People have grown comfortable transacting with other consumers. People rent their spare rooms or cars to strangers, help refinance their loans, even leave their dogs at strangers’ homes while they’re away.
Plus, doing business with peers often feels like a more authentic or warmer experience to consumers.
Sharing-economy businesses offer cheaper alternatives compared with established services, or at least more bang for the buck.
Today’s consumers prioritize experiences over things, which is making people more open to the idea of sharing rather than owning goods.
Cooperative Consumption companies often identify underserved markets or services or new revenue streams that brands can start providing themselves. Ex. Hotels might see more opportunity in providing kitchens or play spaces for kids, amenities that often motivate families to choose Airbnb apartments.
Businesses can better put consumers at the center by inviting them to help define what the next products and services should be.
Systems in which customers and service providers rate each other are enabling both to trade on reputation. Those who are accommodating, trustworthy and responsible will rise to the top.
Cooperative Consumption helps to enable a circular economy: a smarter, more restorative way than the linear economy to create, use and dispose of products that designs out wast. Innovative brands are enabling this by providing access to corporate assets rather than selling them, then recycling and reusing once consumers move on.