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Gold will run businesses soon enough.
How?
The most important industrial use of gold is in the manufacture of electronics. Solid state electronic devices use very low voltages and currents which are easily interrupted by corrosion or tarnish at the contact points. Gold is the highly efficient conductor that doesn’t corrode. Electronic components made with gold are highly reliable. Gold is used in connectors, switch and relay contacts, soldered joints, connecting wires and connection strips.
A small amount of gold is used in almost every sophisticated electronic device. This includes cell phones, calculators, personal digital assistants, global positioning system (GPS) units, and other small electronic devices. Most large electronic appliances such as television sets also contain gold.
Nearly one billion cell phones are produced each year, and most of them contain about fifty cents worth of gold. Their average lifetime is under two years, and very few are currently recycled. Although the amount of gold is small in each device, their enormous numbers translate into a lot of unrecycled gold.
Now, it’s not just cellphones but computers and processing systems that use gold. These processing systems contain important data that businesses use to run their businesses and analyze their sales, markets, and opportunities.
Take Massimiliano Tirocchi. If you haven’t heard of him, you will in about 20 seconds. Tirocchi has 2,000 IG followers but he outsells Kim Kardashian West’s Skims business by $5million.
Tirocchi’s direct-to-consumer marketplace, Shapermint, made $150 million in 2020 revenue, while Skims made a comparable $145 million.
Tirocchi, 28, cofounded Shapermint in 2018, a year before Kardashian West launched her shapewear company, not from experience with paparazzi-friendly undergarments but by studying purchase decision data from the drop shipping company he founded as an academically unmotivated student at Universidad ORT Uruguay.
Upon realizing that shapewear items like camisoles and leggings were among the most popular items sold, he identified a $70 billion shapewear market opportunity.
Today, he employs 250 employees, all of whom were remote before it was the norm). They grew their revenue by 73% from 2019 to 2020 by reading data and combining that with creative to figure out how to communicate.
As lifestyles and cultures adjust to this new normal, the way we discover, purchase and consume products and the type of products we purchase will change.
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