#socbiz

Discover the Sharing Economy: A Quick Primer

#socbiz

There’s a new change in the economy—a progression in our digital lives.

Introducing the sharing economy, a customer-centric collaborative business model that’s exploding in the United States and abroad. In this SlideShare, get the essential facts you need to know about this new way of doing business.

#socbiz

Sharing is now an alternative to ownership.

In the last two years alone, 52% of Americans have rented, borrowed or leased an item that people usually own.1

In fact, the peer-to-peer rental market is already valued at about $26 billion.2

#socbiz

Collaborative business models in the sharing economy span multiple areas.

1. GoodsPreowned goods, loaner products and custom products

2. ServicesProfessional and personal services

3. SpaceOffices and places to stay

4. TransportationLoaner vehicles and public transit

5. MoneyLending and crowd funding

#socbiz

In a survey, 68% of start-ups were found to be focusing on enabling individuals to redistribute their owned goods and services (i.e., consumer trading, lending and renting products to one another).3

#socbiz

There are different types of participation in a sharing economy.

There are three distinct types of people in today’s sharing economy:

1. Re-Sharers Those who buy and sell pre-owned goods on sites such as Craigslist and eBay, but haven’t ventured much further

2. Neo-SharersThose who have embraced the new generation of sharing sites and apps

3. Non-SharersThose who have yet to engage with the collaborative economy

#socbiz

Sharing can now be done at scale.

“The rise of digital social and mobile platforms has made sharing assets cheaper and easier than ever—and therefore possible on a much larger scale.”

-The Economist, “The Rise of the Sharing Economy”

#socbiz

The sharing economy depends on shared data.

As consumers continue to share data and connect, there are more and more opportunities for businesses.

For example, 81% of purchasers get advice from their social media contacts before making a purchase.4

And organizations that embrace this with blogging and mobile initiatives? They’re seeing up to 73% increased ROI.4

#socbiz

The sharing economy is generating data that can be mined for digital competitive advantages.

58% of sharing organizations are using analytics to create a competitive advantage within their markets and industries, an increase of 37% from last year.5

#socbiz

Make customer experience your top priority.

How can you make it better or more complete? In a sharing economy, the most successful brands find ways to give their customers new or added value. U.S. retailer Nordstrom partnered with TOMS to let customers design their own shoes and express their creativity. And that’s just one opportunity for a brand.

#socbiz

Are you ready to join the sharing economy?

Sharing is no longer only a “feel-good” concept or something you learn in grade school—it’s become a business reality and opportunity, with potential for growth and profit. And the only way to get there? By identifying opportunities and leveraging social collaboration processes.

How will you succeed in a sharing economy? Read The Business Value of IBM’s Exceptional Digital Experience Solutions.

Download the Report