The Need for Research
The Sharing Economy has emerged from the digital revolution. These business models directly match resources to customer needs, often in real time. Many have become efficient marketplaces that maximize customer value, minimize pain points, and impact life for millions of consumers.
Some powerful examples of growth in the Sharing Economy:
- Car Sharing (e.g. Turo, Crooze, Wheelz, etc.)
- Home Sharing (e.g. Airbnb)
- Ride Sharing (e.g. Uber, Lyft, etc.)
- Office Sharing and Co-Working (e.g. WeWork)
These game-changing business models exist in highly competitive markets. While they have access to large amounts of data, insight remains elusive.
Opportunities & Challenges for Sharing Economy Businesses
New and disruptive business models require insight to launch, grow, and evolve. Meeting customer needs can be a continual opportunity and challenge. Several opportunities and challenges face Sharing Economy companies:
- Pricing constraints, new subscription-based revenue models, and tiered pricing are important trends impacting profitability.
- Market positioning and competitive research are important. Gaining insights into keywords, website usability, SEO, sales insights, and digital strategy can be a challenge.
- Achieving critical mass and scaling up rapidly is important because customers need a varied and curated supply in order to demand the product. Engaging new customers is important and depends on having enough supply to meet demand.
- Recruiting and retaining suppliers is also important in and related to critical mass. For example, having ride sharing suppliers available at the airport is important.
- The rise of Omni-channel presents opportunities and challenges.
Solutions for the Sharing Economy
Research helps Sharing Economy companies address their strategic opportunities and challenges:
SIS has worked for many of the world’s leading Sharing Economy companies. In particular, much of our Market Research incorporates Focus Groups, Ethnography, Consumer Interviews, Usability Research and many other techniques to deliver business-building insights. Our Strategy Research Group provides high-level interviews with executives, market sizing, data solutions, and competitive analysis to give you a picture of your space, and your competition’s space.