More than 3 million people use Robinhood every month, and the app offers a wide variety of services like on-demand groceries and food delivery, hotel and airline ticket booking, and express delivery. The Robinhood experience demonstrates that new entrants can have the most success in a highly competitive industry if they begin modestly and rapidly expand their operations. However, the service must be scalable to accommodate future growth.
Despite its current prominence, Robinhood was originally only a food-ordering app that entered the market late. Robinhood’s parent company, Purple Ventures, and the SCB Digital Banking team, now known as SCB TechX, came to the consensus that Robinhood should be developed with only essential features and launched immediately in accordance with the lean startup methodology rather than waiting until all features were finished before launching. To compete with the market leaders, the launch could not afford to be delayed.
A lean startup approach encompasses more than just iterative product development for a speedy market introduction. One crucial action is to constantly solicit feedback from customers in an effort to enhance the product over time. The development team then keeps a close eye on comments and suggestions from actual users across all platforms and utilizes that data to make Robinhood better tailored to its audience. This has helped it rise in popularity, and it is now the most widely used food delivery app in Thailand.
Having a lean startup helped Robinhood get off the ground quickly. However, as work on Robinhood has progressed, the team has become aware of the necessity of adding additional functionality. Every solution needs to be both appropriate for the present moment and scalable enough to accommodate future expansion. Once ready, Robinhood can transition from a food delivery app into a super-app and become a dominant player in Thailand’s present super-app industry.
The success of Robinhood demonstrates that a lean startup is the ideal strategy for developing products if the team is willing to update the product based on customer feedback and can plan for growth.
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