The process of satisfying the benefits of a product with a service. Often, services can offer the same activities to customers as some products. Transmaterialization requires the rethinking of business goals and objectives in order to envision new market opportunities. However, some customer sectors may not be ready or willing to accept new solutions (such as services where they once bought products).
An approach to reducing the use of natural resources, while maintaining economic growth, by replacing products with services (which are inherently less resource intensive). This alternative approach to wealth creation requires a radical shift in our economic orientation, rather than looking to produce more, we must look for ways to improve the consumer’s experience. This makes labor a more important input than other resources.