12.04.2018

How is the Sharing Economy Model Going to Change the 21st Century?

Who would have thought that companies like Uber and Airbnb would completely change the transportation and hospitality industries in such a short time? By mainly shifting from the brick and mortar model into online business where there are fewer overheads these businesses and many more have built gigantic powerhouses by simply connecting suppliers and consumers!

Financial transactions which used to take place in offices and through banks are swiftly achieved online securely with a few clicks or taps. If you think about it, it is really amazing to observe this fast evolution. Today you can now purchase a trip, rent a car, order food, arrange a wedding, hire a freelancer on your phone and make all the payments right there on your phone or laptop.
Welcome to the Sharing Economy. There are many definitions but to put it simply, it is an online community offering goods and services. It has now expanded to transactions online and also involves business to business sharing economy models.

When the Internet first arrived on the scene, people were so excited to be connected online. They were able to read the news, search for the best restaurant in town and so on. Then, e-commerce sites popped up selling anything and everything online and soon, other platforms were created for various niches.

Examples include:

Co-Work Platforms – Open shared spaces to collaborate and work. This is a favourite for startups, freelancers, people who require a space for just a short time – a week, a month etc.
Lending Platforms – You sign up a lender and lend money to others, at a cheap rate compared to traditional lending institutions.

Fashion and Entertainment Platforms – Sites that allow for rental or clothes and equipment hire
Freelancing Platforms – These are gaining immense popularity as the category of services offered by business is astonishing and growing at a rapid rate.

In Grenada, Service Lane is one such platform which offers contractors a chance to grow and showcase their services online. Covering 7 parishes, Grenada is ready to do business! Using the latest technological tools, the platform will allow individual contractors to make an impactful contribution to the sharing economy. The platform allows them to showcase their services and skills, get noticed and get hired to work.

Just like the dotcom movement, the sharing economy model will help forward-thinking businesses and individuals connect to and serve millions. Don’t get left behind, make sure you are dancing with the new beat of the 21st century