The market place is seeing the evolution of a new category – the Shared Economy . Trend setters, such as Uber, Air B&B, and other companies, are changing the relationship in the buyer/seller market. The Shared Economy structure allows people to share resources such as equipment, services, and skills. The major benefits are greater access and the reduction of costs, versus traditional retail or employment arrangements. The growing segment is projected to reach $335 Billion by 2025.
The Shared Economy Business Approach Pervades Many Industries Like:
- Peer-to-Peer Lending
- Apartment/House Renting and Couch-surfing
- Ridesharing and Car sharing
- Niche Services
- Knowledge and Talent Sharing
- Reselling and Trading
The Sharing Community
The driving factors for the success of the Shared Economy business approach are that they are free, fast, and efficient for the sellers and buyers. More specifically, the Shared Economy generally provides:
- Cheaper Goods & Services
- Extra Income for Providers
- New/Better Opportunities
- Stronger Communities
The Future of The Sharing Economy
The new business model of the Shared Economy provides key tangible benefits which will become even more pronounced with its growth. This also builds a closer relationship in communities bringing people together on a personal level.
- Flexible Working Hours
- Earn & Save More Money
- Outsourcing Reduces Internal Costs
- Adaptable Business to Consumer Needs
Is Your Business Shared Economy Friendly?
As the old saying goes, the only certainty is change itself. Knowing all the benefits and the wide range of areas this new business model can be applied to – examine how can your business join this new growing trend. Consider how can your business benefit as both a buyer and seller of products and services.
Need Help on assessing/executing a strategy on How Your Business Can Become Shared Economy Friendly? Or, how to optimize your existing platform? Email:
Dr. Bert Shlensky, President of StartupConnection.net, is a graduate of Sloan School of Management at M.I.T. He served as the president of WestPoint Pepperell’s apparel fabrics business and President and CEO of Sure Fit Products. Having provided counseling to over 2,000 clients, he focuses on working with select start-up and small businesses.