YouTube video by Mark Simpson (uploaded Nov 5, 2022) explaining how different business interactions carry different levels of uncertainty. Uses concrete examples—online retail (low-cost goods, e.g., a £40 shoe order) versus short-term rentals (higher risk because hosts/guests are unknown)—to argue that addressing uncertainty is primarily about building trust between parties.
E Commerce. There's different levels of uncertainty. Like if you want to go online and buy, I don't know, a pair of shoes, right, online, and you pay £40 for the pair of shoes, you pay and you sat there at home waiting for the shoes to arrive, you know, if they don't arrive, what happens? It's not the end of the world, is it? You know, it's like you'll email them, you'll say they haven't arrived, you'll do this, you know, it's only £40, so it's not really that. So the level of uncertainty is not very high, right? But take it into short term rentals, it's high risk because what you look like you don't know the person you book them with, right? You've never booked with them before, you don't know who they are. So that's why it's important to deal with the uncertainty of your guest. Dealing with uncertainty is just building trust. It's another word for just building trust. Because if somebody trusts you, then they don't have as much uncertainty.
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