More than 110 million North Americans are now getting the goods they need from each other, peer to peer, instead of buying from established brands. In her special presentation at the 2015 Vision Critical Summit in Chicago, Alexandra Samuel explains what enterprise companies can learn from the stupendous growth of Uber, Etsy, AirBnB and other stars of the new sharing economy.
Alexandra Samuel, Technology Writer and Strategist
Nick Stein, SVP Marketing, Vision Critical (moderator)
(3:42) The two key elements in understanding the collaborative economy are enabling peer to peer transactions and the on-demand technology that allows people to get what they want, when they want it and how they want it.
(6:17) “Half of American consumers in the past year have used some kind of collaborative economy service,” says Samuel. “This is not a trend. We can see that this is going to be an ongoing part of how we do business in the years ahead.”
(10:20) What actually makes people choose to share or buy?
How Big Companies are Responding to the Collaborative Economy
(17:17) How Walmart introduces a trade-in option for used video games to reinforce brand loyalty and lower the cost of ownership for buying a new game.
(20:32) “When we asked people about their most recent sharing transaction,” says Samuel, “convenience is actually the number one factor that people mention.”
(22:49) People want to get your service by pressing one button. “What’s the one-button experience you can offer to your customers?” asks Samuel.
(23:17) An example of how Whole Foods partnered with the sharing service Instacart to reach customers looking for the convenience of on-demand service.
(29:22) When companies compete on brand in the sharing economy, it isn’t necessarily “brand” in the sense of the label, or the caliber of the product. “It’s that trust factor that the sharing services are able to provide through ratings that in some ways functions as the equivalent of a traditional brand,” says Samuel.
(29:52) “These sharing services…build a network and a trust mark where just the sheer volume of peer ratings gives people some sense of assurance in what they’re getting,” says Samuel.
(31:10) An example of how Hyatt partnered with Onefinestay to woo customers who otherwise would be in the sharing space.
(34:40) “The collaborative economy is about customers coming right into the businesses that they work with. They’re no longer the consumer at the end of the phone line or checkout line. They’re part of these businesses because they’re creating the services and the products. And that proximity to the customer—that kind of close relationship with the customer and that collaboration—that’s what you’re already doing,” concludes Samuel.