Image by: Creative Tools
By Victor Averin
Looking for inspiration or innovative ideas for your business? Here are some business models in 2013 that are either creating new markets or transforming existing ones.
#1) Sprint Buyback
A buyback program is a sustainable business model. Sprint was named the best carrier for their phone buyback program. This program offers customers up to $300 dollars of merchandise or service credit when they turn in specific wireless devices from any carrier or manufacturer. The result was an increase in customer satisfaction with convenience and ease of experience.
According to Compass Intelligence Research, a new report says that in the past 6 months, 21% of customers from in the mobile industry participated in wireless device buyback programs. 33% are interested in trading in their phone in the next six months. 17% were mostly interested in the credit toward their next purchase, 16% preferred cash, 13% wanted to donate proceeds to charity, 41% preferred to sell their phones in store and receive in-store credit instantly
#2) Staples Easy 3D
Staples Easy 3D is a service, provided by Staples, for any user to upload a CAD file from anywhere and 3D print an object. For input materials, Staples will first be using paper then expanding into various forms like clay, and plastic at an affordable rate.
Staples decided to incorporate 3D printing technology which is predicted to revolutionize the design and manufacturing markets (which already has to some extent) and will substantially give anyone a leg up. Staples Easy 3D has launched first in the Netherlands and Belgium and noticed that sales in the first quarter of 2013 significantly came from 65% of artists, designers, architects, and engineers.
SideCar represents the peer-to-peer economy, and an attempt to either supplement or replace the taxi industry in San Francisco, Seattle, Los Angeles, Austin, Philadelphia, Chicago, Boston, Brooklyn and Washington, DC.
Essentially an app tells other drivers nearby where you want to go, and matches you to a fun, safe, and available everyday driver. You rate your driver and your driver rates you, which supposedly keeps the community safe and fun for everyone. The best part is you pay what you think is fair.
Competition is increasing with other companies like Lyft and Uber. 71% of SideCar users voted that SideCar sharing is safer, and cheaper than taxis. Rachel Botsman, an authority on peer-to-peer, says the consumer rental market is worth around $26 billion. Another example, car owners can rent their vehicles to others using RelayRides make an average of $250 a month; some make more than $1,000.
Wanelo is a popular mobile and social shopping app for mobile phones that uses affiliate/referral marketing in an effective way. The app shows products that members of the Wanelo community select and shares it to the entire community. Then it also lets users follow certain stores, and allows for discovering new and great products, that convert into sales.
Mobile advertising spending rose to $3.4 billion in 2012, up 111 percent from 2011, and mobile advertising now accounts for 9 percent of all digital revenue. It’s still accelerating in 2013.
Model And Innovate Your Business
How can you use these models to innovate your own business? If you sell new or used products offer a buyback program for store credit and either re-sell the used products through your store or eBay/amazon if you only sell new products. Peer-to-peer sharing or advertising your products can do wonders for sale conversions. Start a small website or even extend your blog into a community of shoppers by allowing them to interact with one another and with your products.
If you’re into high tech you should do your research for the market and incorporate a new growing technology either as a service/ product or in terms of manufacturing and production which would help with efficiency and cost. For example, purchase and invest in a 3d printer for assembly and development for your small miniature airplane model or toy company rather than hiring multiple employees.