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Jeremiah Owyang of Crowd Companies, Vision Critical Release First-Ever Report Profiling the Collaborative Economy

Vision Critical’s cloud-based software uncovers key insight by engaging 90K web users in three countries

The collaborative economy, companies like Airbnb, Uber and Kickstarter present a serious threat to big brands

Use of sharing sites is growing, mainstream and satisfying, especially among digital natives

SAN FRANCISCO and VANCOUVER, British Columbia – March 3, 2014 – Crowd Companies, a brand council founded by Jeremiah Owyang primarily focusing on the collaborative economy movement, and Vision Critical, the leading provider of insight community technologies, have exclusively partnered to release a groundbreaking report, “Sharing is the New Buying: How to Win in the Collaborative Economy,” which for the first time maps the size and characteristics of the movement. Based on responses from more than 90,000 Internet users across the U.S., U.K. and Canada, the report concludes that sharing online through sites like Airbnb, Uber and Kickstarter is growing, mainstream, pragmatic and satisfying, and as a result, has become a competitive threat to large corporations.

Also known as the sharing economy, the sharing or trading of goods and services between customers—enabled by a new set of websites and applications—is growing rapidly and already represents 40 percent of the American adult population. As this new generation of customers continues to grow and challenge established businesses, companies will increasingly need to turn to their customers for valuable insight and collaborate with them to make more informed and customer-centric decisions.

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VC Voice of Market communities used to reveal critical trends

Vision Critical’s VC Voice of Market communities enabled the authors of the “Sharing is the New Buying: How to Win in the Collaborative Economy” report to define the size and characteristics of the collaborative economy by engaging in real time with a multitude of customers across the U.S., U.K. and Canada.

Vision Critical’s cloud-based platform helps companies continuously engage with their customers to get the direct and ongoing feedback they need to drive new product development, advertising campaigns, internal and external communications, programing and other significant business decisions. By giving customers a voice through an insight community, businesses are better able to deliver the products and services their customers want to buy.

Collaborative economy companies such as Airbnb, Uber and Kickstarter threaten big brands

The rapid growth of sharing sites including Airbnb, Uber and Kickstarter, as well as sites like Lyft, Rent the Runway, Lending Club, Citi Bike and LiquidSpace, has resulted in increased competition for large, traditional businesses, including hotel chains, cab companies and financial institutions, particularly among 18-34 year olds.

Forty percent of 200 million American adults already participate in the sharing of goods and/or services online.

And, the report shows that the intent to share is on the rise. About 50 percent of people have used a sharing site in the past 12 months. Sharing has also proven to be more convenient, cost effective and higher quality to users—attributes previously associated with established businesses.

Sharing is growing, mainstream and satisfying, especially among younger, more affluent customers

Crowd Companies and Vision Critical looked at five major categories of sharing including goods, services, transportation, space and money. About 15 percent of the U.S. and Canadian adult population, known as “re-sharers,” only use sharing sites to buy and sell used goods on sites like eBay and Craigslist. In the U.K., this group accounts for 29 percent of the population. Another quarter of the population is “neo-sharers.” These individuals use sharing services to find vacation homes, locate professional services and borrow money. The report highlights the following four major findings that counter common perceptions of the sharing economy today:

Sharing is Growing

Sharers are Mainstream

Sharing is Pragmatic

Sharing is Satisfying

Jeremiah Owyang

The collaborative economy is on the rise and Jeremiah Owyang, founder of Crowd Companies and Vision Critical, a leader in insight communities, have teamed up to investigate the movement to find that sharing is growing, mainstream, pragmatic and satisfying.

More information

Read more about the growth of the collaborative economy and learn how businesses can get in on the economic trend by incorporating an insight community into their competitive strategy by reading the report, “Sharing is the New Buying: How to Win in the Collaborative Economy.”

Methodology

This report is based on two surveys conducted between October 2013 and January 2014 by Vision Critical VC Voice of Market with participants from the U.S., U.K. and Canada, ages 18 and over. The initial survey of more than 90,000 respondents provided data on the overall incidence, frequency and nature of participation in the collaborative economy. The questions regarding the collaborative economy were embedded in a general omnibus survey covering a variety of topics. The topic of the collaborative economy was not mentioned in the invitation to the survey. A follow-up survey of over 2,500 sharers provided deeper insight into the nature of participation in the collaborative economy, and in particular, on respondents’ most recent sharing transactions.

The data is demographically representative of the adult (18+) populations of the U.S., U.K. and Canada. The results were weighted by age, gender, region and education, to be representative of the demographics of each nation. The margin of error—which measures sampling variability—is +/- 0.3% for the sample of 90,112 and +/- 2% for the sample of 2,517, 19 times out of 20. For more information on the survey methodology please contact: media@visioncritical.com.

About Crowd Companies

Crowd Companies exists to be a catalyst for change at large companies. We invite senior executives, innovators, product managers, marketers, operations leaders, sustainability leaders, social business strategists and others to apply.