Uncategorized Archives - TechUpdatesDaily https://www.techupdatesdaily.com/category/uncategorized/ Tech Updates Sat, 01 Oct 2022 11:08:38 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.1 https://www.techupdatesdaily.com/wp-content/uploads/2020/04/cropped-TUD-Favicon-32x32.png Uncategorized Archives - TechUpdatesDaily https://www.techupdatesdaily.com/category/uncategorized/ 32 32 5 Mistakes To Avoid When Using Data In Marketing Campaigns https://www.techupdatesdaily.com/5-mistakes-to-avoid-when-using-data-in-marketing-campaigns/ https://www.techupdatesdaily.com/5-mistakes-to-avoid-when-using-data-in-marketing-campaigns/#respond Sat, 01 Oct 2022 11:08:14 +0000 https://www.techupdatesdaily.com/?p=3390 In the last two years, there have been important changes in society, modifying patterns of consumption, socialization, work, etc. Given this new normality, data has become, even more so, a key factor for companies to better understand their users and have greater solvency in decision-making. According to Google, if you search for the term “Big […]

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In the last two years, there have been important changes in society, modifying patterns of consumption, socialization, work, etc. Given this new normality, data has become, even more so, a key factor for companies to better understand their users and have greater solvency in decision-making.

According to Google, if you search for the term “Big Data” there are 7,750,000,000 search results. It has become one of the most repeated terms since the beginning of the 21st century and has been catapulted by the dotcom revolution when companies began to pay attention to it with quite primitive technology. More than twenty years after the technological leap in this area, the highlight is the change in the purpose of data, which has come to be used in strategic initiatives aligned with the business objectives of companies, guided by the creation of new value and that drive actionability.

When we talk about data there is a triple challenge for all companies to take into account.

  • Challenge 1: Get the data right. Big Data is necessary, but not enough, we must combine it with Thick Data and Small Data, to make sure that we are looking for the correct metrics to have a winning offer.
  • Challenge 2: Correctly. Once we’ve got the right data, we need to implement the right technology ecosystem to collect it from the right sources, the right methods (privacy compliance), and the right integrations (to avoid enterprise silos).
  • Challenge 3: Transform data into action. All the data in the world won’t make a difference unless we turn it into the right information (via visualization) and the right information into the right action (via ideation).

If we think of areas of growth through the use of data, we can refer to many, but one of the fastest growing is that of “marketing campaigns”. We went from massive campaigns where the greatest possible reach was sought to hyper-personalized granular campaigns that are adjusted in real-time with the use of Algorithms, Artificial Intelligence and Machine Learning.

At Designit we have identified some of the most common mistakes that advertisers make in the use of data in marketing campaigns and we propose some useful solutions to avoid making these mistakes.

Error 1: Not correctly defining the public we are targeting. Although it may seem obvious, the starting point is still to clearly and concisely specify who the target audience is.

Solution: We should no longer focus on sociodemographic or age data, the segmentation offered by contextualized, geolocated and well-sanitized data helps us save time, reduce resources, optimize the budget and generate a great return on advertising investment. Advertisers must ‘map’ the journey of their customers (across all channels) from the initial phases of awareness to retention and recommendation, and even unsubscription. Identify the information that is generated through interaction and behavior in order to extract value through it.

If the right audience is confronted at the right time, with the right content, on the right channel, with the right call to action. Then the probability of conversion to the next stage of the journey is maximized.

Mistake 2: Not knowing where our consumers are and how they get around. The data generated by our consumers comes from a multitude of channels, both online and offline.

Solution: If we want to carry out an optimal and personalized marketing campaign, it is essential to know consumption habits, demographic data, socioeconomic level, online and offline interests, the places they visit, the devices they use, among other things.

Mistake 3: High resistance to change. In a very short time we have gone from buying mass media and with guaranteed impressions, to a model of individualized acquisition of advertising inventory using Algorithms, Artificial Intelligence and Machine Learning.

Solution: This process entails a change of mindset, a cultural change and an update of knowledge by the responsible teams in the advertisers to change from a mass mentality to a personalized one. Advertisers must become data-driven companies and use data to make business decisions and create data-driven growth.

Error 4: Not taking into account the optimization of campaigns. Although it seems strange, there are still many advertisers who launch campaigns without optimizing them at any time during the duration of the campaigns.

