The Sharing Economy

The sharing economy has to be one of the biggest trends in the economy today. It is also known as collaborative consumption within peer to peer marketplaces. The basis for sharing lies in maximizing the use of a product or asset. Imagine you are going on vacation for a period of time and you’d like to put your apartment up for rent while you are away. It could also be as simple as leasing that old piano in the basement gathering dust.

Social media and networking has fueled the spread of the sharing phenomenon to other areas of the economy too, including more remote ones like childcare. Sharing is all about gaining access to goods on the notion that accessibility is more important and more practical than ownership. Users benefit from lower costs, reduced wastage and get to participate in global communities.

Of course, there are still teething issues with the concept of sharing, particularly on the issue of trust. Is there a system for credibility and reputation for the products or services offered?

Collaborative Consumption & Sharing is built on:

  1. Trust between strangers
  2. Access instead of ownership
  3. Primacy of experience instead of having ‘more and more stuff’

“Sharing” also requires a certain threshold of users to function, which in most cases means an entire community. However, new innovative companies are attempting to plug these gaps. TrustCloud is in the process of developing a “portable reputation system for the internet”. Park Circa is a private network of shared parking spaces in the US that targets entire neighborhoods to sign up, which if successful, could provide a blueprint for subsequent sharing companies to engage communities.

You can think of the sharing economy as fostering a lifestyle and changing the way we go about organizing our lives. Check out how Uniiverse is attempting to foster closer knit communities!

Where We Come In

Here at The Sharing Engine, we provide all the necessary features for you to tap on the sharing economy. Check out our subscription plans now and you could be on the way to being ‘the next big thing’!