In last century, owning thing was maker of those who belong to middle class. The people belonging to the upper class can buy more as they have money to afford anything. But, with manufacturing getting less expensive day by day the barrier of owning great stuff is lower.
This is the main reason why many people who live below or at poverty line are capable of affording many things. Due to sharing economy models, people can now have more without really owning it.
Sharing economy is basically an umbrella term which has wide range of meanings. However, it is often used for describing any kind of economic activity which involves online transactions.
This modern economy structure is getting quite famous and it original grows out of open source community and refers to peer-to-peer sharing and accessing services and goods.
This term is sometimes used in broader sense for describing any kind of sales transaction which is done at online marketplace or when done between business to business relationships. This has also given rise to on-demand services due to consumers, those who use mobile apps for carrying out different day to day activities.
How does generation X appreciate the sharing economy concept?
There are numerous factors that are responsible for uplifting the concept of sharing economy into light. But, without any doubt generation X is the key driver of this concept. In reality, the true factors which are motivating this thought are convenience and affordability.
This is the main reason why sharing economy is gaining immense popularity from last few years. Simply keep in mind that it is cost effective and convenient way for accessing various means of making money in an easy way.
What are the characteristics of generation X in relation to sharing economy concept?
With sharing economy getting more famous day by day, consumers are living a comfortable life with an idea of sharing. To match with the continuous needs and requirements many businesses are depending on on-demand services. Why? Because they are highly effective and profitable.
The generation X characteristics make the concept of sharing economy more fruitful. Some of the main characteristics include individualism, technological adaptation, balance between work and life, flexibility, efficiency, independent thinking and many more.
How are sharing economy models booming?
There are so many business ideas to consider if you are planning to offer on-demand services to generation X. Sharing economy has come up as a boom for generation X as it is simple, effective, cost and time saving. This is because generation X demands to save time and money both.
For example, these people are able to enjoy the benefit of each and everything. This can go from online shopping to online cab booking and from on-demand pickup and delivery to on-demand food delivery.
Modern social norms and digital tools have made things much easier virtually for everyone. They offer such resources that are underutilized and services at personal level. This helps in increasing the supply as well as profit. When this happens, price either increases or decreases.
Some models of sharing economy:
They way how business model is governed and in which direction is very vital. Businesses which are mission driven are more likely to have such model which is collaborative. This model provides them with benefits in the future.
Asset management model
In this model, you check assets and you can see who use, operate and maintain them from time to time. This question is very important as it will help in getting more business in form of generation X making a big difference.
Product – service model
Traditional businesses have their own distribution and supply channels. And they make sure to optimize every bit to the full extent. But in case of sharing economy the control is less though it is beneficial. That’s why it’s important to choose the right type of sharing economy model.
Thus, starting a business is not an easy task at all. Along with some fund, it also requires adequate knowledge. There are so many ideas and sharing economy models you can try if you want to start a business for generation X. But keep in mind to always go with sharing economy as it is worth investing in high flexibility and reliable result. If you make sure your business offers these things – your generation X customers will be satisfied.