We’re sure your parents taught you that sharing is caring. Having heard this repeated throughout our formative years, it has become a defining trait of our modern economy. The sharing economy has only recently emerged with the rise of the internet and technology. Developments in technology and app capability have paved the way for the shared economy to emerge. And what a beautiful thing it is. The shared economy is responsible for money savers, such as Airbnb, Uber and, the new kid on the block in Australia, Airtasker. But, can you save a few bucks by using these services? Well, that’s what we’re going to find out!
You may have heard the term bouncing around the financial section of your newspaper and wondered what it meant. Simply put, the sharing economy describes economic activity involving online transactions and the sharing of access to goods and services. A hybrid market model made up of peer-to-peer exchange. This peer-to-peer exchange often happens on a digital landscape. However, the term can also refer to ongoing sales in the online marketplace. For now, though, let’s just discuss it in reference to sharing of good and services and more importantly how ‘sharing’ can save us precious dough.
Since 2015, we’ve seen a number of massive apps hit our stores that have slowly become part of everyday life. A sharing economy works both ways, for those who want to earn a quick buck and for those who need a service. For some, these apps have become a staple for saving a couple of bucks. However, in case, you’ve been living outside of the loop, here are the names in the shared economy:
Airbnb is probably one of the most famous shared economy enterprises. It is globally recognised as an alternative to traditional hotels. Airbnb has grown from a small sharing service to hosting millions of trendy hipsters, romantic couples and fun families alike. Hosts all over the world open up their homes to travellers. Whether they have a houseboat, a London townhouse or a rainforest cabin, you’re always in for an experience. Airbnb rooms are typically much cheaper than your average hotel room, but more on that later!
Uber has become a pillar of the shared economy. So much so, that experts are beginning to call the emerging shared economy uberisation. Uber is car riding service where drivers use their own vehicles and simply sign up for the Uber service to find customers. The convenience of the service is slowly rendering taxis useless. With its wide availability and cheaper fares, customers are opting for Uber rides every day.
UberEats is the child of the Uber brand, giving lifts to food rather than people! In terms of cost saving, UberEats isn’t a massive win, however when those lazy feels strike, it becomes the best friend you’ve never had.
Recently this gem was only available overseas, and now it’s hit Australia! Airtasker can service anything from your odd jobs to some social media marketing for your startup! In an economy with plenty of workers and countless jobs to go round, there is no shortage of business. Need a handyman? Check Airtasker. Need an expert cleaner? Check Airtasker.
If you love your doggo, kitty or bird and can’t bring them holidaying with you, then you’ll be on the hunt for a kennel. A few nights stay at a kennel can be expensive so for the sake of your wallet, listen up! The sharing economy has introduced Mad Paws for all your pet sitting needs! Simply search for your service, house/pet sitting, grooming, training etc with your location and you’ll be given a list of the available pet workers! All your pet needs in one place.
Looking for space? If you live in an urban city, then the answer is most likely yes! Space is in short supply. Whether it’s parking or storage, you always find yourself needing more…space. That’s what Spacer is here for. You can rent space from people who have some to spare. Simply search for what you’re looking for and browse your options. Spacer is a marketplace for space; it’s affordable, convenient, secure and a trusted service.
The sharing economy has produced plenty of competition for the big guys. If you’re wanting an alternative to Airbnb or hotels, then why not rent a camper? Let’s be honest, those here who own a caravan probably dust it off once or twice a year. Now, instead of collecting dust you can earn a few bucks on the side. Or if you’re looking for a unique and budget way to travel the country, then why not hire a caravan or RV? Much like Airbnb, all members are verified, it’s free to join and all hires come with free NRMA Roadside Assistance.
Lana is a homegrown peer-to-peer clothes sharing app! It’s trendy and socially aware. A winning combination! The philosophy behind the curtain is to reduce waste in the fashion industry by sharing stylish clothes. If you’re looking for a new look for a weekend shindig, then save the hassle (and cost) of hiking to the shops and rent on Lana! Instead of buying a dress you may only wear to one event, save a few bucks by renting your formal look. It’s a brand with a socially-minded conscious and is a small gem in the sharing economy.
