2020 Retail Part 2: A newconomy of collaborationWritten by Guy Hepplewhite
In part two of our four part '2020 Retail: What's the future' series, we look at how retailers are, and will continue, to form business partnerships that support better shopper experience, by combining services that can leverage strengths to deliver more values and fulfil more of their shoppers’ needs.
Companies may be able to deliver optimal experience to shoppers on their own, but they’ll find that they can play even better with others.
These partnerships will contribute to building a larger service ecosystem in which businesses team up with players from across the consumer journey to create a truly flexible network able to serve both B2C and B2B markets. It might even be a way to spark innovation. A collaborative economy is a trend that will continue to take over the market, creating a newconomy of collaboration through peer-based systems.
By combining services that may seem distinct, but which are somehow connected to form a larger system, shoppers and consumers will get to benefit from added value without having to go to multiple sources. In the US, Under Armour has partnered with Residence Inn to create custom, two-mile runs at each of its locations across the globe. And in the UK, the days of standing in line to get your hands on your favourite burger and fries appear to be numbered with McDonalds having just recently partnered with UberEats to bring its own new home delivery service – aka the cunningly named McDelivery –to London, Leeds & Nottingham.
By creating an entirely new level of convenience and ease to perfectly reflect Millennial desires, Airbnb and Uber allow incredibly specific transactions focusing on arbitrary goods and services and allow consumers to double as suppliers. Still White allows brides worldwide to pass on their dress they wore on their big day to soon-to-be brides-to-be. The same applies to B2B. As an example, Cargomatic is connecting shippers in the US with licensed carriers to revolutionise local trucking.
Sharing, rather than owning, is key in that it creates a collaborative economy that empowers consumers to take control. Tomorrow’s good services will be verbs whilst the bad services will be nouns. The most compelling retailers will become a ’way’ for consumers to buy instead of merely provide a destination for them to buy from.
Read more from our 2020 Retail: What's the future series: