This article is excerpted from the exclusive Mavenlink ebook, Thriving in a Service Level Economy.
We are in the early stages of a transformation that will change how we work forever.
In a recent report, Power Shift: The rise of the consumer-focused enterprise in the digital age, the Kellogg Institute documents how the digital revolution has created a power shift from sellers to buyers.
This shift is driven by advances in technology that provide buyers with unprecedented access. Where once buyers had limited choice, now they have a great deal of choice.
Where once they had limited information about sellers, now buyers can read others’ experiences at the click of a button.
Where once innovation was slow, now it is disruptive.
Buyers expect more
The result is buyer empowerment, and expectations are soaring. Today, buyers expect more options, better experiences, and more value.
We have seen before what this kind of power shift can do to a market. In the early 2000s, ecommerce rocked the retail industry.
- Look what Amazon has done to big box retailers.
- Uber provides more convenient transportation for less, and as a result the company’s growth has been staggering. Uber has become a household name in a few years.
- Airbnb renters can stay at a variety of property types, for less than the average hotel room rates and walk away with better experiences. Now, hotel chains are suffering, whereas Airbnb expects revenue to surpass $6 billion by 2019.
All of this change is fueled by innovation in business models that comes from the power shift from sellers to buyers.
For the complete prediction on how this disruption is changing services economics, download your exclusive ebook, Thriving in the Service Level Economy.