The charm of being able to be anywhere and at anytime “connect” to the world around you, is strong in the times we live in.
Millennials are being shaped to expect certain staples within the technological world and generations after are to know no different life than a life of expedience and dependence on technology.
But the reality of this reminder that Pieter van de Glind, the Co-Founder of shareNL, highlighted is that alongside the advancement of technology, the world is moving more and more towards a “sharing economy.”
And as he points out, we are currently just seeing the youth of the extent this sharing economy can impact businesses and consumers in the grand scheme of things.
In fact a new mindset is arising. It is becoming increasingly common thought that everyone’s best interest is to have access to all products, services, and the knowledge base to sustain a connected life of expedience to best means possible. Established boundaries are hence being tested as consumer reliance on technology is increasing and trust in the internet as a source for obtaining desired transaction goals is building.
Technology is now more so than ever before reducing transaction costs while making asset sharing a cheaper and alluring leading factor in driving ROIs for consumers and the businesses themselves. The scale of advancement is increasing the scope of possibilities for businesses to model this sharing of assets and thus, the expectations are rising within generations of our times.
Why buy a new product or service at full price when you can share, rent, or borrow?
At a larger scale, the availability of data about people and their preferences, tendencies, and other profile data is further allowing businesses to tailor their transaction processes in such way that even encourages this sharing economy mindset. Communities, groups, tags, and websites are allowing physical assets to be exchanged almost seamlessly through shared interests and transaction goals. Before the advancements we have now, renting, sharing, or borrowing was a hard to manage feat. Today these cheaper alternatives are way more feasible. Now websites match up owners with renters, mobile technology matches people with nearby interests, social network platforms rally goals, and advanced online services respond accordingly to these almost self-created target groups.
Airbnb, RelayRides, and SnapGoods are just some example businesses Peter pointed out stealing hearts for their breakthrough platforms exampling this sharing economy mindset. Offering services with better or similar results to competitors but yet at lower prices was their starting point. Their further growth is relying on a collaboration of perspectives.
What major detail made their businesses models revolutionary?
They modeled their transaction process as a collaboration of consumers who together seek to attain the best price possible for the best quality service or product possible at the greatest expedience and with the least amount of setback. This collaborative economy exhibits the increasing willingness of people to make ends meet even if it means not being the sole owner of such products or services.
Here are just a few recommendations for how to respond to the growing sharing economy:
– Do research into your target audience habits, expectations, and transaction goals
– Match up with the advanced sharing business models of startups who increasingly exhibit where the market is heading
– Remain connected with researchers and related topics to stay up-to-date on technology advancement
– Commit to continuous training of team members to respond to the changing times
Best advice: Be aware of how generations are continuing to flock towards a sharing of products and services versus sole ownership and respond accordingly.
Written by: Elizabeth de la Torre, El Classificado