Brands leverage millennial values with sharing economy initiatives
Implications - Rather than viewing the sharing economy as a direct threat to sales, several brands are harnessing momentum by putting forth their own programs heavily influenced by peer-to-peer economy models. From brand-backed co-ownership programs to innovative partnerships between established companies and sharing economy resources, there are plenty of ways brands can establish themselves as eager to adapt to shifting consumer values, especially those held by discerning millennials unoccupied with large ticket purchases.
Workshop Question - What aspects of the peer-to-peer economy could your brand learn from or adapt to better suits your customers?
Trend Themes
1. Brand Participation in the Sharing Economy - As brands identify the potential of the sharing economy, they recognise business opportunities and create co-ownership programs or partnerships to adapt to the changing consumer values.
2. Fashion Innovation Trial Programs - Fashion trial platforms such as Google's 'Try' that lets customers try clothes from home are sweeping in as a solution to remove the disadvantages of online shopping.
3. Corporate and Sharing Economy Partnerships - As seen in Walgreens partnership with TaskRabbit, established brands look for existing sharing companies to add value to their own customer experience.
Industry Implications
1. Transportation Industry - Rewarding eco ride initiative is an opportunity for automobile industry to innovate low and zero-emission transport, market eco-friendly cars and stimulate interest among millennials.
2. Fashion Industry - Fashion industry can develop new and innovative trial programs that enable customers to try on and borrow clothing to enhance customer experience and alleviate online shopping disadvantages.
3. Pharmaceutical Industry - Following Walgreen's partnership with TaskRabbit, pharmaceutical industry can look to partner with companies with similar delivery capacities to streamline and be more efficient in providing essential goods.
6 Featured, 47 Examples:
158,974 Total Clicks
Date Range:
Aug 15 — Sep 15
Trending:
Average
Consumer Insight Topics:
