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Shared Economy

1. Socially we are moving from Ownership to Sharing: If you closely look at these companies, they neither offer any technology for you to use nor they offer direct services. The delightful experiences are delivered by someone who is sharing the goods and services with you. This is helping people to move from full ownership to a sharing model thus opening up to unknown set of people from across the globe. This mode of sharing can’t be seen as selling as the provider of services is letting you be a part of something that they completely own & probably use as part of their daily lives. The more people share more they grow & more they grow the more they share. This way we are moving from I & you to we & us leading to a harmonized happy world. This is the foundation of the new direction and a paradigm shift that is leading a new way of life – a Social Change.

2.We are trusting the unknown: Every time you consume a service through the shared economy model you trust the unknown. Yes there are reviews about the services you are planning to consume but you have to trust reviews from people whom you don’t know and hence it is trusting the unknown. Consumers from one part of the globe are trusting people from another part of the globe – which they may have never visited. Imagine this – you have planned a holiday trip in Chicago and will be travelling from the comforts of your home in Colombo. You have booked a room through Airbnb and know nothing about your host in Chicago. The only source of information are some of the great reviews about the host. You still go ahead, complete a great stay with the host and give them 5 star reviews. This is really happening and happening all around the world at a pace faster than your reading speed. Phenomenal. We as a Society are willing to trust more & take more risks to become global citizens. Looking more optimistically, this model of mutual respect & trust is succeeding more than the traditional model of consumption. This ability to trust the unknown is challenging well established brands. It is making them innovate and win consumer’s trust on the basis of improved services or value or else they clearly face extinction. We are sharing more, we are also caring more and we are now trusting more as a Society.

3. We are embracing change: When you opt for services through the Shared Economy model you are moving from the traditional set up to a completely new model of consumption. The old models are more mature and it’s easy to go with the old and trusted way of doing things but the world is embracing this change. If the growth of companies like Uber or Airbnb is any indicator then it’s clear that world is moving almost in one direction and that is to move from traditional system to a new age model. When you look at leading surveys you will find that Airbnb is booking more rooms than Hilton or Uber operates in more than 250 cities and has better market valuation when compared to many leading Airlines in the world. This is not a surprise at all. With proliferation of mobile connectivity & internet we will see this change being embraced by a larger population thus ensuring a deeper & more significant impact on the society.