Cost-conscious consumers choose to barter and swap rather than shop
Implications - Innovative networks that serve as a marketplace for individuals to barter products and services with peers are being embraced by consumers. Whether to access meaningful work by providing skilled services or to turn unused goods into alternate revenue, such platforms create a space dedicated to collaborative consumption that can strengthen communities and decentralize capital. These peer-to-peer networks speak to the role of the sharing economy in shaping interactions between consumers, as opposed to brands.
Workshop Question - How can your product go beyond strengthening the customer-brand relationship, to strengthening the customer-customer relationship?
Trend Themes
1. Peer-to-peer Networks - Platforms that create spaces for collaborative consumption and strengthen communities, by serving as marketplaces for individuals to barter products and services with peers.
2. Social Marketplace Platforms - Apps that allow users to buy, sell, and trade unused goods, beauty products, clothing, and anything else they own, while connecting with other buyers and sellers on social networks.
3. Resource Sharing Apps - Services that allow to borrow or exchange unused resources with other members, like swapping clothes, trading furniture, sharing skills, or connecting with local communities.
Industry Implications
1. Retail and E-commerce - Online marketplaces are changing the retail industry, as consumers shift towards more sustainable and affordable consumption habits, and businesses adopt more dynamic marketplace models.
2. Social Media and Networking - Social networks are becoming the new marketplaces, as users seek more convenient and efficient ways to buy, sell, and trade goods and services within their communities.
3. Sharing Economy - The sharing economy is disrupting traditional business models by allowing individuals to share resources and participate in collaborative consumption, creating new opportunities for entrepreneurship and sustainable development.
