What’s in store for the sharing economy?

The sharing economy is among the fastest growing industries today.  It may seem to be circling around the hospitality (Airbnb) and mobility industry as Uber. But the benefits are far away we expect. Societal collaboration disrupted plenty of industries as from office space to household items (everything). What’s the future we see for the sharing economy?

sharing economy

Sharing economy is rise of social enterprise

In addition to generating profits, social enterprise benefits society by sharing. Currently, hundred million or more these businesses or companies are working globally. Surprisingly the number is increasing rapidly. The trend has shifted towards customers who play a role in creation, growth and success of business. The traditional companies have to modify their models to participate in sharing companies as to remain competitive.

Sharing economy

A greater demand for resources

The demand and utilization of basic resources such as, water, energy and food continues to increase as our population grows. Sharing these resources is best and ideal solution to create environmental friendly behavior. A global service such as EatWith welcomes the people all around the world to dine in. Other platforms like LetGo enable its customers to buy or sell used goods. These platforms are setting great example and inspire others to start the concept of sharing and protect our precious resources as well.

sharing economy

Enhanced product design

The sharing economy fundamentally changes the ways the products are designed for example, vehicles. As the family has access to use any type of vehicles temporarily. If they might have opted for the utilitarian vehicles as minivan, now they might opted for sedan, which is more cost-effective and environment friendly option. They can borrow a minivan if they want to move around with kids. When they need to transfer stuff around they can easily rent a pickup truck.

Introduction of Everything as a Service (EaaS)

The sharing economy has opened the doors for renting; as you can rent music through streaming services. Whereas, cloud technology enabled companies to rent from software to storage. Users however pay only what they use and not to worry about the cost of actual ownership. Techmasair

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