Home / Knowledge / News / Textiles / On-demand economy changing competition environment
On-demand economy changing competition environment
14
Sep '15
The on-demand or peer-to-peer economy is shifting consumption patterns, creating new “jobs” and innovative business models, the World Economic Forum has said in a press release. The impact on industries, workers and consumers is huge in this new reality, according to panellists in a session at the Annual Meeting of the New Champions 2015 in Dalian, China.

This relatively new sector of the economy is burgeoning, launched from online platforms and engaging millions of consumers worldwide. Arun Sundararajan, Professor and Rosen Faculty Fellow, New York University, USA, calls this shift the “sharing economy” or the evolution to a capitalism that is fundamentally crowd-based. “We are transitioning from getting the goods and services we want from a company to getting them from peer-to-peer platforms,” he said. “This is culminating in a new model for organizing economic activity.” In this new world, work no longer involves “jobs”. According to Sundararajan, people are assembling gigs and tasks.

Stephane Kasriel, CEO, Upwork, USA, started his online marketplace for freelance work 10 years ago. In the past three years, the company has taken off and offers100,000 new jobs in 75 categories; 30,000 freelancers sign up each week. “Young millennials do not want 9-to-5, they like to control their own destiny,” he said. “We offer liquidity in a fast-moving job market.” According to Kasriel, the on-demand economy will lead to “profound changes in society.”

This rapidly evolving business model is also changing the nature of competition. “The value chain doesn't need to be pure competition. A lot of value can be created by taking the best of two worlds and creating something better out of it,” he said.

The on-demand economy enables agile businesses to build bridges. According to Nathan Blecharczyk, Co-Founder and Chief Technology Officer, Airbnb, USA, a Co-Chair of the Annual Meeting of the New Champions 2015, “Companies can partner with industry, broader society, cities and communities. This will create a more inclusive economy.” Businesses such as Airbnb and other online platforms act as a powerful economic enabler. “All of our businesses give people an option to have a supplemental income,” Blecharczyk told participants. “There are not enough jobs in the world. Our services add incremental value.”

Didi Mobility, a major player in the car-hailing industry, transports 10 million consumers every day. Using Didi's apps, people can hail taxis, call on private cars and pooling services, and determine the schedule of public buses. Cheng Wei, Founder, Chairman of the Board and Chief Executive Officer, Didi Mobility, China, a Co-Chair of the Annual Meeting of the New Champions 2015, said that this consumer-to-consumer service faces fierce competition but, in the on-demand economy, “scale is the key” and a unified platform offers users convenience.

Panellists agreed that the on-demand economy is raising trust in society – an important spin-off in the wake of the financial crisis, which lowered confidence in the private sector and private institutions. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

FDI in Vietnamese textile-garment projects on the rise

Apparel/Garments | On 24th Jun 2018

FDI in Vietnamese textile-garment projects on the rise

The European Union-Vietnam Free Trade Agreement and the Comprehensive ...

Courtesy: Alizilla

Apparel/Garments | On 24th Jun 2018

Alibaba Group sets up office in Kuala Lumpur

Strengthening its commitment to Malaysia, Alibaba Group has set up an ...

Bombay Dyeing plans to wind up Indonesian JV

Textiles | On 24th Jun 2018

Bombay Dyeing plans to wind up Indonesian JV

Bombay Dyeing & Manufacturing Co Ltd plans to wind up its loss making ...

Interviews View All

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Priya Somaiya
Usha Social Services

The Usha Silai label from Usha International is all set for a retail...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search