Online businesses have come a long way from the typical business models of direct sales, franchises, and brick and mortar stores. Nowadays, anyone with an internet-accessible device, a budget, time, and an idea can set up a business. Here are just a few unique business models that leverage the sharing economy, customization, and subscription content.
Shared Accommodation Providers
Airbnb is the main example that allows travellers to find accommodation from strangers willing to open up their homes or available lots. This business model is dependent on supply and demand and caters to the market of travellers who are either looking for short-term accommodations that are more affordable, in areas where hotels are unavailable or have a more personal touch.
Ride-Sharing Services
Grab is one of the top ride-sharing services in the Asia Pacific that has expanded to services like food delivery, bill payments, cleaning services among other things. Initially, Grab created an ecosystem with on-demand drivers and dynamic pricing to meet the needs of consumers. The marketplace for Grab includes individuals who are tech-savvy and need paid car services or see a benefit in ride-sharing.
Tool Rentals
Hilti is a company that handles the development, manufacturing, and marketing of tools used in construction, maintenance, and mining. Their tool rental service provides consumers with the tools they need, like particular tools or specialised tools that may either be too expensive or not used enough to justify a permanent purchase.
Online Education
SkillShare is a platform for anyone to learn just about…anything. It is for skilled individuals who are looking to share their knowledge and expertise to anyone willing to learn and pay for a subscription, creating a massive intellectual marketplace.
Personalized Printed Stationery
Paperless Post is an organization design-driven online invitation company and encourages customers to add customizable touches to personal messages such as on invitations, greetings, wedding suites, birthdays etc. This market leverages on customizable gifts or products that carry value and meaning to the user and is unique to what is commercially available.
Beauty StartUp Subscription Service
Ipsy Glam Bag provides users with a blend of high-end and drugstore makeup, skincare, and beauty tools among other personalized beauty items in a stylish bag. This appeals to the market of people who are into the exploration and excitement of trying new products.
Software or App Business Models
Netflix is just one example of the many streaming services with both global and exclusive content covering a multitude of genres and languages. It leverages on the consumer’s need for content and recreational activity especially now in this time when people are confined in place.
It takes founders 2 to 3 times longer than they expect to validate a business model. Like a typical business model, unique ones also require several rounds of customer interviews and product iterations before they turn into a product/service that people know, love and use. And with the constant evolution in the demands of the market, a unique business plan is needed to solve unprecedented problems.