Once upon a time, one fundamental of the economy was pretty simple. If you wanted something, you bought and owned it. But now we have the rise of the sharing economy.
The drivers behind the rise of the sharing economy: social, economic and technology
The past few years have witnessed the rise of the sharing economy which implies collaborative consumption of physical, virtual and intellectual goods. The new model of consumer relationship emerges at the intersection of online social networking, mobile technology and the social movement that comes as a response to the reduction in purchasing power.
Need a room? Never mind the hotel, rent a stranger’s room with HouseTrip or Airbnb. Need a car? Rent it for a couple hours with Relay Rides. Need a power drill? Rent it from NeighborGoods. Need a loan? Never mind the bank, get it from LendingClub or Zopa.
There are growing signs that the sharing economy is going mainstream – creating thousands of jobs and a business model that promotes environmental sustainability through more efficient use of resources. In the process, this emerging economy is disrupting traditional businesses such as hotels and taxi companies, and forcing governments to rethink decades-old rules on taxation, labor and safety. Mobile phones and social media have fueled the phenomenon, helping build a culture of trust around the transactions.
The peer-to-peer “sharing economy” or “collaborative Consumption is taking off.
If the people formerly known as consumers begin consuming 10% less and peering 10% more, the effect on margins of traditional corporations is going to be disproportionately greater … which means certain industries have to rewire themselves, or prepare to sink into the quicksand of the past.
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Slideshare presentation: The rise of the sharing economy — http://www.torbenrick.eu/t/r/bfy
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