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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The Newsfeed

“I observe holidays and religion-based traditions but am more connected to it as a culture than as a religion.”—Female, 27, MA

Chinese youth have a “selfie obsession” that’s changing beauty standards and creating a new tier of celebrity. The Influencer Effect is full blown in China, where young consumers are beautifying their selfies via filter apps like Meitu and plastic surgery—all in the quest to look more like wang hong, their internet celebrities. One influencer, HoneyCC, argues that “Selfies are part of Chinese culture now, and so is Meitu-editing selfies.” But some say the trend is pushing the population to become more homogenous by favoring certain features, and headlines have lashed back against the whitening of skin prevalent in social apps. (The New Yorker)

Eighty-one percent of Bustle, Romper, and Elite Daily’s Millennial readers say social media is the best way for advertisers to reach them. Bustle’s latest questionnaire also found that 40% of their 18-34-year-old readers prefer Instagram for brand communications, followed by trusted websites, email, and online articles. Some other fun insights: Over half believe that a company should give back, instead of just turning a profit, and 49% think “companies should do more to protect the environment.” (Adweek)

Drug use is down among teens—except when it comes to marijuana and vaping. From the 1990s to 2017, the percentage of teens who said they’d been drunk dropped from 46% and 58%, and those reporting they’ve smoked cigarettes from 26% and 17%. However, marijuana use increased for the first time in seven years in 2017, while vaping is up as well, with at least 19% of high school seniors, 16% of sophomores, and 8% of eighth-graders saying they’ve vaped in the past year. (LATimes)

Two modern dating shows are coming to Facebook Watch. The first “unscripted dating show” from SoulPancake, Love & Longitude, is shot on iPhones and shows two potential love interests’ relationship blossoming across FaceTime, social media, and other digital interactions. The second dating show from Machinima, Co-Op Connection, plays into the esports craze. One bachelor gets to pick his partner based on their personality—and their skills at the videogame, PlayerUnknown’s Battlegrounds. (tubefiltertubefilter)

Some cities are past their “peak Millennial” populations, as the generation increasingly finds new digs in the suburbs. Boston, Chicago, and Los Angeles all reached their highest Millennial population in 2015, and New York and Washington D.C. are showing slowing Millennial growth, according to U.S. Census data. Meanwhile Chicago’s suburbs and others have seen an uptick in their young adult populations—another Millennial myth debunked. Which urban centers are still attracting the demo as they age up? “Tech hubs” like Seattle and San Francisco. (Time)

“Crochet and knitting are very relaxing, therapeutic, and have tangible results."—Female, 31, AL

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