The story of human evolution is a remarkable tale of how we as a species pooled together to overcome nature’s biggest challenges to become the predominant force on this planet. Taking a leaf out of this book, many businesses have made the best of modern technology to bring consumers the best that their pooled resources can afford.
Some of the world’s biggest companies today such as Uber & Airbnb have transformed their respective industries, riding the rising wave of the sharing economy. While there is no fixed definition for the ‘sharing economy’, it can best be pictured as the enabling of peer-to-peer transactions to make the most of the resources available with them.
It is characterized by the sharing of a product or service by multiple consumers who contribute their share of the cost, which otherwise by themselves they might not have been able to afford. Conversely, since there are multiple consumers participating in the transaction, the provider earns more than they would through a single consumer.
Another industry that has been disrupted by the sharing economy is that of office space leasing - where co-working is fast emerging as the go-to option. While co-working is not strictly a part of the sharing economy but instead its cousin - the ‘access economy’, the principles remain rather similar.
In a true sharing economy, the transaction would be entirely among peers, who take turns to be the providers and consumers. Whereas in the access economy, there is a clear distinction between the provider and the consumers. The benefits remain largely the same though, and for this article, we shall refer to co-working as a part of the sharing economy.
Here we look at the advantages of the sharing economy, and why it’s time to wholeheartedly embrace it:
Always available, on-demand
One of the biggest factors that drive the growth of the sharing economy is the fact that it enables the consumption of services on-demand. This is more relevant to certain industries than others but is certainly applicable across pretty much any business in the sharing economy.Taking Uber as an example, a large number of providers on the platform ensure that a ride is available at any given time. A large number of consumers also ensures that the providers have a constant flow of demand, thereby minimizing the idle time of their resource.In terms of co-working, The Hive collaborative workspaces are operational 24x7 & offer multiple membership options to suit every individual’s need.