls and solar products for Tesla vehicles. Their fundamental mindset is to help facilitate mass adoption and transition the market towards new ways. They create and nurture various experience touchpoints in users lives where much of their added value makes the overall brand a market leader. Ecosystem businesses retain an incredible ability to grow in multitude of directions. And most people don’t seem to understand that this is what is driving the Tesla stock.

The creation phase of the ecosystem companies, however, is highly complex as any novel concept requires educating the market. In contrast, product-oriented companies are way simpler to understand but lack a degree to which they can monopolize.

It’s not an odd strategy for product-oriented competitors to copy paste the products popularized by innovative ecosystem leaders. We saw this with the iPhone and now we are seeing this with Tesla - where much of their design quirks and engineering outcomes are mimicked by their competitors. But what can’t be mimicked is the unrelenting evangelism of the fan base that ecosystem leaders gained overtime.

Revolutionary ecosystems embody the value of the movement of new ideas that are logical and creative. In order to build a stronger case for future mobility, new ecosystems with a wider and more lateral perspective are needed. Like the elite $1T club, it needs to place the end-user at the center. But the car industry today thinks vertical and narrow and makes limited use of creative capacities. Most of the auto industry still identifies drivers as sole end-users. As on-demand models and autonomous technologies advance, the end-users will not be just drivers, rather passengers, predominantly.

When mobility is designed from a passenger-centric view, conventional thinking no longer suffices. Because the questions shift from ‘how many cars to produce’? to ‘what may be the role of a car and how will people interact with it?’

In the overall experience-chain, a car becomes a crucial but a small component. In the eyes of the end-user, factors that dictate value will depend on how their productivity and convenience is optimized through trip-chains.

Similar to agriculture and healthcare business using fintech solutions and ecommerce to deliver end-to-end solutions, a new mobility will see a blend of cross-sectorial capabilities and technologies. The fundamental growth opportunities in passenger-experience-economy will be driven by individual growth dynamics presented in the electric vehicle market, software technologies, on-demand services, travel experience market and so on. The convergence of these generally perceived separate spheres may blend and deliver a new $1T market that existing business boundaries cannot.

Hence why Laureti’s ecosystem proposition is interesting to explore.

Laureti is preparing to break into the market with their “business-lounge-on-the-move” to make journeys productive, connected and accessible. Targeting the fleets, taxis and on-demand market, they install proprietary designed business cabins powered by an AI-powered platform called MiRA.OS. MiRA is the lynchpin of the Laureti ecosystem experience where user’s lifestyles and Laureti cars are connected to deliver an experience that is seamless, synchronized and continuous. The AI-powered technology is portable and accessible across Laureti's MiRA-powered vehicles.

‘’The level of seamlessness in the ecosystem can only be delivered through hardware-software-service combination. Seeing things from a passenger-centric perspective will revolutionize mobility in ways that go well beyond just transporting people. This is the beginning of the passenger experience economy. The need for what we are creating is glaringly evident by three things: customers’ desire, multifactorial drivers that support this trend and an opportunity to become a purpose economy.” According to Marcus Paleti, CEO of Laureti.

In conclusion, mobility innovation that puts the user i.e., passenger at the center of innovation in creating ecosystems will create and lead the passenger experience economy. Like the smart devices, Laureti offers end-users portability and accessibility of experience across vehicles through its ecosystem and presents a strong case that it is at the foundation of this emerging space.

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