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Trends in retail: the sharing economy and opportunities for newsagents

Sharing is cool right now and engagement is growing across a number of engagement points. In cities we can see parking spots allocated to vehicles that are shared. There are websites dedicated to enabling people to share items used infrequently like tools and baby furniture. I have seen services in the US for sharing high-end fashion that would otherwise be out of reach. More and more restaurants have shared seating – large tables for eating with people you’ve never met. Sharing plates of food among people you dine with is also big – this all connected with the sharing economy.

It feels to me like there is a surge in sharing.

I wonder if there are ways we can connect with the increased interest in sharing in our newsagency businesses. On first blush it may appear not as we are retailers. We make money from selling things and not from renting them. But I don’t think it is as simple as that.

The world is changing rapidly in areas connected with social responsibility. For decades car makers resisted embracing renewable energy technology. Today, they are fully in that ocean releasing hybrid and completely battery powered vehicles at a significant pace. I was at the Consumer Electronics Show is Las Vegas last week and was thrilled to see what Tesla are doing along with their battery partner Panasonic. Here is this young car company overtaking the majors by engaging with what people want and doing it in an open way, sharing insights so others can come on that journey too – they are sharing their intellectual property!

That’s what the sharing economy discussion comes down to … what people want for the good of the community an the world.

Here are some ways in which we could connect with the interest in sharing.

Renting. What do we sell today or could sell today that we could rent to those who prefer this model to sale? Toys are a good example.  Jigsaws maybe? Homewares. Jewellery?

Recycling. Are there products we are known for where we become an outlet through which people can recycle items they no longer need. Some years ago I developed a business plan for newsagencies having a book recycling outlet. While it didn’t go anywhere I think it’s worth exploring.

Clubs. Core to the sharing economy is people connecting through common interests. What products do we sell through which we could engage in creating our own clubs or connecting with clubs.

Food.  We sell food magazines and books and some of us sell cooking utensils. Do we serve shoppers who love to cook but who do not have big families to feed. Can we connect them with others who would love to be cooked for. We’re the glue and while we are not necessarily increasing sales, we’re becoming known for offering a connecting service.

These are just some ideas. I present them here not as an advocate but to get you thinking of ways you could connect with the sharing economy.

Think about the person using the share vehicle, the lady renting a dress for one evening or those folks who are happy to sit at a shared table in a restaurant. How can we tap into these opportunities to make our businesses more relevant to them?

I appreciate this topic may seem quite a distance from what you do in your business today. However, embracing the sharing trend is a way you can pitch your relevance and through which you can explore new business opportunities.

The newsagent who acts in a traditional and average way will achieve traditional and average results. 2015 and beyond will be more about embracing, chasing, change than ever before.

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Newsagency management

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