Solution: We must have several campaign models planned to iterate, it is necessary to carry out multivariate tests, obtain data on the results and evaluate to assess whether an adaptation of creatives, CTAs or ads is necessary to be more effective. Nowadays, these adaptations can be automated so that the performance of the campaigns is optimized in real time, achieving an optimal final return.

Error 5: Lack of clarity when defining campaign KPIs. A very common mistake that many advertisers continue to make is to mix Objectives with KPI’s or key performance indicators.

Solution: For example, if an objective is to Sell Online, the KPI’s can be Number of Unique Visitors to the Online Store, Conversion Rate of an ad, Number of Clicks on the Add to Cart Button, Number of Abandoned Carts, among others. Depending on what the objectives are, we will use the data in one way or another to develop the campaign optimally.

No doubt these mistakes seem very basic and almost impossible to believe, but you would be surprised how many advertisers continue to make them.

The combination of the knowledge and analytical skills of specialized people, along with Algorithms and Artificial Intelligence to ‘create patterns and predict behaviors’ plus the addition of human-centered design to ‘identify emotions, needs, frustrations and motivations’ are the formulas of success to build a data-driven company.

In this way, companies will be able to address their audiences and/or consumers in a more precise and contextualized way, achieving relevance and personalization in messages and creativities for each segment in real time.

Data-driven personalization is no longer an option to evaluate, it is a necessity for brands that want to lead the market in the coming years.

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Five Reasons To Use Endpoint Encryption Now https://www.techupdatesdaily.com/five-reasons-to-use-endpoint-encryption-now/ https://www.techupdatesdaily.com/five-reasons-to-use-endpoint-encryption-now/#respond Thu, 04 Feb 2021 18:49:04 +0000 https://www.techupdatesdaily.com/?p=1881 Data breaches are expensive. In 2019 alone, data breaches and related fallout from them cost companies anywhere from $1.25 million to $8.19 million. A costly breach can wreak havoc on an organization and it’s getting worse. Businesses need to implement some form of protection from the targeted, old maid style attacks that lead to breaches. […]

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Data breaches are expensive. In 2019 alone, data breaches and related fallout from them cost companies anywhere from $1.25 million to $8.19 million. A costly breach can wreak havoc on an organization and it’s getting worse. Businesses need to implement some form of protection from the targeted, old maid style attacks that lead to breaches. That’s where endpoint encryption can help. Texting confidential data is a complex procedure and in today’s offices, employees may be bringing their own devices to work. This could further complicate matters. To effectively create a secure organization, it’s wise to encrypt your systems. Here are a few advantages of implementing endpoint encryption solution edge organization:

Multi-platform Encryption

Regardless of your particular industry, it’s likely you use a variety of platforms at different levels of your business. Whether it’s a laptop, desktop, or removable device, protecting your data across multiple platforms is critical for any devices in use at your company. There are two types of commonly used encryption methods: whole drive encryption and FFRM encryption.

In whole drive encryption, your OS and data is guarded through encryption of the entire drive. The master boot record is not encrypted, however. If a laptop or desktop gets lost/stolen, the data cannot be easily accessed (if at all). This encryption method is automatic, requiring little administration or oversight.

In FFRM encryption, you encrypt content across various drives. These can be local or network drives, and even removable media like CD-Rs and USB drives. Once you set the policies you want your encryption to follow, it will encrypt these drives. They can support structured (searchable) and unstructured (everything else) data, giving it useful versatility (it can apply to a database as well as images or documents). What ultimately differentiates it from whole drive encryption is that it remains encrypted until an authenticated user opens the files. It’s an effective way to encrypt data, as it protects the data after it leaves the organization.

Protection from Multiple Threats

In endpoint encryption works, the endpoint is essentially where your data gets stored. Whole drive and FFRM encryption methods go a long way to preventing issues and guarding your systems. Fortunately, both encryption types are often implemented as powerful encryption software solutions. These kinds of solutions allow rapid deployment with extensive compatibility and customization features. Software solutions also support self-encryption on certain types of hardware. With a blend of hardware and software-based encryption, your organization can stay secure, maintain regulatory compliance standards, and guard against potential data breaches in the future.

