Feb 20

Experience Trumps Product: Life In the New Service Economy

If you’ve wandered around San Francisco lately, it’s quite possible you’ve laid eyes on cars sporting large furry bright-pink mustaches hanging over their radiator grilles. Those mustaches signify the driver is part of Lyft, a new on-demand ride service that launched in 2012 and has rapidly grown in popularity as a unique form of shared transportation.

San Francisco residents have long complained about the state of taxi cab service in their city, which is often blamed on bickering companies and a lack of vehicles on the street. Lyft’s co-founder John Zimmer recently told the San Francisco Chronicle that his company is merely offering a more enjoyable alternative that is competitively-priced and emphasizes a “personality experience.”

It’s that latter idea about Lyft’s personality experience that signifies how the service or “experience” economy is the new standard among companies seeking to find a path to success. While new service-based companies have not escaped criticism altogether, Jennifer Hyman of Rent The Runway says today’s fastest growing businesses place value on service rather than product.

Are You Experienced? Living the New Service Economy from Fairchild Fashion Media on FORA.tv

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