6 Ways to Write Your Own Success Story in the Booming Sharing Economy

The new generation of consumers feels comfortable being “asset poor” but “experience rich.” This new way of thinking has given rise to the sharing economy. PricewaterhouseCoopers predicts the global revenues of the sharing economy could hit $335 billion in 2025, up from $15 billion in 2014.

The beauty of the sharing economy is that it allows sellers to get more value from their resources, and it allows buyers to enjoy products and services without commitment.

While this creates great opportunities for entrepreneurs, there are things that need to be in place for the growth trajectory of the sharing economy to continue to skyrocket. And it pays to learn from both the established and fledgling companies leading the charge.

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4 Rules for Scaling a Marketplace

Getting a marketplace to scale is often just as difficult as building one. The challenge is not only demand, but also supply. And it takes the right balance between the two to improve — or maintain, for that matter — sales volume and profit margins. Because without enough buyers and sellers, what’s the real incentive for either to hang around?   Continue reading

5 Lessons Entrepreneurs Can Learn From Niche Marketplaces

Niche markets almost always develop out of an unmet need. You start by finding people’s pain points — either in their personal or professional lives — then dream up ways to solve those problems.

That’s exactly what HotelTonight did when it saw the need for last-minute hotel bookings via mobile devices. In three taps, users can find deals and book rooms anywhere at any time. The whole process takes 10 seconds. And as a mobile-only platform, hotels can offer exclusive deals that aren’t available online.

But filling an unmet need isn’t the only lesson niche marketplaces can lend the business world.

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What entrepreneurs can learn from Amazon’s partnership with TaskRabbit

In late March, Amazon Home Services launched as a marketplace to connect customers with more than two million service offers across more than 700 professional services. The move was no surprise. Amazon wants to be a one-stop shop for consumers, and adding services is the obvious next step.

But Amazon’s method was surprising — and surprisingly smart. Instead of tackling the industry on its own, Amazon partnered with TaskRabbit to launch the new platform.

This is a departure from Amazon’s usual practice of directly taking on competitors. The partnership was a strategic move, and it offers a lesson for entrepreneurs and business leaders.

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