Enables Pre-boot Authentication

Are you looking for a useful way to guard your company’s privacy and data? Use pre-boot authentication. Another handy feature of most endpoint encryption software,
pre-boot authentication is an extension of the BIOS that creates a tamper-proof additional security/authentication layer. The process is versatile, supporting several accounts (both users and admins) per device and offering layers of protection. For instance, the system can lock out anyone if they attempt to enter incorrect usernames or passwords. Pre-boot authentication is configurable, too, allowing the admin to set specific policies for the software to follow.

Manages Remote Devices

With more devices coming from outside the workplace and larger company networks, the ability to manage devices remotely is useful for optimizing your data/device protection. Remote device management allows you to protect data without causing disruptions for users in case of a missing or stolen device. Forgotten passwords can be a pain sometimes, and remote device management relates to those types of issues as well. All of your devices can easily be managed with this company specific policies and device specific information (identifiers, device IDs, directory listings) gets collected and stored further enhance tracking/protection efforts. Using network aware pre-boot authentication helps in this regard also, as it allows you to remotely wipe or lockout a lost/stolen device.

It Costs less Over Time

It costs less over time

There are a number of reasons to encrypt your data, but perhaps one of the most beneficial to your own organization is the lower total cost of ownership (TCO). The prevention of breaches and the lack of information leaks from your company ends up saving significantly on the costs associated with the breach. It also protects your customers and clients from any adverse effects improper encryption or security measures may cause in the absence of endpoint encryption. But what really saves the company money is how well endpoint encryption integrates and automates into a system without additional costs. Reports allow you to audit results and make adjustments as needed. Overall, visibility and insight into what’s happening on your systems offers a massive ROI by keeping business safe, secure, and operational.

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Tips For Selecting The Best eCommerce Platform For An Online Store https://www.techupdatesdaily.com/tips-for-selecting-the-best-ecommerce-platform-for-an-online-store/ https://www.techupdatesdaily.com/tips-for-selecting-the-best-ecommerce-platform-for-an-online-store/#respond Wed, 23 Sep 2020 14:34:23 +0000 https://www.techupdatesdaily.com/?p=1602 Attempting to choose the best eCommerce platform for a business can be challenging. There are many options out there, and they may all seem significant, but there is one that will be better than the others. The key is to find the one that is the best of the best. When on the search for […]

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Attempting to choose the best eCommerce platform for a business can be challenging. There are many options out there, and they may all seem significant, but there is one that will be better than the others. The key is to find the one that is the best of the best.

When on the search for the right eCommerce platform, it is possible to find helpful information here; however, using the information detailed below may also prove beneficial. Keep reading to learn more.

Easy To Set Up

Find a platform that is easy to design and set up. It is essential to have the ability to capture the “vibe” of the brand. It is a good idea to look at a few different templates to see what each of them offers.

Templates are helpful because they do not require a company to hire any outside help, which can get expensive. Also, with a template, a business owner does not have to be a design wizard. They can create a bold statement and professional look with readily available templates.

Secure And Easy To Navigate

If a person has ever visited a website that is difficult to navigate, they know how frustrating the experience can be. It is essential to ensure easy-to-use and understand navigation that makes finding the product or page desired a breeze.

Remember, today’s online shoppers expect a seamless experience that is painless and fast. If someone has arrived on the site, they probably want to buy something, so make sure it is easy for them to do so.

Another important factor is payment processing. Make sure the eCommerce platform being used offers a high level of security. Customers are going to get frustrated if there is no security assurance. Try to find a platform that provides HTPPS/SSL to provide customers with secure and safe checkout.

Integration Considerations

In some cases, having too many options can seem somewhat overwhelming. However, when coming to integration for eCommerce platforms, having too many options can be a good thing, and that is especially the case if the business is growing.

Try to find a platform that will integrate with the other systems in place and the current marketing channels being used. For example, does the platform integrate with Facebook? Is it going to run smoothly with the CRM sales and marketing platform being used? Will it work with Instagram? Are there any extensions or plugins available?

Work With The Professionals To Find More

When it is time to find the right eCommerce platform, there are a lot of factors to consider. In some cases, the options can become so overwhelming that a person does not know what to use and, instead of basing their information on features, they base it on price alone. This is problematic. If help is needed choosing the right platform, work with the professionals. The experts can help a business owner find the option that best suits their needs and products.

