Today, new and successful businesses/entrepreneurs prosper through connectivity, being active online and sharing content. Hopping into an Uber on a night out or accommodating in a strangers Airbnb listing is extremely common nowadays.
We see booming companies like Uber and Airbnb relying tremendously on social media and feedback from the community. Rather than having a traditional business strategy- these companies delegate trust in their communities. They take on the ‘sharing economy’ approach.
Sharing economy: “The peer to-peer-based activity of obtaining, giving, or sharing the access to goods and services, coordinated through community-based online services”
The sharing economy is a sustainable economic ecosystem that is increasingly becoming more and more blended into our modern lifestyles. It demonstrates the ingenious and innovative community-based avenue to generating revenue… and who wouldn’t want to be making money right? So what should business’ or individuals learn from this ‘sharing economy’?
Well…it is definitely expanding and on the rise.. I mean Uber and Airbnb are expected to reach a revenue of $335 billion by 2025.
From a personal experience, I’ve used both Uber and Airbnb and have had positive outcomes with both companies. For example, take Airbnb, in order to chose appropriate accommodation (for my Europe trip in three months) I relied heavily on the ratings and reviews.
The reviews suggesting that it is ‘within walking distance’ of a certain area or that the ‘hosts were friendly’ most definitely make my decision easier in searching for an accommodation.
Essentially, the concept of ’sharing economy’ is a great direction to consider, it will definitely pose new opportunities and reward those involved.