How will the sharing economy change the industries in 2021?

This is an era of minimalism – people would rather share things and save money than buying it. This blog is about how you can share something – either save or make money out of it. And most importantly, how the sharing economy can change industrial behavior completely with COVID-19 in the picture.

What is Sharing economy?

Sharing economy also called the gig economy or access economy, is using technology to facilitate the access of goods and services. It is a modern notion used to enhance the lifestyle of the population by inducing more saving than spending.

These are some example of sharing economy that functions popularly with various industries:

• Crowdsourcing (or) Crowdfunding

• Gig Economy (or) Freelancing

• Co-branding (or) Co-working

• Peer-to-Peer Economy

When traditional businesses go into sharing economy-based operations, there will be less overhead, and service-based industries can thrive longer and better.

What could be the business model?

A person who is interested in running a business, based on the sharing economy has to come up with an idea that sounds as brilliant as Airbnb or eBay, etc. And think about owning an online marketplace to connect the service providers and the end-user.

As you’ll be the admin/owner of such a marketplace, you’ll be looking into various administrative matters that come with it.

What could be the revenue system?

The business model is introduced to enhance the productivity of running and managing a business. The next thing to be concerned is about the revenue system of a business.

Your earnings will be commission-based from two users who are involved in the marketplace – one will be the person who lists their products or services on your online marketplace and the other will be the person who avails those products or services.

List of 10 companies that represent their industry with sharing economy in 2021:

This is the list of 10 companies that revolutionized the sharing economy-based business in their respective industries which worked wonderfully for them.

• Airbnb: (Lodging Industry)

  A few years ago, sleeping in a stranger’s house would be weird. But this business model is one of the successful businesses with 4 million listings to choose from. Though there are hotels all over the world, Airbnb makes $38 billion considering everything. It is a top-notch example for entrepreneurs who are interested in making a clone of it for their businesses.

• Uber: (Transportation)

Uber is the most affordable ride-sharing app in the world. It has a user-friendly app where you can book cabs from anywhere and anytime. It properly vets the cab drivers and is very convenient. Uber makes around $72 billion and there are 4.5 times more Uber than yellow cabs in New York City.

• JustPark: (Parking Space)

JustPark has been in the industry for more than a decade. There are over 20,000 listed locations and over 2 million active users on the platform. People can rent their parking space to earn money out of it.

• TaskRabbit: (Handyman Service)

TaskRabbit is a marketplace that provides opportunities for freelance handymen. This kind of business can be developed into an app for the users to find easy help.

In 2020, there were more than 1,40,000 service providers and most of them were millennials who were looking to make some extra cash. This is a great initiative to reduce unemployment on a small scale.

• SitterCity: (Child Care Services)

The babysitting services are very popular among the European countries and the US. There are 7 million parents opting into SitterCity for some well-vetted and legit babysitters. The services provided are from one day sitting to nannying, for a particular period of time.

• CrowdMed: (Medical Services)

This marketplace is an example of crowdsourcing, where medical consulting is performed online by avoiding too many walk-ins in the hospital. And this marketplace could reduce the waiting time for the patients and help people so much more. It could also be a chance for the pre-meds and doctors to assist the patients who are in need.

• RVshare: (Leisure Vehicle)

Wanting to take a family trip? Or going on a tour? How about sharing an RV with people on the same journey as you? That’s what RVshare – an online RV rental marketplace does. The end-users can save a lot of money and could also get the pleasure of meeting and vibing with new people. The RVshare also gives out 24*7 roadside and concierge services for long-time RVers. Now, that’s something to look forward to.

• Rover: (Pet Care Share Service)

Rover is a pet-care sharing community that connects pet owners and sitters or any pet-care service providers using their marketplace. The service provider can list their services including house sitting, d

og boarding and walking, visiting the pets and check-ins on the pets and dog daycare, etc. The service providers could get paid according to the multiple services they provide with.

• Poshmark: (Fashion and Home Decor Industry)

Poshmark is a peer-to-peer all fashion and home decor items marketplace – where the users can sell their clothes, shoes, and accessories, etc. to buyers all over the world. Mostly this platform is used to sell branded clothes, shoes, and accessories with a profit margin of not less than 80%.

• Postmates: (Delivery Industry)

Postmates cover almost one-tenth of the food delivery industry and make almost 2 million deliveries on an average in a month. The subscription cost of Postmates is $9.99 a month and there are no delivery fees for items over $20. Postmates make deliveries from food to office supplies.

Industry growth in 2021 with sharing economy:

It is said that over 86 million Americans will be opting into the sharing economy by 2021. If you ever consider wanting to start a sharing economy-based business we could help you with our exclusive product RentALL.

RentALL is a 100% customizable sharing economy script and comfortably scalable as and when your company grows.

Started to think about owning an online marketplace to enrich your business operations?

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