The sharing economy – Collaborative consumption is spreading

The sharing economy – Collaborative consumption is spreading

Sharing isn’t new

As humans, we have shared since the start of time. But, collaborative consumption fuelled by the sharing economy has undergone an exponential shift in the last couple of years owing to fast internet, smart phones and geolocation services.

What eBay once did for the reselling community, Airbnb has done for those who need to make a little extra money by renting their home, apartment or other space out by the night. Airbnb – the “bnb” stands for bed and breakfast – the company specializing in helping people rent out their apartments and spare rooms online, has reached 10 million stays. The news is big enough for those who rent out places in over 34,000 cities and 192 countries using the website.

Collaborative consumption is spreading

Today, collaborative consumption is spreading beyond just renting accommodations. Is it really necessary for the average person to own a full set of power tools, or an expensive camera, or certain sporting equipment, when they use these items only a few times a year? For many millennials, the answer is no. These young citizens are more concerned with access than ownership, and by sharing and renting can enjoy the products they want without the hassle and expense of purchase, storage, and maintenance.

Collaborative consumption and the sharing economy is now where social media was a few years ago and is fast growing.

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Find ways to tap into the sharing economy

Given the clear financial, environmental and social benefits of collaborative consumption, it makes sense for existing businesses to find ways to tap into the sharing economy. Rather than seeing the sharing economy as a threat, smart businesses will recognise it as an opportunity to find new, more sustainable ways to connect to consumers.

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About The Author

Torben Rick

Experienced senior executive, both at a strategic and operational level, with strong track record in developing, driving and managing business improvement, development and change management. International experience from management positions in Denmark, Germany, Switzerland and United Kingdom

Blog Comments

Thank you for the insight on the whole topic. How would you suggest to differentiate from the competitors, especially when the similar solution to the job to be done (for example sharing services and tasks) based on the need of the customers has been delivered to them by the existing competitors. Is there any chance to get a niche market?

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