Consumer’s behavior is always evolving, shaped by society’s major changes like the digital revolution. The rise of the sharing economy offered a new way to do business, in association with a boom in peer-to-peer platforms, which lowered transaction costs for users.
Thanks to these new and cheaper alternatives, lots of businesses have been disrupted and now struggle to preserve their leadership on the market. We cannot forget to mention the challenge of the Hotel industry with Airbnb as well as taxis with Uber as examples.
However, some companies succeeded at making strategic changes to their business model to adapt the sharing economy. Here are 3 companies who achieved the stake of adapting:
GENERAL MOTORS: ride-sharing as a new asset
Photo by John F. Martin for General Motors
It is known for fact, millennials have less desire in owning a car than older generations. This is why ride-sharing has never been so used by young people. To compete with companies like Blablacar or Uber, General Motors has decided to launch its own car-sharing service called Maven in 2016. Available in several cities across the US, Maven City allows users to drive a car when they need starting from $8/hour + tax. Maven is also declined in two other services called Maven Home and Maven Gig. Whereas Maven Home is a car-sharing service for residential communities, Maven Gig is an on-demand vehicle rental dedicated to drivers of the gig economy participating in ride-sharing, package, and food delivery services.
In addition to this, motorsGeMotorsinvested $500 million in the promising ride-sharing service Lyft last year
AXA: The ambition of becoming a leading insurer in the sharing economy
67% agree that providing specific insurance for the sharing economy will be one of the largest growth markets for insurers in the next 5 years – The Future of General Insurance 2016
Insurtech companies currently know a strong development alongside the sharing economy. These new companies are the biggest competitors to traditional insurers who need to find a solution by making strategic changes. In this optic, The insurance company AXA signed a European partnership with the ride-sharing company Blablacar in 2015. We can notably read in one of AXA’s blog post that the firm strives to “become the leading insurer of the sharing economy”.
The firm also created a Digital Partnerships team in 2015 and established other partnerships with sharing economy companies like Uber, Ouicar and Socialcar. Nonetheless, Axa expanded its influence in Asia, partnering with ride-hailing app Grab and launching Axa Pay-As-You-Grab motor insurance.
DHL: Action Driver
DHL Sharing Economy Challenge 2017
With many initiatives like its Sharing Economy Logistics report published in May 2017, DHL is clearly investing the sharing economy.
Moreover, the logistics firm make people take action in their development process. DHL created the Sharing Economy Challenge to find new innovative ideas serving logistics in the sharing economy. The contest is happening from May to December 2017, during which participants submit their concept and can be selected as finalists to pitch their project at the DHL Innovation Day 2017. The winner of the contest will win a $5000 prize as well as the opportunity to display the concept among DHL innovation centers.
Nevertheless, it not DHL’s first try, as Tech Crunch portrayed the company as a Pioneer of the sharing economy, based on their business model.