Amidst economic uncertainty, consumers revisit an age-old method to obtain goods
Implications - Returning to old customs to obtain goods or services in a fiercely competitive market, bartering is seeing an increase across the spectrum of consumers looking for a deal to those seeking to offer services for life essentials. Using social media and smartphone apps to connect, the updated concept of bartering is introducing the act to younger generations and augmenting the traditionally cut-and-dry economy to be more community and consumer focused.
1. Community-centered Economy - Using apps and social media, businesses can create platforms for bartering and sharing, enhancing traditional commerce models.
2. Talent-trading Networks - Allowing users to pay for products or services with unique talents or videos creates a barrier-free payment method that rewards creativity.
3. Eco-friendly Technologies - Innovative energy-saving and waste-reducing technologies create opportunities to encourage more environmentally-friendly behaviors and consumer choices.
1. Technology - Developing bartering apps and platforms that connect individuals looking to trade goods and services will increase sales and brand loyalty.
2. Retail - Creating loyalty programs that reward unique customer actions, such as promoting content and posting videos, will encourage customer engagement and reduce churn.
3. Environment - Investing in technologies that promote sustainable practices, such as using food waste as energy sources, will reduce costs and create positive brand associations.