Five steps to success in the sharing economy
PwC UK Megatrends | 2015
We believe ‘access’ and ‘peer-to-peer’ models will become available to consumers in the vast majority of industries over the next decade. In some sectors, these models may well overtake ownership as the predominant consumption model (as streaming in the music sector has already started to do in several countries). In other sectors, it may remain more of a niche activity, but potentially still a profitable one.
We think every CEO should take the time to understand these new business models from the point of view of the customer, and to imagine how they could play out in the sectors relevant to them. Leaders will need to swiftly translate their thinking into action, identifying the responses that best align with the capabilities of their organisation.
Since regulation could be a major roadblock holding back some sharing sectors, those looking to promote peer-to-peer services will need to factor this into their market entry strategy – engaging with local policy makers and interest groups at an early stage. And every organisation could do more to assess how sharing platforms could unlock hidden value from their tangible and intangible asset base by conducting a ‘sharing audit’ of their balance sheet.
Our perspective is that whatever an organisation looks like today, the sharing economy poses opportunities and risks that it would be unwise to ignore. So how can organisations position themselves to make the most of the sharing economy?