Sharon Poczter, chair of the strategy and entrepreneurship department at Sy Syms School of Business, writes in the April 23, 2018 online edition of Inc. that the next generation of businesses in the sharing economy will need an approach different from the ones that made Uber and Airbnb such fantastic successes.

As more companies offer more ways for consumers to link to products, thus giving consumers more opportunities to be choosy about where they spend their money, new companies must create a more personalized experience that builds consumer loyalty while at the same keeping their suppliers happy, what Poczter calls “providing services to both sides of the platform.”

She concludes that “companies hoping to capture market share must use updated strategies beyond those employed by first generation companies. To carve out a niche or seize market share from big players, new companies must cultivate loyal user and seller cohorts by building engagement and community and curating current stock.”

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