Yes its a large market, but think about the small businesses owner. They are flat out trying to run their business and wear all of the hats. The last thing they will think about is migrating to a different accounting system.
If Xero grabs a huge market share early on in the online accounting space, it might not be until someone innovates so strongly and creates a much more compelling product to switch to.
Migrating accounting systems is time consuming and expensive.
Yes its a large market, but think about the small businesses...
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