There is a gradual shift from business models predicated on selling products to business models predicated on service subscriptions, shared ownership and rental:
- Netflix and Spotify allow members to pay a monthly fee for streaming access to their film and music libraries.
- The Dollar Shave Club allows members to pay a monthly fee to have razor blades sent to them on a regular basis. (Source: Subscription models of financial advice emerge - FTAdviser.com)
- Subscription models of financial advice are emerging in the US (Source: Subscription models of financial advice emerge - FTAdviser.com)
- See also: 7 Major Disadvantages of the Sharing Economy | CustomerThink published 27/12/2018
A platform is a business model that allows multiple participants (producers and consumers) to connect to it, interact with one another, and create and exchange value. The most successful companies in the digital era, including Alibaba, Amazon, and Facebook, were all designed on platform business models. (Source: Insurance beyond digital: The rise of ecosystems and platforms | McKinsey) Uber and
An ecosystem, meanwhile, is an interconnected set of services that
- Consumer (B2C) ecosystems currently emerging around the world tend to concentrate on needs such as travel, healthcare, or housing.
- Business-to-business (B2B) ecosystems generally revolve around a certain decision maker—for example, marketing and sales, operations, procurement, or finance professionals.
(Source: Insurance beyond digital: The rise of ecosystems and platforms | McKinsey)