The times are changing very fast and businesses need to be smart and quirky in order to maintain their position in the market. Sharing economy has become the way to go when you talk about the business and the market these days. It has become a core aspect of the business strategies. The businesses making use of it have benefited immensely from the sharing economy. This is why it is used more commonly in the recent times.
Companies like Uber, Ola and Airbnb have a collective market which is more than the economy of Pakistan. It shows the kind of impact that they have been able to make by using the principle of sharing economy.
What exactly is sharing economy?
Defining the word ‘sharing economy’ is like doing injustice to the term and thus we are just going to elaborate the same. The word sharing economy signifies the use of advanced technology that will help in the exchange of services between two parties. It is easier to understand with the help of an example of OYO rooms. OYO does not have a hotel of its own, rather it provides hotels of its partners to the clients through the platform OYO.
This helps both parties as OYO does not need to build separate hotels. At the same time, the hotels find a medium that enhances their reach with ease. It also makes things easier for the consumers who can now easily get to make their bookings for the hotels. With times, the sharing economy is evolving and making giant strides in the market. So, for any business, it becomes imperative to make use of the same if they are willing to be successful without having to invest a great deal on the infrastructure.
How will it affect the on-demand business?
Well, sharing economy is going to have a telling impact on the on-demand businesses and will play pivotal role in the same. It is going to completely change the landscape of the on-demand businesses and change it for good only.
If you are willing to start a business that provides on-demand services, you don’t really need the infrastructure to provide such services. You just need good software and a team of customer care executives. You should sign a pact with some of the leading men in that sector and provide them the business under your brand.
It will make the job easier for both the parties as on one hand, you can start your business without actually having to invest a great deal in the business. On the other hand, the other party will also get the business with ease through your technology. This collaboration of technology and the infrastructure perfectly sums up the world sharing economy and makes you to understand the ethics of it.
How much of an impact is technology going to make?
This is another common question that people tend to ask about the on-demand business and using the sharing platform for them. The impact of technology on the on-demand businesses making use of the technology is going to be gigantic.
Firstly, the sharing principle will be successful only when you are making the other party get enhanced business with your smarter technology. Secondly, since it is an on-demand business, you need to provide the services on emergent basis. Thus, the flow of information should be really quick and smooth between all the parties.
Does it imply for all types of on-demand businesses?
Yes, if you are looking for a shared platform for your on-demand business, you need to be high on technology. If you look at the brands that have made success with the help of sharing platform, they have made use of new and improved technologies.
So, you need to be advanced technically and make sure that your software and in-app experience is the best. Clients these days like the apps that are fast, easy to use and customizable as well. So, you need to make sure that your app passes the litmus test on all these aspects. If it does, you are surely going to make an impact in the market and take your business to newer heights.
Sharing economy is shaping businesses in its own way. On-demand business must face it and improve regarding this phenomenon. The world is changing and only good things are coming.