Companies like Airbnb, Lyft and Uber are disrupting businesses across a variety of industries. The modern day consumer has access to a plethora of new options when it comes to finding transportation or even finding a place to stay. Just as Netflix did with TV, the sharing economy is blowing up the industrial model of companies owning and people consuming, which allows normal citizens to be either a producer or consumer of their choosing.
But what exactly is the sharing economy?
According to thepeoplewhoshare.com, the sharing economy is a socio-economic ecosystem builtaround the sharing of human, physical and intellectual resources.
It includes the shared creation, production, distribution, trade and consumption of goods and services by different people and organizations. These are services such as vehicles for hire (think Uber and Lyft) and renting out vacation homes (Airbnb).
The sharing economy is one giant online market community where normal everyday people can rent out something they’re not using, which benefits not only their own personal wallets, but also helps satisfy the demands of many consumers who choose to pay for these services. The sharing economy is the next big thing and it’s here to stay, so buckle up and prepare to share!