343) The Sharing Economy

Another SXSW recap for you tonight. I sat in on a panel called, "The New Sharing Economy." (We're talking physical sharing, not information sharing.) While sharing practices aren't new (movie rentals, the library), the internet has enabled an economy of sharing (Netflix, Airbnb, Rideshare, etc.). Motivated by altruistic (good for society, the environment) and selfish (saves money) benefits, this co-consumerism has the opportunity to increase the value of and the meaning behind objects.

Buying something from a retailer is individualistic. It's a one time transaction. Sharing, on the other hand is communal. It changes the commerce model to a more cyclical system, as objects are transferred among people. The opportunity lies in retailers/brands adopting the same cyclical model for traditional retail,which not only helps builds community among customers, but also extends the value of each item.

The second piece is the meaning within objects that are shared. Often, our attachment to things has to do with our experiences with them, not the physical properties themselves. One panelist was the founder of Itizen, a platform that allows users to create barcodes that are attached to shared objects. The barcode tells the story behind the objects as they are passed along.

Hand cramping. Last day of non-internet existence - tomorrow I can get back to laptop posts with pictures.