The sharing economy will envelop brand data
In this guest post Warren Billington argues the sharing economy will stretch to brands sharing more consumer data in the future.
The revolutionary impact of Uber and Airbnb on their respective industries has been well documented. “Uberization” has become the buzzword that’s sent venture capitalists scurrying to find the next industry that’s ripe for Uber-like disruption.
The principle behind the two best-known examples of the sharing economy is already transforming other industries. Collaboration is disrupting car-hiring, bike-sharing, staffing, finance, and music and video streaming, to name just a few.
Consumers are happy to reap the benefits of low prices and convenient new options, as anyone who has stood in the queue at the Sydney Airport at 5pm on a Friday can attest. As a result, the sharing economy has become a significant wealth creator for individuals and businesses alike, with the potential for growing global revenues from $15 billion today to $335 billion in 10 years, according to a 2015 report by PwC.
Good piece. I think some businesses already have sufficient data on their own; i.e. Banks & Credit/Debit Card providers and some of the Supermarket/Broad-category retailers but what you’re suggesting makes sense.
There still is the problem of sharing very, very revealing data with others in different categories who may eventually choose to enter yours. You’d run the risk of being kicked out of the gang but I dare say some may use their contribution as a trojan horse.
Agree with the comment, whilst Mr Billington’s piece is idealistic, freak inimical comes into play and brands have their own agendas. Which brands do not truly compete and complement each other.
Fundraisers have been sharing data for years but ultimately they compete for share of wallet.
Would love to be wrong but I think the Trojan horse comment will be a hurdle and barrier to this getting going?
If anything collaboration between brands is breaking up see Qantas and Woolies? Due to those agendas I mentioned
Freakonomics that was…damn autocorrect