A sharing economy is a phenomenon where people share their assets for money. It is like a person will provide goods or services for a short or long period and will get money in return from another person. It comes in use when the person providing assets is not using them very often and those are not coming for reasonable charges.
As we humans evolved, we surrounded ourselves with the non-static business traits and then came the era of the infinite internet! The Internet changed almost everything in and around human life. Internet was so innovative that it changed communications, entertainment, news and even the trading ways! E-commerce was shaped. Web services like Amazon came letting people buy things directly from the manufacturers without the dealers resulting in a cost-effective pattern.
Humans are social animals! Sharing had been there in the history of trades. After sharing basic and complicated files internet now allows us to share materialistic things like automobile, homes, offices, appliances, etc.
• Uber and OLA came and people who do not use vehicles much prefer to hire or share the vehicle whenever needed instead of owning one.
• Airbnb came and now we stay in homes owned by people instead of the hotel or motel rooms.
• Freelancers, start-ups and travelling people are using coworking spaces instead of buying or renting an entire office.
These terms (examples) are used very casually nowadays and it tells us that this sharing economy term is not only accepted but loved by the masses. People have begun to rely on sharing economy. The reason is it comes with several benefits.
• Cost-Effective: Who does not want to save money? We all want to save money for one or another reason. Little or more the sharing economy helps you save money.
• Eco-friendly: Sharing economy allows us to share things which ultimately results in less usage of energy, resources and materials. And hence it is eco-friendly.