Sharing Economy Marketplaces Impact on Coronavirus Crisis

Many predictions are being made on how the Coronavirus crisis will impact our lifestyle and economy both short-term and long-term. Most are suggesting there will be a “new norm” moving forward. We have already seen how some B2C sharing economy marketplaces like e-scooter rentals have been crushed, while food delivery services have exploded. Almost all of Amazon’s core lines of business are exploding right now as the pandemic is playing to almost every one of Amazon’s strengths.¹ All sharing economy marketplaces (B2C and P2P) are having to rethink and retool how to better diversify and adapt to such a significant swing in supply and demand.

But, the important question is not how has sharing economy marketplaces been impacted by the Coronavirus crisis, but how are sharing economy marketplaces making an impact on the Coronavirus crisis?

Besides homes and cars, peer-to-peer sharing economy marketplaces have had a hard time engaging a large enough audience to embrace the value they offer. However, when the economy is struggling, the need to be more efficient with resources is critical. Using new ways to generate an income or save money becomes necessary.

The following are three ways sharing economy marketplaces will contribute to the “new norm” during and post Coronavirus crisis:

1. Mobilizing of People & Their Resources
2. Hyper Convenience & On-Demand Delivery Solutions
3. Sustainability – Renting Over Consuming

1. Mobilizing People & Their Resources

One of the learning experiences from the Coronavirus crisis is how much speed matters. Rapid access to human resources such as healthcare workers and supplies such as cleaning and medical equipment is critical. A digital platform and marketplace such as Rent Items provide the technology infrastructure and standardized processes to mobilize, manage, and move goods from those that have to those that need extremely quickly. Therefore, in disaster relief efforts or pandemics, Rent Items can play a major role in mobilizing resources both nationally and locally. Because of this, we expect Rent Items and other sharing economy marketplaces will rapidly become part of the fabric of people’s lives and new norms.

Rent Items, a peer-to-peer (P2P) sharing economy marketplace is structured to provide both easy and temporary access to assets sitting idle. We have embraced the sharing economy as a better way to mobilize people and resources, especially in crisis situations.

2. Hyper Convenience & On-Demand Delivery Solutions

Another learning experience that has come from the Coronavirus crisis is the usefulness and convenience of last-mile delivery services. Those that can deliver their goods quickly after an order is placed is essential in today’s new norm. Companies like Uber Eats, and HelloFresh are seeing significant growth during this time. This is just the beginning of the transition from local convenience to front-door convenience. Because of the technology Rent Items has developed, items are able to be provided without getting in close proximity suggested by the @CDCgov during this time. Rent Items is already seeking more ways to bring more convenience to the rental fulfillment process.

3. Sustainability – Renting Over Consuming

The economic impact of the Coronavirus crisis ought to cement the fact we should be more resourceful with the assets we already own.

How can we be better prepared for unforeseen economic changes and build a more resilient economy? By not being wasteful with the assets we already own. By mobilizing assets sitting idle and getting them in the hands of those that are in need.

Those that own assets should make them accessible to those that need those assets on a temporary basis by sharing them. Using a formalized rental system like Rent Items helps to facilitate the rental process for the owner and renter.

Let’s Connect

If you have any ideas, thoughts, or suggestions on the topics of hyper convenience, digital platforms and marketplaces as it pertains to the new norm being established because of the Coronavirus crisis, I would love to hear from you. Please reach out to me via LinkedIn, Twitter, or leave a comment below. Remember to follow us on Facebook or Twitter to stay updated with the latest information about rental marketplaces, new sustainability concepts, and the sharing economy. Lastly, don’t forget to make an impact by registering and listing your items sitting idle on the Rent Items Marketplace.