Shaping businesses by ‘Sharing’​ economy 

Sharing economy is based on the idea of resource sharing. It relies on peer-to peer networks and websites connecting people online. A more developed digital network has gained the confidence of users allowed the sharing economy to grow from impersonal services to more personal services such as sharing a spare bedroom or providing a home ride. Since, emerging technology and mobile apps allow access to public resources easier than ever, the sharing economy has become an important part of daily society.

The model’s popularity can be attributed to its minimalism and people’s reliance on eagerness to save money. Sharing has become increasingly popular, enabling people to make the most from items that they don’t need or use anymore. Crowdsourcing companies now make it simpler and cheaper for consumers to get what they need, and for hosts and service providers to make some cash along the way.

How sharing economy is changing businesses?

Companies like Airbnb and Uber entered the industry in 2008 and 2009 respectively and became two of the biggest shared economy firms at the forefront. They have changed the way companies communicate with clients.

The principal value of Uber is comfort. Instead of providing cheaper options, they focus on the reliability and comfort that the consumer needs. The user-friendly app includes past travel, purchases, and feedback, making it easy for users to use, having all the details they need in one location.

Airbnb has changed the hotel industry with forward thinking that is in line with the desires and preferences of customers. Airbnb’s peer-to-peer network helps people to connect with each other at reasonable rates, using an online platform to share accommodation. Their model promotes contact and feedback between hosts and customers, increasing trust at both ends.

How sharing economy is helping entrepreneurs and companies?

The sharing model ensures that previously unused assets are revenue streams. Companies operating within the collaborative economy and the people involved with them raise profits by understanding how to make better use of those tools. Innovative entrepreneurs have a chance to push the economic capital development cycle. Enthusiasm for the shared economy has provided the ideal environment for entrepreneurs to introduce new ideas and thrive without much overhead. It is changing the way we look at business development and promoting more sustainable economic growth.

While the sharing economy continues to expand, a new type of entrepreneur is required, who is prepared to take the wheel and lead the transition. Entrepreneurs of all shapes and sizes have the power to develop and prosper in a world where better ideas beat more capital.

What is the future of sharing economy?

The digital age and increased accessibility undoubtedly mean that the sharing economy is here to stay. The success of companies such as Uber, Kickstarter, Airbnb, TaskRabbit, and many others has proven that this is a successful growth model and technical developments pave the way for new projects. Sharing economy technologies now make it easier than ever to link people, promote sharing, and expand using smartphones, apps, and advanced online platforms.

There is also a growing consensus that a more sustainable alternative to traditional corporate capitalism is the sharing economic. This model appeals to those interested in a greener future, from crowd-based companies that solve global issues such as the distribution of clean water or energy, to the sharing of resources such as cars that promote efficiency, sustainability and the community.

As competition increases, companies need to ensure their offerings stand out from the rest. New value propositions must stay at the cutting edge, use the latest technologies to construct compelling user experiences and deliver the products and services that consumers are searching for.

The sharing economy provides exciting opportunities for growth and transformation. Future entrepreneurs who are willing to push the envelope and take advantage of the emerging innovations that form the way we communicate, will decide where they will take us.