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: “The tech items I received this past holiday season were a Blu-ray burner, artist's light box, and Lav microphone.” -Male, 25, TX

72% of Millennials turn to social media platforms for the latest news, and some publishers receive 50% of their referrals from Facebook. Vox Media is keeping up with this trend by creating social-only content for their seven verticals, and the tactic helped to increase their social reach up to 450% in 2014. Native-only and posts covering big events have yielded the most engagement for the digital media group. Although publishers are not yet receiving revenue from posting content designed for Facebook, Vox Media’s Global VP of Marketing predicts that in the future it could be a major revenue stream. (Digiday)

Hotels have already begun accommodating the needs of a new generation of travelers, and now cruise ships are looking to do the same. Millennials are reportedly more interested in cruises than other generations, with 53% saying they would like to go on a cruise within the next two years. This presents some opportunity, but cruise lines have some catching up to do, including providing faster Wi-Fi, shortening trips, and lowering costs. Some lines are attempting to “lure younger travelers looking for romance,” by chartering ships based on age groups, creating mingling opportunities for singles, and providing condoms, pregnancy tests, lubricants, and the morning-after pill. (Quartz)

For parents with refrigerators cluttered with their children’s artwork, Plum Print is providing a new solution. The startup allows parents to ship in their kid’s favorite masterpieces—from paintings to pottery—to be transformed into a custom photo book. Similar existing apps require parents to photograph and annotate doodles themselves, which has been too time consuming to take off on a large scale. Plum Print, started by a mom, has grown to have a large and loyal customer base by doing the work for parents, and 70% of their 2013 customers reordered the next year. (TechCrunch)

One Millennial model embracing her “imperfections” has started a social media movement. Tess Holliday is 5’5, size 22, tattooed, and the first model of her size and height to sign with a major modeling agency. Holliday was discovered by MiLk Model management on Instagram and has been named one of the top plus-size models in the world by Vogue Italia and Refinery 29. She celebrates her size and coined the hashtag #EffYourBeautyStandards “to encourage women to celebrate their bodies, no matter the shape.” The hashtag has taken off with young women online declaring their confidence and promoting body positivity. (BuzzFeed)

Snapchat has led the way in the departure from Facebook's “anything and everything to anyone” sharing practices, and there continues to be a growing demand for digital social experiences that are more private and less permanent. The app Xpire is gaining popularity among younger social media users by allowing the ephemeral sharing of “content that automatically self-destructs” on Twitter, Facebook, and Tumblr after a set amount of time. The app also offers features that help reduce one’s digital footprint, like in-depth word searches and tools that calculate the riskiness of a post. (Netted,TechCrunch)

That image at the bottom of our newsletter is a gateway to insights and expert commentary on current and future Millennial trends. Clicking on it takes readers to our daily insights article, available to Silver and Gold subscribers, which illuminates a facet of Millennial culture and helps subscribers to understand the "why" behind the "what." Drawing from our ongoing collection of proprietary data, our deep-dive desk research, and our 10-year history of studying this generation, we figure out what it all means for brands and marketers. (Ypulse)

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