by Andrew White | April 23, 2015 | Comments Off on Trusting the Masses rather than the Individual and Wealth Accrual
I was listening to CNBC this morning and I caught the back-end of an interview that mentioned a PWC article in the Wall Street Journal. Apparently the article was reporting how organizations like Airbnb and Uber are doing well but without reference to specific trust between the client and the supplier of the service, but between the client and the community. It sounded intriguing so I went looking for the article. I could not find one today but I found one recently as follows: Who millennials trust, and don’t trust, is driving the new economy. The article looks at insights gleaned from a PWC report: Consumer intelligence Series – The Sharing Economy.
The intriguing part of the story goes like this:
- At a macro level most of us trust each other less. Just think of how much trust you have in our politicians?
- A segment of us (the millennials) actually are less interested in trust with individuals and are happier in trusting advice by the crowd
This is just fascinating. I must say I am a little nervous about staying at a house of someone I have no real experience with. I stay at well-known hotels (mostly) since I have trust and faith in the brand and what I can expect. I have not yet tried Uber though I do have some trust in the official cab line at the airports I visit (though there are some pretty effective sharks at many airports). The data in the PWC report suggests that the “likes” and the “comments” left by users of services like Uber and Airbnb are all that millennials needed to accept the risk.
This of course leads to all manner of ideas:
- The value of each specific relationship may fall (“liked”)
- The value of the herd perception may increase (“likes”)
- How can you trust all the “likes” as they grow in number?
- Why can’t I develop a software tool to pre-load services with a wide variety of “likes” that will influence the current rating?
- How can I monitor that stuff to make sure someone else is not spiking their own “likes”?
- and so on and so on…
One last point. The Washington Post article calls out one of the PWC report headlines: “Access is the new ownership”. We called this out at our Enterprise Information and Master Data Management summit in the UK (March) and Las Vegas, NV (April). Specifically I said, “There will be an increased shift away from asset ownership to asset access.” We were calling out how owning the asset was less and less the source of wealth (long term) and the shift is toward the license holder and who has access to the asset. As re-use increases, the access perspective rather than the ownership perspective will take precedence.
View Free, Relevant Gartner Research
Gartner's research helps you cut through the complexity and deliver the knowledge you need to make the right decisions quickly, and with confidence.Read Free Gartner Research
Comments or opinions expressed on this blog are those of the individual contributors only, and do not necessarily represent the views of Gartner, Inc. or its management. Readers may copy and redistribute blog postings on other blogs, or otherwise for private, non-commercial or journalistic purposes, with attribution to Gartner. This content may not be used for any other purposes in any other formats or media. The content on this blog is provided on an "as-is" basis. Gartner shall not be liable for any damages whatsoever arising out of the content or use of this blog.