The consumer-driven, on-demand economy has zero tolerance for unwieldy, time-consuming processes. Meals, rides, and outfits can be delivered within the hour, or at the very least, within 2 days.
There are three main components that make up the on-demand economy: the shared economy, the gig/1099 economy, and the marketplace economy. Always moving and sometimes overlapping, each represent different parts of the same system. Their ultimate goal is serving their growing client base faster and more conveniently.
- Shared Economy: Also known as the shareconomy, peer economy, or collaborative economy, this is an economic model based on communal exchange of goods and services, often managed on an online platform. It is forecasted to grow to $335 billion by 2025.
- The Gig/1099 Economy: A labor market that utilizes contracted human labor to fulfill the service promises from marketplace/shared economy platforms. According to a study by Intuit, 40% of American workers will be contracted by 2020.
- (Online) Marketplace Economy: An online marketplace is a place where two sides of a transaction—buyer and seller, service provider and client—are connected via technology. The facilitator of the connection (aka the technological platform) often collects the payment from the buyer and remits it to the seller, charging a small fee somewhere in between. (See our op 5 predictions for online marketplaces in 2020)
Customers have come to expect excellent, cost-friendly, and quick access to a range of goods and services. Industries that have not adopted to this are likely at risk of missing out on customers and revenue. However, the speed at which the world now moves makes everything rife with even more risk. Part of managing relationships with customers is through contracts, a notoriously slow-moving endeavor that protects against risk. So, how can you move quickly while ensuring your contracting process is compliant and enforceable?
Your contracts must evolve from time-consuming processes to right-now methods.
Clickthrough agreements move as quickly as you do.
A robust clickthrough platform can allow you to track and manage multiple agreements scattered across your digital ecosystem. A system that provides a bird’s eye view of the different types of legal agreements you have online and what each agreement stipulates gives your legal team necessary control to protect your business from risk. Further, a comprehensive clickthrough platform will provide insight into which users have signed what version of a specific agreement, and allow you to push updates to customers.
These are integral to mitigating risk and moving quickly.
According to PactSafe CPO Eric Prugh, online marketplaces have started to adopt clickthrough agreements and will continue to do so because there’s no other way to mitigate legal risk without impacting conversion. If your business is scaling lightning fast but your contracting process still moves slowly, then all your hard work will be for nothing. Your best way to move quickly while protecting against risk in the on-demand economy is by using a clickthrough.