You don't have to be part of the sharing economy to emulate what it got right. Here are 5 lessons every business can learn.

1. SHARING ECONOMYSHARING ECONOMY
5 LESSONS FROM THE
SHARING ECONOMY
PRESENTED BY

2. Sharing economy (noun):
At the heart of the
sharing economy is the
ability to unlock the value
of unused or underutilized
assets, for free or for a fee,
directly from individuals.

3. YOU DON'T HAVE TO BE PART
OF THE SHARING ECONOMY TO
EMULATE WHAT IT GOT RIGHT.
HERE ARE 5 LESSONS EVERY
BUSINESS CAN LEARN.

4. LESSON 1:
Solve an acute problem.

5. Sharing economies emerge where
there is a high degree of pain.
Listen to your customer's most pressing
pain points, and offer real solutions.
The Takeaway:

6. Shyp hacked an everyday pain point—
boxing, labeling, and shipping packages
and returns—by taking the logistics
and hassle out of personal shipping.
Users can scan an item they want to ship
using Shyp's app; the startup then sends
over a driver to pick up the item, package it,
and mail it to the chosen destination.
Case in point:

7. LESSON 2:
Create an experience.

8. Sharing companies have found a way to buy and
sell something abstract as “experience”.
Consumers crave personalization, and delivering
it will build relationships and brand loyalty.
The Takeaway:

9. Airbnb gives renters the opportunity to
experience a new city as a local, in a local
neighborhood, with amenities not available
in a traditional hotel.
To maximize the full local experience,
Airbnb also gives providers the
opportunity to host local events in
their community where they can share
hidden gems, local culture, and unique
activities to renters during their stay for
a small additional fee. For some
highly-rated Airbnbs, it’s an experience
travelers believe is worth paying for.
Case in point:

10. LESSON 3:
Gain your customer’s trust.

11. The sharing economy relies on real-time information
to gain unprecedented trust with customers.
Share project data and updates to assure your
audience you're looking out for them, and ask for
feedback. Authenticity builds trust.
The Takeaway:

12. TaskRabbit, a web platform that specializes
in connecting people who need chores done
with people willing to complete them,
cultivates a trusted marketplace by utilizing
the real-time capabilities of social media.
By listening to customers' problems, owning up
to mistakes when necessary, and responding at
lightning speed, TaskRabbit creates a culture
of transparency and authenticity that builds
trust with customers.
Case in point:

13. LESSON 4:
Don’t hide behind your app.

14. Much of what makes the sharing economy work is based
on human connections and community, not technology.
Focus on quality service and earning positive WOM.
The Takeaway:

15. Peerby, an Amsterdam-based app and
website that lets people borrow items
from their neighbours, believes people
are wired to share. Its business is built
around human-to-human interaction,
and connecting people and communities
to underutilized resources.
Peerby's founder Daan Weddepohl notes
that while most people prefer to lend items
to their neighbors for free, technology
makes more of those connections
possible and a free flow of feedback
makes each interaction more trusted.
Case in point:

16. LESSON 5:
Do it better with data.

17. Sharing companies run on data because they know when buyers
and sellers have better information, everybody wins.
Collect and analyze data about your past performance,
target audience, and customer touch-points to inform better
business decisions.
The Takeaway:

18. For sellers, eBay offers real-time demand
data from shoppers around the world.
The site's searchable online marketplace
allows people to set their initial prices based
on easily accessible information that tells
them what others are charging for similar
items. For both parties, eBay’s data
transforms the shopping process from an
arduous, inefficient slog into something
easier and much more satisfying.
Case in point:

19. To learn more, visit domo.com

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