"Who run the world? Girls", thats what Beyounce says and it is not hard to see why if you look at their purchasing power. Inc.com says that women drive 70-80 percent of all consumer purchasing, through a combination of their buying power and influence. They spend more time than men making economic decisions for their families -- from consumer goods to services. Women decide what products and services to purchase that suits them and their families. So from youtube to heineken, from bumble to AMD, women business leaders have long had the ability to spot market needs and trends. Some of us are trying to understand why that is.
1. Strong "living in the present" instinct
According to Smita Shah, Co-founder of Woot Factor Events, women have an appeite to do better as they are typically problem solvers and not creators. Hence in times of a crisis like Covid, there is an inherent instinct to find solutions, and this solution-centric approach has allowed women leaders to find new opportunities and trends.
This skill of recognizing market gaps and new business opportunities may come down to socialization. "As wives and mothers, we spend much of our time worrying about taking care of our loved ones," Shah says. "We plan out our days around our families to make sure their needs are met. So finding a need in the community and creating a way to meet the need is natural for most women."
2. Better nurturers
Here is a different take on why women entrepreneurs are better at finding market needs, they are simply better nurturers. It makes sense because Men are better at finding solutions from a logistical and technical standpoint. If there is a problem, men will try to solve it immediately and instantly.
3. Study more
"We're wired differently. Women have strong activity in planning and self-control. I think that lends themselves to be better traders," says Kathy Donnelly, proprietary trader and co-author of "The Lifecycle Trade." Donnelly cites a 2017 Fidelity Investments study that concluded women earn higher returns than men when investing — to the tune of 40 basis points, or 0.4% — and that women save more. Over time, these small differences add up, notes Fidelity. Of the findings, Donnelly says, "[The study] basically tied to trading less, saving more and willing to learn — I think that fits me to a T."
This means that women listen and take notes and think about how they can solve a problem that everyone else is missing. They "see" things that are not working and notice them at a granular level.
4. Sees solutions better
Because of this granular level, it also means that many women experience more challenges on their own time, and can recognise products and services that help them do more with less time.
Another way to put this will be comparing men's mentality of "we don't need this, or why do we need this", with "this could help or maybe this would help". Women are often better at relevating from their own experience.