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The True Wireless Earbuds That Will Not Disappoint https://www.techupdatesdaily.com/the-true-wireless-earbuds-that-will-not-disappoint/ https://www.techupdatesdaily.com/the-true-wireless-earbuds-that-will-not-disappoint/#respond Tue, 16 Jun 2020 16:33:03 +0000 https://www.techupdatesdaily.com/?p=1307 Part of the A – list, these earbuds have so much to offer, beat a ton of other competitors, include some new tech,sleek and stylish, amazing sound quality, all for less than $100. What more would you ask for. This review breaks down all the parts that make the 1more truly impeccable, to an extent. […]

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Part of the A – list, these earbuds have so much to offer, beat a ton of other competitors, include some new tech,sleek and stylish, amazing sound quality, all for less than $100.

What more would you ask for.

This review breaks down all the parts that make the 1more truly impeccable, to an extent. What I like best about them is they don’t stretch your pocket at all.

Battery Duration

With a single charge the earbuds last just under 6 hours. With the case, this provides 4 extra charges. In addition, has a quick charge implementation.

The charging case takes about an hour to complete a full cycle of charge. Yes, this is well above the jam true wireless earbuds standards, and a few other brands.

Unfortunately, the case feels a bit heavy, and clunky with the 410mah battery pack.

Regardless, it still meets the standards.

Sound Quality

One thing I do want to emphasise, is how much artificial base has been injected to the vocals, including the instrumentals.

The high’s and low’s distort within one another, making it difficult to hear the high’s and low’s.

Although, it makes sound feel different in its own way, and really brings out a few instruments’ sophistication and enhances the vocals clarity.

However, I also noticed when it is in different positions within your ear, the sound radiance changes a little.

In terms of sound cancellation, it’s really good. Depending on how you fit it within your ear. It uses the tips to seal of any gaps to reduce any waves coming inside.

I can say it works well!

The 1more stylish uses AAC and apt X high-quality codecs for lag-free playback. This is useful when you are playing back movies, or streaming live shows. etc. And the sound is synchronised with the screen.

I think the sound qualities the 1more consist of, works exceptionally well whilst in the gym, or on a train.

However, I wouldn’t advise using at home, or in the office – the enhanced bass can damage the follicles inside the ear canal, causing permanent hearing damage. You won’t notice this instantly but over time.

Therefore, I also stress not to wear them for long periods of time.

Also Read: Latest : Apple Launch Airpods Pro with Whole New Features

Comfort And Aesthetics

Firstly, the 1more earbuds consist of 3 in ear tips. Which allows you to craft a unique custom fit. The unique silicone sleeve fits snugly inside the outer ear canal.

However, the material used isn’t that durable and can tear, so take caution when swapping tips. But, it does feel nice and cosy inside the ear. I’ve worn them for more than a few hours, and felt no discomfort.

Secondly, the earbuds feature a dust-proof stainless steel case. This protects against the internal electronic boards and the wireless communication system.

In comparison to other brands, the 1more earbuds have improved manufacturing quality and aesthetics.

This is noticeable, closely, where every detail looks refined and articulated to the last little piece. In fact it just looks so satisfying when you are looking at it.

1more Wireless Earbuds

On the flip side, water-resistance still isn’t available with these earbuds. If you intend on using them outdoors, check the weather first.

But I’ve used a few different earbuds without water-resistance, in the rain, and I can say I’ve noticed no difference.

However, that’s your decision to make if you want to use it whilst raining.

Features

The 1more true wireless earbuds packs some exclusive technology, only these buds contain. Here are a few:

TITANIUM COMPOSITE DYNAMIC Driver – A 7 mm dynamic driver with titanium for that extra bass. One of the latest.

ENC MICROPHONE TECHNOLOGY – stimulates in depth vocals, like face to face conversations. Only these have this feature.

LDS ANTENNA – Allows for less signal interference, immersive music stimulation. And smooth phone calls. Yes this stabilises the Bluetooth signal and makes it worthwhile around those concrete blocks.

Summary

I’ve seen lots of earbuds, and when I first heard of the 1more true wireless earbuds. I thought, another rip off from amazon.

But I then heard the brand name more frequently, so I had a closer look.

