Sharing economy | Wikipedia audio article
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Date: 27/11/2018

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Sharing economy

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SUMMARY
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Sharing economy is an umbrella term with a range of meanings, often used to describe economic activity involving online transactions. Originally growing out of the open-source community to refer to peer-to-peer based sharing of access to goods and services, the term is now sometimes used in a broader sense to describe any sales transactions that are done via online market places, even ones that are business to business (B2B), rather than peer-to-peer. For this reason, the term sharing economy has been criticized as misleading, some arguing that even services that enable peer-to-peer exchange can be primarily profit-driven. However, many commentators assert that the term is still valid as a mean of describing a generally more democratized marketplace, even when it's applied to a broader spectrum of services. Alternatively, collaborative consumption or the sharing economy refers rather to resource circulation systems which allow a consumer two-sided role, in which consumers may act as both providers of resources or obtainers of resources. The exchange may be performed directly on a peer-to-peer basis, or indirectly through a mediator (ex. store, website, app); online or offline; for free or for other compensation (ex. money, points, services, etc.). This vision allows for a broader understanding of the sharing economy on the overarching criteria of consumer changing role capacity.Shared Economy is also known as collaborative consumption or collaborative economy or peer economy. It refers to a hybrid market model of a peer-to-peer exchange
 Such transactions are often facilitated via community-based online services. Uberization is also an alternative name for the phenomenon.The sharing economy may take a variety of forms, including using information technology to provide individuals with information that enables the optimization of resources through the mutualization of excess capacity in goods and services. A common premise is that when information about goods is shared (typically via an online marketplace), the value of those goods may increase for the business, for individuals, for the community and for society in general.Collaborative consumption as a phenomenon is a class of economic arrangements in which participants mutualize access to products or services, in addition to finding original ways to individual ownership. The phenomenon stems from an increasing consumer desire to be in control of their consumption instead of "passive 'victims' of hyperconsumption".
The consumer peer-to-peer rental market is valued at $26bn (£15bn), with new services and platforms emerging frequently.The collaborative consumption model is used in online marketplaces such as eBay as well as emerging sectors such as social lending, peer-to-peer accommodation, peer-to-peer travel experiences, peer-to-peer task assignments or travel advising, carsharing or commute-bus sharing.The Harvard Business Review, the Financial Times and many others have argued that "sharing economy" is a misnomer. Harvard Business Review suggested the correct word for the sharing economy in the broad sense of the term is "access economy". The authors say, "When "sharing" is market-mediated—when a company is an intermediary between consumers who don't know each other—it is no longer sharing at all. Rather, consumers are paying to access someone else's goods or services.".