But a good idea alone is not enough. It’s also important to align the entire processes within a company to the new possibilities of the sharing economy.
An example: many sharing goods and services are offered on platforms and used before a payment is made. It’s therefore essential to precisely identify users and assess the risks of bad debt losses. These points need to take place reliably, quickly and without any effort on the part of users, since convenience is a top priority for consumers. An interruption in the customer journey promptly leads to an abandoned purchase process. The same is also true for processing payments; these always need to include the latest methods to increase the conversion rate. Providers should also think about subscription models. They allow for planable income streams for companies and are convenient for consumers. Dunning and debt collection also need to be adjusted to the latest developments. Today 20% of all payments are late; the use of modern communication media, individual contact with consumers and the integration of various payment options secure a swift payment of outstanding receivables in these cases, while also improving customer retention.
For companies, these are vital factors that ensure their novel sharing services not only enjoy the appeal of consumers, but also lead to a positive impact on business success.
Considering the rapid pace of development, one thing is clear:
Those companies that don’t keep their eyes on the trends of tomorrow and the latest technical possibilities, and which don’t consistently optimize their offers, will quickly be left behind.
This should give companies enough motivation to keep abreast of the times.