To my surprise, these live up to high standards and work really well, in the gym, and at concerts!

The sound quality is fantastic, the comfort is really pleasant, and it’s just stylish and the ease of use is easy-peasy.

If you are looking to buy, and have a small budget these are fantastic. I strongly recommend buying them.

Also Read: 7 Things To Consider When Buying Wireless Earbuds

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Click Video Games: Top Most Addictive Click Video Games https://www.techupdatesdaily.com/top-most-addictive-click-video-games/ https://www.techupdatesdaily.com/top-most-addictive-click-video-games/#respond Wed, 11 Dec 2019 03:44:45 +0000 https://www.techupdatesdaily.com/?p=246 These Click Video Games are known as ‘idle games’ and are based on simple gameplay but with the hook. These video games are highly addictive and make users lose hours of work. They are known as ‘idle games’ and their operation is simple since with the click of a button they are able to catch […]

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These Click Video Games are known as ‘idle games’ and are based on simple gameplay but with the hook. These video games are highly addictive and make users lose hours of work. They are known as ‘idle games’ and their operation is simple since with the click of a button they are able to catch any user for long hours.

Reaching them is easy since you do not have to install anything to play with them, just having the browser open, your productivity hours will end, because not even your willpower will force you to close the game.

The below mentioned 10 Click Video Games games are the one which are highly addictive:

Particle Clicker:

The game has been created by a ‘hackathon’ lasting 48 hours, organized by CERN and will take you to its Large Hadron Collider at a click. The more click, the more data, projects and reputation you have, as well as financing and the possibility of hiring.

Cookie Clicker:

It consists of getting cookies and depending on the clicks you make, the grandmother’s army that will help you will be bigger. You will not eat them, but you will not stop thinking about them.

Commodore Clicker:

The game will take you a good while attached to the computer, although it has an end, which is to get enough pixels to see the screen of your Commorode in full.

Bitcoiner:

The click is the basis of the game because if you do it right you will have tons of bitcoins

Dr. Meth:

For fans of ‘Breaking Bad’, then click on the laboratory will be used to cook methamphetamine and those you make on the dollar will be to sell the drug you have cooked.

Clicking Bad:

Similar to the previous one, since it is based on the manufacture of illegal substances. It is less visual than ‘Dr. Meth ‘, although more complete. The game also has its app version.

William The Conqueror:

It is the most similar model to a video game. The game is based on helping the protagonist to walk and kill the enemies that come out for him.

Poop Clicker:

Each click you make on poop will allow you to get more poop and with this, you will get collaborators like babies, toilets or inhabitants. It is highly addictive.

A Dark Room:

There are no graphics in this game, only lines of text on a white screen. The game begins in a dark room where a stranger appears, the Internet user must find out what is happening and the mouse will help unveil the mystery behind the addictive game.

Adventure Capitalist:

The game is based on mouse clicks, but as you add more money you will go from having a lemonade street stall to an oil company.

Also Read: Latest : Apple Launch Airpods Pro with Whole New Features

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What is Collaborative Economy: Advantages & Disadvantages https://www.techupdatesdaily.com/what-is-collaborative-economy/ https://www.techupdatesdaily.com/what-is-collaborative-economy/#respond Mon, 09 Dec 2019 05:28:11 +0000 https://www.techupdatesdaily.com/?p=236 Instead of owning something, the model of focusing on the possibility of using what is needed is known as Collaborative Economy. For some years, the term “collaborative economy” has been used more and more frequently. But what exactly does it mean? Which companies apply this type of economy successfully and what advantages and disadvantages does […]

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Instead of owning something, the model of focusing on the possibility of using what is needed is known as Collaborative Economy.

For some years, the term “collaborative economy” has been used more and more frequently. But what exactly does it mean? Which companies apply this type of economy successfully and what advantages and disadvantages does it offer to its clients and companies?

What Is The Collaborative Economy?

The term refers to business, online and offline platforms and communities that allow users to share goods, services or information. Instead of owning something, this consumption model focuses on the possibility of using what is needed.

For example: in almost every house there is a drill, but it is usually used a few times a year. If it is made available to other people, it is possible to reduce the consumption of resources necessary for the manufacture of these tools. Of course, this principle can also be applied to cars, homes and even the media. Borrowing is the new way of consuming and the collaborative economy makes it very easy.

