Peer-to-Peer: The Consumer Powered Revolution

Today, Ypulse staffer Phil Savarese continues our series on the evolving e-commerce landscape by profiling "ones to watch" in the evolving world of peer-to-peer business.

 

AirBNBThree E-Commerce P2P Innovations To Know Now

The economic crisis has Millennials, and many others, thinking of new ways to do business. Communal effort and the desire for a more sustainable and beneficial future are driving forces of the generation. With this spirit and an increasing distrust of old systems as a foundation, the peer-to-peer (P2P) business model is becoming more and more common. Rather than customers buying products from a site like Amazon, they purchase from other consumers, cutting out the big brands from the exchange process. Given the social, groupthink nature of Millennials and their inherent knowledge of the internet, it is no surprise that P2P has been growing, and evolving beyond goods exchange to revolutionize other business categories as well. The “gig economy,” a marketplace of micro-jobs born partly out of the recession, is also pushing the movement forward. Peer-to-peer services are providing their users with new and innovative ways to both make life easier and earn some extra cash: the peer-to-peer economy is estimated to have a revenue of $3.5 billion this year. Here we’ll take a look at three P2P e-commerce businesses to know now:

 

airbnbAirbnb:

Airbnb offers its users a new way to list and book traveling accommodations. Hosts list their own personal spaces on the site; users then book the space for a certain period of time at the price established by the hosts. It’s simple, fast, and most of all, different—a way for consumers to travel the world without ever having to pay for a night in a motel. Millennials are adventure seekers, looking for rich experiences but in an organic…

 
 
Ask Millennials some questions.
Log in to get started...

Want to talk to us about the article
or dive into a custom study?


Millennial News Feed

Quote of the Day: "A benefit of unplugging is getting a more personal view of the world back. (Social media tends to distort your perception to bend to what others are thinking/feeling/saying/doing.)” —Female, 25, MN

Liam Matthews, a teenager from New Zealand, has grown his Instagram following from under 150,000 to over 1.5 million in the course of a year by combining celebrity glamour shots with DIY cross-dressing. His profile documents his attempts to mimic the looks of young female celebrities using fabric scraps, an array of wigs, and strategically placed ramen noodles. Sticking to side-by-side comparison images and a focus on the most popular young celebrities, Matthews has struck a format that makes imitation the sincerest form of humor. (Uproxx)

Every brand seem to want their own hashtag catchphrase, but authenticity and sheer common sense are being compromised by some in pursuit of the viral tag. Over the course of 12 hours, one writer noticed 39 distinct hashtags, including #unseenacne for Neutrogena which was deemed “#FreakingGross” by one Twitter user and a #sorrynotsorry copycat from Equinox coined #preapologize. While the latter has seen 1.2 million impressions (many from the company and its employees), some have been so confused by the wording that they had to ask Equinox directly what it was supposed to mean. (WSJ)

Good thing OKCupid users aren’t raising much alarm over recent experiments conducted on them, because the company is unapologetic. The three experiments that faked matchmaking results and manipulated conversations were detailed in full on OKCupid’s trends blog under the title "We Experiment on Human Beings!" Internet skeptical Millennials are used to their data being used behind-the-scenes, and may not have as much issue with OKCupid as other tests made public (like those from Facebook) because “experimentation in dating is part of the process” to improve matches. (NYT

Transparency communication is the new buzzword at Johnson & Johnson who has started a movement to win over Millennial moms. The first ad in the planned 40-plus series announces that they will remove controversial ingredients from their products and reminds viewers that J&J employees are parents themselves, having them write 1,000 promises to reflect the company's dedication to change. Future video series will serve to debunk myths, educate new parents, and connect them through social media forums. (AdAge)

A Disney princess clothing collection from BlackMilk, featuring Snow White bomber jackets, mermaid leggings, and Hakuna Matata skater skirts, is selling out. Mind you, this collection is made for adult females. We took a look at what happens when the princesses grow up, and discovered that Millennials are eager to co-opt Disney imagery and update it to fit with their current lifestyles. Though some don't appreciate their favorite animations being slapped onto skintight clothing, the bold and graphic prints clearly appeal to some and would probably make for some unique rave gear. (Jezebel)

Quote of the Day: “In the future, I'd like to pay off my student loans and not starve or get evicted. A stable job would be nice.” –Male, 26, PA

Sign Up Now

Subscribe for premium access to our content, data, and tools.

Already a subscriber? Sign in.

Upgrade Now

Upgrade for full access to the best marketing tools for understanding the next generation.

View our Client Case Studies