The sharing economy has opened up new avenues to accommodation, travel, fashion and pet care. What if you wanted a to cater for a work lunch or your next event? Well, the sharing economy has something for you. FoodByUs is a platform where caters sell their wholesale supplies. It’s your one-stop shop for wholesale meats, fruit and veggies, sandwiches, and bakery goods! And of course, would it be the sharing economy without great value for money? Of course not.
The sharing economy has brought us many gems. Perhaps the number one upside to all of them is value for money! Shared economy platforms are typically cheaper than their regular counterparts. When Airbnb comes head to head with a hotel in the same area, the hotel is gonna lose. So, when you’re heading on a holiday, save costs on accommodation. If you’re travelling home from a night out, cut costs on travel. Does kennel costs keep you grounded? The sharing economy has you covered.
Your savings aren’t massive, but with the sharing economy, it’s more about value for money. Savings depend on where you are travelling to, what city you live in, however, you can be sure you are getting value for money.
If holiday or travel costs are keeping you grounded, the sharing economy isn’t the only option. We can FIND you quick loans that’ll get you flying in no time!
Life is all about the experience. So, why not have a unique one? You never know what kind of conversations you’ll have with your Uber driver, and with Airbnb, you can get a taste for the local culture. Remember, sharing is caring. With the sharing economy, you are always meeting new people who are there to help you. The sharing economy gives us the opportunity to spread all the love we can with our fellow humans. After years of doing things the same, everyone is hungry for something different. So, get on the sharing market today and see how you can contribute!
Let’s be honest, who doesn’t love a good trend? In today’s economy, if something is trending, it means it has yet to hit the stage of becoming too popular and stale. Furthermore, the sharing economy is trending! Being apart of the shared community is a chance to experience the innovation of new products and ideas. Nowadays, it’s rare for something that’s trending to be cheap, but with the shared economy, you get the best of both worlds!
Of course, with everything in life, there is a darker side to the sharing economy. When it comes to sharing with the rest of world, sometimes it can go wrong. Before using the sharing economy, take a look at some of the things to be wary of:
As the sharing economy develops, the call for regulation is getting louder. In some instances, regulation is already making steady progress. For example, in Queensland, Uber is held to similar insurance stands as commercial taxis. However, in regards to Airbnb, the regulation is thin. The rooms rented with Airbnb are not subject to the same standards of hotel rooms.
Airbnb hosts are not held to the same standards as a hotel chain. Hotel chains are held to certain licences and certificates in order to provide a quality service. Airbnb has yet to find an equivalent. The other problem rising with Airbnb is hosts buying apartments, just to rent them as Airbnb rooms. So, basically turning your apartment floor into a hotel. The last thing you want to see in the halls of your lovely room is hordes of tourists.
Without regulation standards for service, there may be instances where the quality of the product or service doesn’t live up to the description. Of course, this can still be problematic in the regular marketplace as well. However, the risk is higher with the sharing economy. The sharing economy certainly offers plenty of quality products and services, but sometimes you may find yourself caught in a less-than-satisfactory purchase.
With less regulation, there may be more risk to your safety. For example, Airbnb hosts may not have the standard safety equipment you would see in a hotel. However, with Uber, there is more accountability with a drivers licence, regular vehicle checks and window stickers identifying Uber drivers.
The sharing economy is growing and growing fast, and regulation has yet to keep up. However, with awareness raising and the call for regulation growing, government bodies will soon respond. Unfortunately, there is always a catch; more regulation usually equals a higher price. So, keep track with the latest news coming out the sharing economy.
The sharing economy is a driving force that is not slowing down. In the coming years, we can expect to see a decline in transaction costs. Technology like robotics, blockchain and interconnectivity are set to reduce the friction and hassle of buying online. Soon buyers and sellers will be able to interact without intermediaries, eliminating the friction from the shared economy.
The future is bright and coming fast, so stay tuned for the latest hot news coming from the shared economy.
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