If in its beginnings it was celebrated as an alternative model to traditional forms of consumption, today it is received in some sectors as a threat to its existence. This is because the collaborative economy, in addition to radically changing the industry, is also influencing the way people interact with each other and with respect to goods and services.

Also Read : Voice Technologies That Will Change The Way We Communicate

The P2P, B2C & B2B Models In The Collaborative Economy:

The role of companies in the delivery of services depends on their business model. Normally, companies offer the necessary technical infrastructure, such as an app or an online platform.

P2P: With peer-to-peer business models, companies provide the technical infrastructure they share or rent.

B2C: in the case of the business to consumer model, companies use the new technical possibilities so that customers can use their own products.

B2B: In the business to a business model, companies provide, for example, production machines or services to other companies. In this way, companies save expensive purchases of equipment or hiring experts.

B2C and B2B models have been around for a long time and thanks to technical innovations they work faster and more simplified. For its part, the P2P model is the most interesting to understand the new possibilities and dimensions of this shared economy model.

Also Read: How To Start Your Own Business From Scratch

Examples Of Companies Based On The Principle Of “Sharing Economy”

At present, there are innumerable companies that offer their users the exchange, rental or temporary use of goods, services and information. Although many occupy relatively small niches, there are also businesses based on the collaborative economy, which offers compete with the more traditional companies.

Accommodation: Airbnb

Airbnb

Founded in 2008, it is a company for renting private accommodation. While it is true that it has helped countless travelers to easily find a place to stay at a good price, their market breakthrough has not been controversial: especially in large cities with many visitors, many apartments are used only for rent Private to tourists. This causes the supply of permanent housing in the cities to be reduced and the demand to increase and, as a consequence, rents become more expensive.

Airbnb is a simple intermediary in this collaborative economy business model, that is, it is only responsible for registering the reservation and making the payment on its platform. In addition, the company does not guarantee the reliability of the owner or the condition of the apartment. However, it is possible to evaluate the tenants and the owners later.

Transportation: Uber

Uber

Uber is considered by many to be the prototype of the collaborative economy. The company serves as an intermediary for the rental of vehicles with drivers. Although similar to a taxi company, it is clearly distinguished by a fact: those who make trips using their own cars are particular. Interested passengers book a trip through their application and are shown the arrival time and vehicle details. Once the service is finished, transportation costs are automatically charged to the account. That is when the driver and the passenger have the opportunity to conduct an evaluation.

Goods: Wallapop

Wallapop

The Wallapop application for the sale of second-hand clothes and other objects appeared in Spain in 2014. It is characterized by showing users the products according to their geolocation. In addition, it allows interested parties to contact the seller through a chat.

Media: Netflix

Netflix

In just 20 years, Netflix has gone from being a small video store company to one of the largest streaming providers in the world. Moreover, the market value of the American company exceeded even that of Disney for a short period of time. This platform presents an original offer: instead of selling or renting movies or series, it offers users unlimited viewing at the provider’s website at any time. In exchange, the payment of a monthly fee is required. For many customers, it is much cheaper than buying or renting DVDs or Blu-rays. In addition, the data of the films and series transmitted by streaming remain in the company, unlike what happens with the downloads.

Collaborative Economy: Advantages & Disadvantages

The companies that have successfully applied the collaborative economy model serve as an example to analyze the advantages of this alternative to the traditional business. However, there are also problems, both for users and companies.

Advantages Of The Collaborative Economy For Users

The growth of the collaborative economy in recent years is mainly due to the advantages that users find compared to the most common business models, such as online stores or service providers.

Accessibility: thanks to its high degree of usability, the platforms allow fast and efficient access to products. In particular, mobile availability through smartphone applications allows access to the sharing economy services from anywhere.

Price policy: the prices of the goods and services offered are often lower than those of competitors of classic consumer models. It is more affordable to pay for second-hand products, sub-rental apartments, and private transport services than to buy new products, book a hotel or take a taxi.

Environmental protection: environmental awareness is also rewarded. By sharing cars or reusing used goods, the production of factory goods is reduced. This saves resources and, consequently, contributes to the conservation of the environment. However, this advantage of the sharing economy has to be observed with caution: being goods and services that can be enjoyed more easily, there can be an increase in consumption or use.

