Trust - The Fuel That Powers The Sharing Economy
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Transcript of Trust - The Fuel That Powers The Sharing Economy
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Trust – The Fuel That Powers The Sharing Economy
Raghu Ramanujam
Founder @ CEO
@raghoo1
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A Simple Idea
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Sharing EconomyShared Economy: Collaborative Consumption: Peer to Peer Economy
Will Ownership turn out to be largely a hack people resorted to before they have the infrastructure to manage sharing properly?
- Paul Graham
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What is mine is yours, for a fee
68%People Willing ToShare Own Assets
74%Cars Ride With Just ONE Person
75%People WillingTo Share Meals
66%People Willing To
Share From Others
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Sharing Economy - The Drivers
Technology Innovation
Value Shift
EconomicRealities
EnvironmentalPressures
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200,000 Monthly Rentals
on AirBnB
$ 2 MillionRides on the
Last Day of 2014
35 MillionPrivate Cars in India
Available For Ridesharing
2 MillionActive Monthly
User On BlaBlaCar
Sharing Is Everywhere
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In Ownership Economy, Service Levels Are More Established
A Masala DosaAt The MTR
Service LevelOn OLA Cabs
Stay ExperienceAt The Hilton
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In Sharing Economy everyone is a Service Provider
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The Challenge
Source: TEDGlobal 2012, Rachel Botsman
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The Ownership Economy has solved it well
Your Credit Score
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The Sharing Economy needs a Credit Score equivalent
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But Trust In The Sharing Economy Has Two Parts
Who You Are(Transferrable)
How Good You Are At Something
(Contextual)
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A Unified Reputation Card
Safe Driver; Interesting Conversations, 80s Rock MusicPoolCircle Rating
Nice House, Needs More VentilationAirbnb Rating
Recipes Don’t Work For Me!Yummly Rating
• Stays at Brigade Gateway• Works at PoolCircle• 654 Facebook Friends• 1123 LinkedIn Connections• 17453 Twitter Followers
345 Transactions Across 5 Platforms
Raghu RamanujamMale, 44 – Bengaluru, India
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Remember The Simple Idea?
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Not So Simple
Timin
gs
Proximity
Sa
fety
Weekday/Weekend
Peak hour
LocationComfort
Network
Trust
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Solve Safety, Crack Ridesharing
87% respondents cited Lack of trust as the biggest impediment in spite of strong intent to carpool
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The Circle in PoolCircle
Peer RatingWhat Others Think About Your Service
Who You Are(Tranferable)
How Good You Are At Something
(Contextual)
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How Trust Impacted Behaviour
0.00
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
1.80
2.00
Participation Interaction Initiated Interaction Received
Unconnected Corporate Affiliation Social Connections
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A Unified, Transferable Reputation Score
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Thank You