The sharing economy is an indirect expression built around the sharing of people, knowledge, physical and intellectual resources and systems. It comprises the shared production, formation, distribution, business and consumption of goods or services by different individuals and companies. At present, it is popular amongst consumers, as they look for substitutes to traditional businesses and services. However, due to economic disruptions, there may be a gap with reality. Depending on what it includes, it may be a common activity or a special one.
Airbnb, TaskRabbit and Uber are the few major players associated with the sharing economy, but actually, the market is diverse and deep, where the major players may not be the most noteworthy. The sharing economy encompasses many aspects, such as collective purchasing, co-operatives, swapping, exchanging, re-distribution, trading used goods, renting, borrowing, lending, micro financing, public services, and much more.
A very good example is an organization like StubHub, where a single ticket holder can resell their tickets to another. It is estimated that the sharing economy overall will become more popular in coming years. E-marketer evaluates that there will be approximately 27 million users of the sharing economy service by 2018. Next year that number may grow to 31 million.
A sharing economy is a strong, supportable economic system that is built around a long-term dream, always considering the effect and values of today’s actions on the future. Its benefits are potentially immense and is bringing up new challenges for controllers and for incumbent trades like rental car companies and hotels.
In conclusion, the sharing economy is essential and ensures that your trade gets its recognition and fair share. Many big organizations have tried to resist this, which has resulted in disrupting their business as the consumers feels that they can fulfil their requirements at much more economic prices than the original companies offered.
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