Definition ¹

“The sharing economy, also known as collaborative consumption or peer-to-peer-based sharing, is a concept that highlights the ability — and perhaps the preference — of individuals to rent or borrow goods rather than buy and own them.”

Facts and Stats About the Sharing Economy ²

• Sharing Economy is based on ‘access to’ rather than ‘ownership of’ physical and human assets.
• Sharing Economy is one of TIME Magazine’s 10 Ideas that will change the world.

Benefits of the Sharing Economy ³

• Cheaper Goods and Services – Providers can offer goods and services at more competitive rates because the same asset is being reused.
• Extra Income for Providers – The sharing economy provides individuals and businesses an opportunity for a sustainable supplemental or full income.
• New and Better Opportunities – The sharing economy is fostering innovation and creative ways to reuse assets.
• Stronger Communities – Providing an opportunity for more intimacy and interaction among local community members.
• Circulation of Resources – Sharing is caring! Instead of holding on tightly to the things we own, sharing them provides both economical and social benefits and typically creates win/win situations.
• Full Utilization of Resources – Items are no longer sitting idle and collecting dust in a garage, closet, storage unit, retail store, or warehouse.
• Building Community Trust – Provides the ability for individuals and businesses to create stronger relationships within a city and community.
• Diversification of product and service – Businesses can offer a wider range of product and service offerings without going outside of their core competencies and target audience.

The Growth of the Sharing Economy ⁴

The sharing economy is projected to grow from $15 billion in 2014 to $335 billion in 2025. @Forbes @PwCClick To Tweet

How to Engage in the Sharing Economy?

As an individual or business, Rent Items has created a rental marketplace so that you as an individual or business can share the items you own or have in inventory. We will work with you to list your items on the marketplace and help support your efforts as you desire to engage with others to share your items. Join one of our upcoming free webinars on How to Make a Rental Income and register to get started today.

 

Credits: Photo by Viktor Kern

1. TechTarget – Sharing Economy Definition
2. JungleWorks – Infographic: Understanding the Sharing Economy
3. Cleverism – An Introduction to the Sharing Economy
4. Forbes: The Sharing Economy Is Still Growing, And Businesses Should Take Note