Four Ways to Stay Ahead of The Sharing Economy

The sharing economy is past the tipping point. Just look at how we think about lodging, taxis and the music industry. The shift in consumer perspective has created a new consumption philosophy: “Why buy in full, when you can pay to share at a lower price?” Now we are staying at someone’s NYC bachelor pad instead of a hotel, or streaming an album instead of buying a CD. We’ve adapted to these changes, but wonder… “What’s next?”

Here are four trends and some advice to stay ahead of the sharing economy.

Create a Sharing Platform
People have assets to share, but not all have a safe, efficient platform to be able to lend out their possessions. Technologists and entrepreneurs take note: make sure your platform is connecting those who need assets to those with assets to spare. It should be easy to use, but difficult to cheat, meaning security is a big deal.

Have a Green Initiative
Consumers like companies that care. Atlanta has jumped on a green streak with Bird electric scooters. Bird is a website/app that allows you to rent a scooter from various locations. A fun way to get around a city becomes a reduction of carbon emissions with every ride. RipeList is an app that allows users to connect with people who are wanting to buy, sell, or trade food. You can sell food you aren’t going to eat or make food for other people. This app cuts back on food waste that ends up sitting in the landfills. Being an eco-friendly company is no longer a benefit—it’s our responsibility. The sharing economy is just helping it grow.

Target Man’s Best Friend
If the millions of dog videos on Facebook haven’t given it away, we are crazy about our furry friends. This article from talks about how dog owners are more relaxed and less likely to suffer from depression, so it’s no surprise that consumers are spending more on their pets than ever before. The sharing economy is taking advantage with dogvacay and borrowmydoggy, which are just a few examples of sharing the puppy love.

Fill in the Gaps
Ever wanted to go camping, then realized you don’t have a pile of camping equipment like young Lindsey Lohan on the trip to torment Meredith Blake in The Parent Trap? Instead of buying it for the two times you will go camping, you could just borrow someone’s through Ayoopa. Whether it’s renting a dress from Rent the Runway for the weddings of endless friends or boardaboat to help you push off buying a boat for a little longer, there are so many ways to match your need with someone else’s offering.

The sharing economy is rocking all aspects of the economy. Embrace the change and try to solve life’s inconveniences in a cheap, environmentally-friendly way. We’d love to know if you have experienced any great sharing opportunities. Share them with us!