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: “My favorite app is Snapchat, because it offers quick messaging with a time limit that ensures privacy while being highly entertaining.”—Female, 20, FL 

If you want to know what teens are doing online, don’t ask their parents. A survey by the National Cyber Security Alliance found that 60% of 13-17-year-olds have a secret online account they say their parents know nothing about, while only 27% of parents suspect their kids have one. This statistic will likely worry parents who are increasingly monitoring online behavior. About 67% of parents say they have a rule in place for kids to be open with them about any “sort of uncomfortable or scary incidents that occur online,” however only 32% of teens surveyed say that such a rule exists in their household. (CNET)

Millennials around the are not only passionate about global issues, but ready to take them on. A World Economic Forum survey found that seven in ten 18-35-year-olds see abundant opportunities for themselves and their peers to tackle global issues, and half believe they have decision making power in their home countries. When the WEF asked about the three most serious issues affecting the world today, Millennials had the same response as the year before: religious conflicts came in third with 33.8% of responses, large scale conflict and wars came in second with 38.5% of responses, and climate change and destruction of natural resources was the top response with 45.2% of respondents. (Business Insider)

Outlet malls are thriving, and it’s all thanks to men and thrifty Millennials. According to Cowen & Co.’s latest Consumer Tracker Survey, outlet visitation by 18-34-year-old men reached a new peak of 44% in July, most likely due to male preference for brand stores over department retailers. Overall Millennial visitation is also up: on average, 31% of 18-34-year-old women and 35% of 18-34-year-old men say they visited an outlet mall every month between December 2012 and July 2016. An analyst of NPD Group attributes the trend to frugal Millennials who would rather save their cash for experiences. (MarketWatch

Teenage girls with depression or anxiety “are less alone than ever.” The Department of Education has revealed that these mental illnesses are a slowly growing epidemic among teen girls in England: about one third report having depression or anxiety, a 10% increase over the last decade. Social media pressure, bullying, and unrealistic body expectations are all cited as factors, which have especially effected young girls all over the world. In America, the Substance Abuse and Mental Health Services Administration reports that teen girls are three times more likely to be depressed than their male counterparts. (Teen Vogue)

Instagram has made connecting with consumers even easier for brands. The platform’s new “contact” button allows users to call, text, or email brands through their profiles. According to a social media specialist, “social…is a brand’s first line of defense—both for reputation management and customer service,” and the new button eliminates the hassle of having to respond to each individual comment. Brands like Nordstrom, Delta, and Denny’s are already utilizing the new feature. (Digiday

Quote of the Day: “My favorite app is Pokémon Go, because it's kinda a big deal for those of us who've been dreaming about it for over a decade.”—Female, 21, NJ 

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