I agree with all of your points, but I think it's important however to note that there have been successful entrepreneurs who have offered similar products/services as the 800 lb. gorilla and have succeeded by being better than their competition which of sometimes means improved customer service.
Taking an example from the article, when Richard Branson joined the airline industry and took on British Airlines his main leverage was better customer service. They installed seat-back televisions in their planes and focused on hiring attractive and friendly stewardesses. Their product wasn't all that different from British Airlines, but they packaged it in a better way.
I think it would have been interesting to see if WePay was in the merchant-oriented business and see if they could have beaten paypal at their own game. It might sound crazy, but I think with the right marketing and company mantra it could be done.
Taking an example from the article, when Richard Branson joined the airline industry and took on British Airlines his main leverage was better customer service. They installed seat-back televisions in their planes and focused on hiring attractive and friendly stewardesses. Their product wasn't all that different from British Airlines, but they packaged it in a better way.
I think it would have been interesting to see if WePay was in the merchant-oriented business and see if they could have beaten paypal at their own game. It might sound crazy, but I think with the right marketing and company mantra it could be done.