We have all heard of the examples of AirBnB and Uber as the leading lights of the brave new world of sharing, but this is just the tip of the iceberg – The sharing economy is poised to explode to $300 billion by 2020. Let’s take a look at how others are enabling new consumer experiences.
Peer-to-peer sharing site SnapGoods lets users borrow anything they need without the need to buy anything for a short duration. This includes lawn mowers to iPad which people need for a short duration. DogVacay- lets you find folks who have weekends free to watch your pet, RelayRides- lets you find neighbours who want to rent their cars to people in their neighbourhood, Fon- allows you to find people who want to share their Wi-Fi locally to charge a small fee and many more who have capitalized the concept of peer-peer sharing of goods and services.
We term this Peer-to-peer economy as Market Place of Everything. This hybrid market model of the sharing economy and exchanging good is not at all a new concept. We refer to it as “The Barter System”. Peer-to-peer economy as we call it Market Place of everything is the nth evolution of the Barter System which leverages the available technology platforms to create a larger and wider marketplace of buyers and sellers across the world.
In the Networked Society consumption is becoming less a display of status and more an art of consumption performance, being smart and sensible. The market is changing and empowering the consumers in a superior way than ever before. Now, what matters is, the usage of the products and services and how an individual behaves in society by consuming these products and services.
Exactly like the peer-to-peer businesses run by eBay, where anyone can be a retailer by sharing sites and allowing the individuals to sell whatever suits them well. Just go online or download an app. This business model works for items that are expensive and are extensively owned by people who may not want to make full use of them. In Market Place of Everything, ‘Everyone is a Buyer and everyone is a Seller’. Such “collaborative consumption” is a good thing in many ways. Owners make money from underused assets which in return is consumed by the buyer who is in real need for the product.
The changing Consumer behaviour has changed the way how companies are engaging and interacting with their customers. This disruption in the industry value chain is the major reason behind the increase in opportunities in the new economy called “Marketplace of Everything” and Happiest Minds offers solutions and services encompassing all aspects of this new peer-to-peer economy.
Happiest Mind Technologies aims to be a partner in your journey of reaching out and addressing your end consumers. Our unique solutions in the consumer domain will help Retailers, Media and Entertainment industries and just about anyone who is involved in the peer-to-peer economy in building the next generation offerings, backed by augmented reality, mobile commerce, and loyalty management.
Market Place of Everything comes along with two key concerns and these are around resistance from traditional businesses to adapt and regulatory uncertainty. However “The Marketplace of Everything” is growing rapidly and is rapidly pervading in all walks of our life whether it is the way we shop, the way we commute, how we learn. to the changes. Similar to the way Online retail shook up the entire retail industry, the Marketplace of Everything will shake up the consumer business across multiple industries. The businesses which show the greatest agility in adapting their business to the new paradigm will survive and grow, the rest will fall behind.