Technological uprising and internet spread out over the years has deeply changed the concept of MARKET. It has not only broken down the market barriers but at the very same time established the connection in society where everything is accessible.
The concept of “sharing” exists since the existence of mankind. Humans love to share be it stories, experiences, pictures, videos, work or files you name it. Social media platforms fulfils our need of social connection and to present ourselves or our work.
The connected society leads way to creation of economic model and we know this model with names like “the sharing economy” & “collaborative consumption”. The economy sharing models have changed the behaviour of consumers and consumption trends widely.
The consumption patterns based on the demand of product has been challenged by the idea of accessing the service of product rather than owning or purchasing it. This perspective has totally changed the game. Consumer realized the fact that product itself is nothing but the experience it contains or provide to us. Consumers do not want to own a paper based newspaper rather s/he wants to read story or article e.g. online newspapers or libraries. Similarly, consumer may not want to own a luxury car but to enjoy comfortable and easily accessible ride e.g. Uber and Careem.
The sharing economy is nothing new and it creates a real income too. We believe it is not clearly established the ownership is not as imperative as access and it is clearly evident from the services like Spotify, Netflix, Airbnb etc.
The important aspect now is to fully accept the rise of the sharing economy & identify changing consumer behaviour & its impact on traditional models and how this opportunity be an advantageous to one to generate real income and profits.