New Business Models - Value for Many
With the advent of online aggregation and cloud-based platform, many businesses are finding new ways to monetize new markets and opportunities.
Personalization and Customization:
Brands will focus on designing products as per their customers’ choice and requirement, providing value addition, and helping retain customers by developing a personal rapport.
Value for Many:
Companies are seeing the benefit of pricing their products and services competitively to achieve a larger customer base. Lower costs for consumers and economies of scale for companies will lead to a win-win situation.
Facilitators and intermediaries have begun to adapt to the new form of peer-to-peer/ people-to-people marketplace, as the concept of shared economy has started to take effect. Key commodities shared are cars, clothes, money, goods, and space and the forms of sharing these commodities include renting, swapping, reusing, distributing, and lending.
Different types of business models are applied in different stakeholder relationships – right from Business to Customers (B2C) to Business to Business (B2B) to Government to Business (G2B).
Estimated Share in Key Innovation Markets
Internet of Things