Over the last few years, smartphone and tablet use has grown significantly, and it is now believed that over 110 million people in North America alone are a part of the sharing economy – a 25% increase in just one year. The sharing economy relates to individuals who use their phones to do everything from booking appointments to watching TV shows on demand, and because of its staggering growth, if your business doesn’t cater to this section of the population, you could be missing out on a lot of money. Here, Chicago Vision explores the importance of being a part of the sharing economy.
“Mobile enabled, on-demand services are becoming the norm, and this is something that customers are starting to expect from businesses,” said Matthew Goodchild, the managing director of Chicago Vision. “I believe even the UK are seeing similar figures relating to the sharing economy and are growing just as much, and it’s something that every business needs to keep in mind. If you don’t keep up with the mobile revolution, you will quickly be left behind as your competitors overtake you”.
The reason why so many consumers are turning to the sharing economy is because of its convenience. In the past, we would have no choice but to phone up a restaurant to book a table, for example, however now we can see which restaurants are in our area, and book a table directly through our smartphone. The entertainment industry has also seen significant changes with on demand streaming services becoming the go-to services for everything from movies to music, and even books. While companies like Amazon and Netflix have been able to capitalize on this demand, it has meant that more traditional stores are struggling to stay afloat.
“In order for traditional businesses to keep up with demand, they need to think about the extra services they can provide, and consider tacking peer-to-peer arms onto their current business. Whole Foods, for example, has started using Instacart to provide a grocery delivery service, and many supermarkets in the US have begun doing the same,” said Matthew Goodchild of Chicago Vision. “Consider experimenting with the things you can do to improve convenience for customers, and you will soon find an angle that can help you become a part of this new economy.”
Chicago Vision are always looking for ways to make life easier for their customers, and they advise all businesses to do the same.