Sharing Economy Essay Examples

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The Sharing Economy Technology has revolutionized how people do business in the modern world. More importantly, technology keeps changing, making it impossible to stick to one way of doing business for too long. This is why the sharing economy has gained popularity so fast, resulting in the development of an all new business model that did not exist a few years ago. As a matter of fact, the sharing economy is worth billions of dollars and has raised concerns amongst people who want to stick to the older way of operating businesses. The sharing economy allows people to rent, share and sell items and services directly to each other without the need for intermediaries. This is operated through the use of online platforms such as Airbnb, Peers…show more content…
The intermediary, usually a website like Airbnb does all the background work to ensure that the person offering a room is genuine and customers are safe to transact with them. From here, the platform offers a secure and very easy way of paying for whatever services or items on decides to buy. Unlike in traditional forms of business, the customer has an opportunity to post feedback about the individual online, creating higher standards of operation. A shared economy ensures that people make use of underutilized items. For example, if one owns a car and only uses it twice a week, having it sit in the garage for the other 5 days is a loss to the economy. However, if one can rent it to others who need it thrice a week, the economy thrives. The owner of the vehicle gains financially, while the renter accesses something he would not have accessed so easily. Through the shared economy, accesses to products and services increase. In addition, the online platform makes it easy to locate items and services that are nearest to you, eliminating most transport costs. A sharing economy acts as a means of enhancing neighborliness and relationships in the

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