How start-ups in the sharing economy build their brands through behaviour
The sharing economy is said to be worth a lot. In the UK alone, its benefits are said to be worth around £8 billion. UK’s largest trade body, Sharing Economy UK, recently shared that a quarter of adults were using the sharing economy. Currently, 11% of UK’s working age population participate as providers from the opportunities created in accommodation, food-related and transport services.
With the sharing economy worth a potential £140 billion by 2025, advocates like the Sharing Economy UK want the country to be a global leader in the sector.
While many critics opined that the business model was just a passing fashion during its early days, many freelancers are now hopping aboard as consumer attitudes toward sharing have changed tremendously.
So much so that in Malaysia, it has severely strained the taxi industry, choking it for being unable to compete with ride hailing app, Grab for rate structure and hospitality.
Putting the pieces to the puzzle, it is simply the free market working as it should and most set ups are geared with a native-digital first front line offering highly personalised services. These services however, aim to break the monopoly of some heavily invested players and meet them head-on as far as quality and asking price are concerned.
Kiddocare for example, a Malaysian tech start-up that operates a mobile application—conveniently links parents with trained and reliable babysitting service providers.
Borne out of frustration from the lack of quality babysitting services, the start-up is now overwhelmed with brisk demand from its growing customer base. At the same time, the company is also creating new opportunities for Malaysians at both ends, its customers and babysitting caregivers.
Promoting access to screened and trained babysitting caregivers over ownership, Kiddocare is fostering greater inclusivity to empower more women out there to pursue career development.
They have a truly winning hand with the app. Through the app, parents sift through a group of babysitters they think would suit their children best. Apart from taking next to no time to hire one, Kiddocare’s solutions are tailored to help its customers pick specific time and location for the service to be delivered.
Evidently, the sharing economy brings considerable value and provides a platform for the masses to bring their innovative ideas to life. Taking off world-wide, the sharing economy should be celebrated and encouraged. However, rather than just providing another option, it needs to draw on the cost-benefits and present opportunities to shape better consumer behaviour and product design to make any real economic sense.
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