It does not matter if you love it or hate it, the fact remains that, the sharing economy is here to stay.
The 21st century is all about finding creative ways to satisfy the needs of its targeted consumers with all of the resources that are made available. Smart entrepreneurs know that these resources already exist and all they need to do is to connect the owner to the users from cars to houses to a desk at a coworking space. There are sharing economy platforms ready to connect the resources to the users. The owner of the resources might provide better items to share than a boring corporation who just treat you like another customer. In the sharing economy where items are rented from a peer to peer, not only does everything work more efficiently, but customer service is also better as you are treated as a peer.
In other news, the sharing economy is basically about effectively utilizing and sharing available resources instead of creating or obtaining newer resources. All of these are achieved as it makes use of idle assets.
Nevertheless, technology has made known the benefits of the sharing economy and now it is practically disrupting how we do business.
Changes Brought By Sharing Economy
The sharing economy is revolutionizing our business landscape in so many ways than one and even in ways that professionals do not foresee. Some of the changes this sharing economy has brought to our business world include:
All of this gave businesses so much control but decreased efficiency in the long run. Over time, the process of production has grown much more complex and the businesses that had the sole goal of doing everything alone are faced with a crushing cost in money, labor, skill, and of course, time.
Here, the production process will entail a set of unique tasks that will be outsourced to people who are skilled enough to carry out the job. Such a method will assist in reducing costs for the original owner of the business.
For now, these costs are related to maintenance. Owners of idle resources have to invest in the resource's maintenance else the earning power will be crucially reduced.
With the sharing economy, assets that sit idly by are equated to a loss of money. For every second that your assets are not being rented out to someone, potential earning is missed.
The issue of getting funds has been a huge challenge that hustlers, small business owners, and entrepreneurs once faced but with the exciting promises that sharing economy currently holds, anybody can begin a business and start making money.
Wrapping It Up
The world is becoming much more accessible, all thanks to sharing economy and technology. Many professionals have argued that sharing economy is an economy that is consumptive and not productive while some others claim that its use cases are quite limited. However, it is a sign that the sharing economy is a success when corporations start copying the sharing economy's business model. For example, Enterprise Rent-A-Car is now offering rideshare services and there are corporate coworking spaces.
Nonetheless, all these do not stop the fact that the sharing economy is disrupting so many businesses and existing industries in an exciting way.