Monday, February 18, 2013

FORBES predicts $3.5 Billion in "Sharing" this year

Tomio Geron wrote a very compelling argument in FORBES to why collaborative consumption will grow over 25% the next year. This new sharing economy looks to be disrupting the older consumption economy and the millennia's might be to blame.

"FORBES estimates the revenue flowing through the share economy directly into people’s wallets will surpass $3.5 billion this year, with growth exceeding 25%. At that rate peer-to-peer sharing is moving from an income boost in a stagnant wage market into a disruptive economic force. Technology has vastly improved on the newspaper classifieds that brokered the sweating of assets for a century...
...Millennials, the ascendant economic force in America, have been culturally programmed to borrow, rent and share. They don’t buy newspapers; they grab and disseminate stories a la carte via Facebook and Twitter. They don’t buy DVD sets; they stream shows. They don’t buy CDs; they subscribe to music on services such as Spotify or Pandora (or just steal it)." 

Click Here to read the article in it's entirety: 
Airbnb And The Unstoppable Rise Of The Share Economy . By, Tomio Geron

Tuesday, February 12, 2013

How to build trust in Collaborative Consumption

Great article today on
The author explores the necessity of trust in order to have a successful collaborative consumption market place. He gives some timely tips:

5 Tips to Claim Your Identity in the Sharing Economy by Adam Spector

1. Presentation is key
He suggests that we be mindful of what photo we use, and how it will be perceived by strangers.

2. Aim for consistency
The next thing he suggests is to be consistent through all of our social media outlets. Using the same picture and keeping our profiles consistent helps build trust, and be able to show a clear representation of who we are.

3. Manage your Google footprint
He then adds it's important to be aware what people will find when they "google" you. If you can't control the content, you need to be able to address any questions if they come up.

4. You’re accountable now so act accordingly
Also, it's important to realize that many collaborative consumption sites offer the ability to leave reviews for it's members, and it will reflect badly on you if you do not do your best to resolve issues that come up time to time.

5. Verify your identity where possible

The last tip is to cross promote all of your social networks, so people can see you and verify you are who you say you are on several platforms. (Adam is the CEO & co-founder of Virtrue)

Thanks Adam for the tips... and his parting words ring true...  
"Remember – you are your data. Who you are online has real ramifications for what you can do in the real world. Transact and trust accordingly."