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Advantages And Disadvantages Of Sharing Economy

907 Words4 Pages

We live in a world where resources are limited, population is rising rapidly and if we don’t do something about it in our communities we are going to break down. Sharing economy is one of the ten ideas that are going to change the world, according to Time magazine.
The idea of shared economy also known as peer economy or collaborative economy can be understood as a set of practices and models that, through technology and community, allows individuals and companies to share access to products, services and experiences. As a phenomenon it is a class of economic arrangements in which participants share access to products or services, rather than having individual ownership.
Did you know that on an average a car sits idle for 23 hours in a day? …show more content…

The latest newcomer in the sharing economy scene in India is yBuySell. yBuySell.com is a new peer-to-peer rental marketplace for personal goods. At its core, yBuySell is built on a strong trust rating for every user - thus tackling the biggest challenge in sharing economy” Says Nikhil Malani, Founder, yBuySell.com
Saran Shivarajan, Product Architect at Kindset, a Kerala based company says “Indian sharing economy is still in the nascent stage. Kindset,an Indian start-up is one of the upcoming players in sharing economy.” Kindset connects people who want to give away stuff with people who need it. More than that, it is about the happiness of sharing.
Who are the “collaborative consumers”? Millennials are the early adopters of collaborative economy. They are the new generation of consumers and they are culturally set up to borrow, rent and share. They don’t buy newspapers; they grab and disseminate stories a la carte via Facebook and Twitter. They don’t buy DVD sets now; they stream shows or watch YouTube …show more content…

When we look at the main drivers behind this kind of business models, the first is ever changing technology, with new innovative technologies that allow us to connect with more people and find more things to share. Secondly, paradigms shift towards values that embrace openness, humanness and connectedness. Third is the economic realities which the 2008 financial breakdown brought home and finally environmental pressures like the population growth, limited natural resources and growing awareness of the effects of climate change. Sharing brings two changes; a radical reduction of resource consumption and it increases access to the resources at the same

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