Call it what you may, the sharing economy has become ubiquitous and mainstream in a very short period of time. Ordering grocery, food and medicines, hailing a cab, renting apartments, you name it, it can be done from the comfort of our homes using an app. Not only that, one can even get a loan without going to the bank, which is just one of the many big-ticket applications of a sharing economy.
Following are some applications of a sharing economy
Cab hailing – Uber is the best-known example of a sharing economy. In India, we also know of Ola as a competitor to Uber, while there is Lyft in the USA and Canada. These apps basically match the rider with the driver who picks up the rider from the designated location and takes her to her destination for a fee.
Benefit – for the rider, ease of reaching the destination without the hassle of driving, parking and maintaining a vehicle. For the driver, income in return for time and effort.
Peer-to-peer lending – individuals can lend or borrow money without going through the bank. The platform itself acts as the intermediary and the interest rate is decided based on the credit history of the individual who is borrowing. The risk of default by the borrower is borne by the lender.
Benefit – opens-up possibilities for borrowers who typically would not be entertained by banks and financial institutions for a variety of reasons. For the lender, it is an attractive avenue for investment, the risk notwithstanding.
Apartment renting – platforms such as Airbnb operate across the globe and help people find accommodation, whether for a short duration on vacation or on a long-term lease.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Is Leadership Without Hierarchies Possible?
LEADERSHIP IN THE current era is more challenging than ever before.
The Rise and Evolution of Coffee Culture in India
AS A BANGALORE native, South Indian filter ‘Kaapi’ has always been a significant part of our tradition.
The Daily Ground Goes Desi
Success in Tier-2 and Tier-3 cities hinges on several key factors, with one of the most important being the ability to offer high-quality products at an accessible price point
Cracking The Indian Code
TARUN JAIN, CEO of Tim Hortons India believes in creating an experience at cafes by blending global quality, local flavours and affordability
Making Coffee the New Chai in India
Affordable, great-tasting coffee made fast-abCoffee is reshaping how India drinks coffee
Scripting A New Era Of Coffee In India
From a bootstrapped startup to international expansion, NOTHING BEFORE COFFEE is brewing its way to the top by challenging the giants of the coffee industry with innovation, personalisation, and sustainability
"Driven By A Younger Demographic, Coffee Culture Is On The Upswing"
SUNIL D'SOUZA, Managing Director and CEO of Tata Consumer Products, discusses the company's strategic growth in India's booming coffee market, focusing on premiumisation, innovation, and expanding consumer experiences both at home and in cafés, in this exclusive conversation with BW Businessworld's Tarannum Manjul
Fresh Brew, Big Ambitions
From startups to stores, Beanly's Samayesh Khanna and Rahul Jain elevate India's coffee culture by making freshly brewed coffee a daily delight
"On Track To Become India's Top Café Chain"
In an exclusive interview, RAJAT AGRAWAL, CEO of Barista Coffee, shared insights on the company's current market position, expansion strategies, and its response to growing competition
"Ensuring A Seamless Coffee Experience Outside The Cafe Is The Next Big Thing To Watch Out For"
In an exclusive conversation with BW Businessworld's Resham Suhail, Third Wave Coffee CEO RAJAT LUTHRA and its Co-founder AYUSH BATHWAL delve on how they are navigating the competitive landscape, going beyond retail and tapping changing consumer preferences