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This paper highlights the change in consumer’s behavior where people and organizations have opted to reduce their risks by not owning or buying products and focusing on sharing and leasing them. This trend of collaborative consumption has benefited companies by adapting to creative approaches in distributing and defining their offerings. The consumers have changed their mode from accessing and buying the desired products to the mode where they seek for a temporary access to them. This has led to the system of sharing over the internet to enhance connections. However, this system appears to present serious threats to established industries due to less sales and resulting distress in conventional market.
This article observes the evolution of new business models and the emergence of the sharing economy in collaborative consumptions. The research aims to identify how companies may react to this kind of trend and adapt their business models to the emerging consumerism. The strategies that the author presents in this article are derived from a case analysis and discussion with company executives and interaction in various workshops. In a wider sense, sharing is regarded as anything to which access to products and services can be enhanced through pooling resources, services and products. The environmental argument that arises based on the sharing economy is that the more people continue to share, the less earth resources shall be consumed and this would create economic efficiency and sustainable consumption. However, tangible evidence suggests that the spread of sharing may not entirely have stemmed from ideological motivation or ecological awareness but the motivation is more self-oriented where consumers prefer low costs which are provided by sharing economy. This means that those companies are seeking opportunities in the sharing economy have higher potential of promoting their products and services in the realm of collaborative consumption. These companies will seek to benefit through the following ways.
In conclusion, sharing economy has gained ground and fundamentally altering the traditional consumer culture. Networking technologies, collaborative software, social media and changing habits of consumers are all encouraging the growth of this movement. Helping people in their attempt to share does not necessarily mean that one will buy the product but only providing support to advance the new economic culture.
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