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: The emoji I most send is 100, because I'm 100% real.”—Male, 15, TX

Brands are now #adulting in an effort to relate to Millennials. In 2014, our Chasing Neverland trend reported Millennials’ desire to escape grownup responsibilities and indulge their inner-kid. Since then #adulting, which comically references the so-called adult struggles like paying rent or “showering beforenoon,” has blown-up online, getting mentioned 642,000 times just last year. Now brands are joining on the trend, tweeting out #adulting tips and jokes—but beware of adopting Millennial-speak. According to one social media expert, “if a brand can legitimately talk like a millennial or even a teenager, they can get away with using #adulting. Otherwise, it comes up as fake.” (Digiday

Fox’s Empire Snapchat lens not only garnered 61 million views, it also upped brand awareness for the series. Snapchat has officially released a few stats on their sponsored content in an effort to bring more marketers onto its platform, and reports that the Empire lens ramped up brand awareness by 16 points and increased tune-in intent by 8% when it ran in March. The lens, which “overlaid a graphic of a pair of headphones and sunglasses over Snapchat users' faces with a microphone that they could pretend to sing into,” was played 33 million times and used for an average of 20 seconds before snapping. (Adweek

Millennials may be the key to redefining beauty standards in the fashion industry. Despite criticism, fashion has been slow to diversify, and 80% of models booked for the Fall 2015 season were white. Tony King, a CEO of an advertising agency that works with luxury brands, believes the way Millennials consume content can spark change: “There used to be all these layers between what brands put out and what the consumer saw. Now with the rise of social media and the accessibility of platforms like Snapchat you see a true authentic voice.” While young consumers “are totally clued into a diverse voice,” many brands haven’t recognized their preferences. (Forbes

Millennials without college degrees could be “stuck renting for a long time.” New research is revealing significant hurdles for 18-34-year-olds without diplomas: college graduates without student debt will need on average five years of additional savings to afford a down payment for a starter home, those with student loans will need 10 years, and those who haven’t graduated college will need 15.5 years. Lower incomes are one of the main drivers for the trend, but Millennials without college diplomas are also less likely to get financial assistance from friends and family. (Wall Street Journal

Virtual reality is “inventing a new way to tell a story." A 360-degree app that tells the story of Cirque du Soleil's traveling Kurios show, has been referenced as evidence of how VR is poised to become a revolutionary tool for storytelling. The app puts users “in the center of the action,” spotlighting how the technology could be the “closest to teleportation we will ever have in our lifetime." Experts also claim that consumers will “actually create the greatest amount of [virtual] content for themselves and their friends,” because of VR’s power to let users relive important experiences like birthdays and weddings. (Recode

Quote of the Day: “I can’t live without my desktop computer because it can replace most of the other devices (media streaming, music playing, getting directions, staying in contact with friends, gaming...).”—Female, 25, SC

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