Time Magazine recently rated Collaborative Consumption, which is defined as technology enabled sharing, trading, renting and bartering of goods and services, as one of the top ten green stories of 2010 (for more, see this).
Rachel Botsman, co-author of the book What’s Mine Is Yours: The Rise of Collaborative Consumption, spoke on the subject recently at TEDxSydney (please see following video):
Social Media is ‘enabling’ trust between strangers and this helps remove middle-man in exchange process. As a result, Collaborative Consumption will disrupt traditional business models.
To thrive in this brave new world, companies will have to reinvent themselves leveraging collaborative technology to connect with their customers and giving them “access” to products or services, rather than “selling” them products or services. This will radically change the way products (or services) are created, distributed, priced, accessed (not owned) and consumed. We live in exciting time indeed!
What do you think? Please do share your thoughts on the subject: