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Rent + borrow from neighbors, rather than buy from shops
CCMF + Incubation
Digital Marketplace Seminar, Aug 13, 2015, Cyberport, Hong Kong
Sharing Economy - Challenges
About Gaifong (P2P co-usage of consumer goods)
Challenge I: Going against mainstream values
Challenge II: Building and measuring trust
Challenge III: Finding revenue model
ONE-OFF DEMAND FOR GOODS NOT MET BY MARKET
IDLE ASSETS NOT PUT TO PRODUCTIVE USE
COSTLY, IMPERSONAL EXPERI-ENCE FROM RENTAL COMPANIES
Problem
ONE-OFF DEMAND FOR GOODS NOT MET BY MARKET
IDLE ASSETS NOT PUT TO PRODUCTIVE USE
COSTLY, IMPERSONAL EXPERI-ENCE FROM RENTAL COMPANIES
Problem
ONE-OFF DEMAND FOR GOODS NOT MET BY MARKET
IDLE ASSETS NOT PUT TOPRODUCTIVE USE
COSTLY, IMPERSONAL EXPERI-ENCE FROM RENTAL COMPANIES
Problem
SolutionA smartphone-accessed, on-demand library of consumer goods.
Meet new friends
Save money Make moneyRequest and pick-upnearby
Rent out idle assets at home (cheaper items, can lend)
Connect through sharedinterests + brandedexperience
MVPs:
MAR 19, 2015
NOV 21, 2014
Photo: See-Ming Lee, CC 2.0
Challenge I: Going against mainstream valuesBuy less, own less...
are you crazy?
Photo: Hernán Piñera, CC 2.0
Stigma in Asia
Hygiene / SARS
Individualism
Also:
Challenge I: Going against mainstream valuesSolution: Leverage OTHER mainstream values? Marketers unite.
MINIMALISM“MEASURING
WATER”SOCIAL
RECOGNITION
Do the math for consumers
Movements need “first-followers”Celebrity endorsements
Cultural shifts:斷捨離 ＋Kondo
Challenge II: Building and Measuring Trust
“Airbnb hosts return to find home trashed after 'drug-induced orgy'”Source: Guardian, Apr 2015
Challenge II: Building and Measuring Trust
“HK tourists' nightmare at Italian Couchsurfing host's home... ”Source: SCMP, Feb 2015
Challenge II: Building and Measuring Trust
Ron Burt, Brokerage and Closure, p. 93
“You trust someone when you commit to a relationship before you know how the other person will behave... The two de�nitional qualities are that trust is a relationship with someone... in which contractual terms are incompletely speci�ed. The more unspeci�ed, taken-for-granted, the terms, the more that trust is involved.”
Challenge II: Building and Measuring TrustSolution: Focus on trust-WORTHINESS
Take ownership of profile
Social Proof Leverage on existing trust profiles
Challenge III: Finding Revenue Model
Sharing Economy capital raised: TIME, Feb 2015 (scanned)
Challenge III: Finding Revenue ModelMain concerns:
High-repeatability (aka “wraparound”): Traditional commission model unattractive.
Large volume needed due to small individual deal sizes.
Challenge III: Finding Revenue Model
Taobao
Tmall
AirBnb
LinkedIn etc.
Commission per transaction; suppliers pay less
eBay / Yahoo Visting fee (tiered) + commissiom per transaction
Gaifong
“Freemium”. Tiered membership
Listing fee charged to owners upon first successful rental of item.
No commission. Small merchants pay to get listings prioritised
Revenue streams, select marketplaces / companies:
Large merchants. Annual fees plus sales commission
SUMMARY1. Make SE as desirable as consumerism: marketers unite2. Empower the decision-maker: trust metrics and beyond
3. Never settle: aim for AirBnb flows x 100
Elliot LeungTwitter: @ewyleung
Contact Email: [email protected]
Free media advice - Unwire Space has experienced reporters and editors at unwire.hk available for media advice.
Free studio equipment - Spacers are free to use cameras, recorders, lighting equipment etc. for any forms of productions.
Events & Workshops - Unwire Space hosts different networking events and training workshops for startups. Spacers will have priority in joining the events over non-spacers.
Heart of Kowloon East (2 mins. Ngau Tau Kok MTR)