Income opportunities: for vendors and service providers, platforms for collaborative consumption are considered a new source of income. This business model presents flexible opportunities to earn money, allowing many suppliers to live even fully from the benefits obtained with it.

Also Read: Top Trends That Will Give You Business Ideas

Advantages Of The Collaborative Economy For Companies

Companies can also benefit from many aspects of the collaborative economy. Of course, they have to adapt to the changes and be willing to invest capital and labor to expand or reorganize their business model.

New business models: as the examples of Airbnb, Uber and Netflix show, the shared economy offers the opportunity to combine established industries. If success is obtained, the possibility of obtaining benefits is enormous. Even when in some sectors the collaborative economy is treated as an intrusion into a market, it allows new niches to be opened and to reach customers who previously were not interested in the company’s offer.

Efficient technologies: the use of applications to manage this economy model allows reducing personnel or business premises costs. However, software development and maintenance is also an expense.

Access to user data: thanks to the online interaction of customers, companies can collect a lot of valuable data about the users of the platform. This information can be used to further adapt the offer to customer preferences and thus improve it, although it is also used to send personalized advertising.

Disadvantages Of The Sharing Economy For Users

Of course, the collaborative economy not only offers advantages, but it also shows certain disadvantages.

Privacy: Although data collection is useful and profitable for businesses, users should know that a lot of information about them is stored: from preferences for certain products to detailed movement profiles. In addition, some platforms require providers to make information about themselves or their environment available to the public. An offer for renting a private room, for example, requires that the photos of the apartment itself be uploaded to the platform for all to see.

They do not offer a guarantee : most of the sharing economy platforms only serve as intermediaries, without guaranteeing the quality of the goods or services offered. As a result, users must rely entirely on the ratings of other users. Nor do they guarantee the refund of the amount transferred if the product does not meet the expected.

Absence of legislation: the lack of regulation presents some disadvantages for business providers based on collaborative economics. For example, transport service drivers are not self-employed, but in most cases they are self-employed. In this sense, labor legislation does not offer protection in case of unfair dismissal or guarantees a minimum wage.

Marketing: Many collaborative economy platforms are accused of converting originally free services into a payment model. For example, a few years ago the Couchsurfing emerged, where visitors could spend the night free at another person’s house. This non-profit initiative lost many users with the emergence of platforms such as Airbnb and the like.

Disadvantages Of The Collaborative Economy For Companies

Small and medium-sized businesses in particular, but also large companies that refuse to adopt the collaborative economy in their business model or that lack the necessary capabilities or means to adapt to it, face certain disadvantages.

Displacement of established industries: Platforms with sharing economy models subtract clients from established industries by offering a cheaper offer. The taxi sector is threatened by Uber; the hotel industry, by Airbnb, and the big movie distributors see Netflix as a tough competitor.

Reduced sales: Already used products are re-sold, other items are shared: all this leads to the reduction of the consumption of new goods and therefore to a decrease in sales.

Changes in customer preferences: As the goods are used for longer and with more intensity, the conception of what is a good product also changes. Increasingly, customers want products that can be used for a long time and are easy to repair. Consequently, disposable products lose their appeal and industries have to adapt to new buyer preferences. However, these measures are beneficial for the environment.

Opportunities And Risks Of The Sharing Economy

Users get significant benefits from the sharing economy platforms, among other reasons because it facilitates access to a wider range of products, services, and information, which are usually offered at lower prices. In addition, it allows for the existence of a fairer and environmentally-friendly market economy and offers opportunities to private suppliers to increase their income. As an inconvenience, it should be noted that people who engage in this type of business are usually self-employed who assume a series of risks, for example, suffer from precarious work situations. Also, underline the threat it poses to the protection of privacy.

The companies that adapt to the business models of the sharing economy have the possibility of obtaining great benefits with comparatively low investment costs. Digitization allows you to collect a multitude of user data and information. On the contrary, companies that do not adapt to the new market conditions are at risk of disappearing, at least in some sectors. That is, many established business models may lose importance, sales may decrease markedly due to changes in customer needs and consumption may be reduced. Therefore, adapting to new models and contemplating the collaborative economy can be beneficial.

Also Read: What Is Influence Marketing And Why Is It Needed For Business

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