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…

 
 
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Millennial News Feed

Quote of the Day: “When I want relationship advice I usually check out good relationship blogs or online articles.” –Female, 32, TN

E-cigarettes are becoming increasingly popular with teens, and one reason could be that it’s “ridiculously easy” for teens to get them. A new study asked minors to order e-cigarettes online from 98 different vendors, and 75 of those orders were successful. Of the 23 orders that failed, only five were due to age-verification issues, and in many cases if a website did not accept a minor’s age, teens were able to use their parents’ identities. Kids who have smoked e-cigs are reportedly twice as likely to say they intend to try regular cigarettes, so this ease of access could lead to a larger issue. (The Verge

Millennials are seeing food as the new status symbol and expecting everything on demand. Now a slew of startups areredefining food delivery to cater to their tastes. Gourmet food delivery service Munchery is a player in this trend, and has just expanded from San Francisco to New York City. Unlike services that deliver dishes from high-end eateries, Munchery provides a selection of over 300 pre-cooked meals prepared by Michelin-starred chefs, which are delivered cold and ready to be heated. There is a social good angle as well, as Munchery matches the cost of each order with a donation to City Harvest. (Forbes)

Young consumers have helped to make Scotch and whiskey cool again, and old-school brown spirits have become increasingly popular over the last decade. While the industry might have initially been ”perplexed” by the attention, it has seized the opportunity by targeting Millennial drinkers in new ways. The brand Balvenie is appealing to this new generation of Scotch drinkers by tapping Anthony Bourdain to host Raw Craft, a video series traveling around the country to showcase American craftsmanship. The Balvenie’s parent company has also released new brands, like Monkey Shoulder, that specifically target 20-somethings with lower prices and unpretentious branding. (Fast Company)

YouTube celebrities like PewDiePie’s Felix Kjellberg, Zoella, Alfie Deyes, and Jamal Edwards all made the list of the 500 most influential people in the country, and digital marketers could learn a few lessons from Generation YouTube. “Flawed is the new flawless,” thanks to digital celebs’ realness and transparency, and brands should embrace the authenticity of the medium. It’s also important to note that the stereotype of kids watching YouTube alone in their bedrooms is far from the truth: 90% of users are over 18-years-old, and 39% watch YouTube with their partner. (Marketing

Sonic is planning to play up their retro style drive-ins to appeal to young consumers' nostalgia, while also giving those drive-ins a technological makeover. Soon the fast food spots will feature touch-screen menus, which offer suggestions and internet access, along with the carhop service that has helped to set it apart from its competitors. The brand was slow to launch a digital and social presence, but is ramping up their efforts, including a series of digital only clips that show a significant departure from their traditional TV marketing. The opportunity for Sonic to attract younger consumers could be big, considering their customizable menu and unique experience-driven locations. (Digiday)

Have some lingering questions about Millennials that you need answered for an upcoming meeting? That’s what Ypulse is here for. Silver and Gold subscribers have access to Ypulse's trend and Millennial experts for quick, personalized feedback on any topic. After each insights article, subscribers can submit questions and requests directly to our experts and receive instant responses. (Ypulse)

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