Sharing Economy Changed Ownership

What You Need To Know About The Sharing Economy

Access is the new ownership.

More and more people are shifting away from owning stuff in favor of paying for quick access to what they need just when they need it. It’s called the sharing economy, and it’s huge.

It's happening across almost every category

If you can name it, you can probably rent it

Music/Media:

Industries

And growing faster than ever

The sharing economy is exploding as it takes over the market

Sharing Economy growing

But why now? Why today?

We've been hit with a perfect storm of factors.

sharing economy factors

At first, it's all about the money

Hard times mean people want to both save and make extra cash.

Money

But it quickly becomes about connections

Turns out, people love helping people

Community

“Just browsing the customer photos on @RentTheRunway – can’t even explain how much I LOVE that feature!!!” #sosmart #thebest - Jackie, Rent the Runway user
“I like to consider myself the ultimate “lyfter”. The drivers are amazing; in fact, I haven't come across one I didn't become best friends with by the end of my ride.” - Angelina, Lyft user

Relationships

“Tim was super friendly and a pleasure to work with. The furniture came out great, and he finished quickly! We even had time to talk about comics. Thanks, Tim!” - Matthew, TaskRabbit user
“[We exchanged with two different families] and while talking about different places, we discovered we knew each other and had done business together. It’s a small world!” - Alberto and Marisol, Home Exchange users

So what does this mean for the future?

As innovators, the sharing economy brings up several important questions that we’re keeping an eye on:

Evolving Business Models How do business models stay nimble enough to embrace the sharing economy?

Designing Collaborative Experiences How do we architect inclusive experiences that focus on the community?

Balancing economic and emotional connections How do we emphasize the experience and not the asset to build loyalty?

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