A common academic definition of the term ‘Collaborative Economy’ refers to a hybrid market model of peer-to-peer exchange. It is also known as collaborative consumption, sharing economy or peer economy. It may take a variety of forms, including using information technology to provide individuals with information that enables the optimization of resources through the mutualization of excess capacity in goods and services.
Collaborative consumption as a phenomenon is a class of economic arrangements in which participants mutualize access to products or services, rather than having individual ownership.
The collaborative consumption model is used in online marketplaces such as eBay as well as emerging sectors such as social lending, peer-to-peer accommodation, peer-to-peer travel experiences, peer-to-peer task assignments or travel advising, car-sharing or commute-bus sharing.
Isn’t this topic Interesting? Thus we took it as our topic for Konvoconnect. Read on to Discover some amazing insights and responses from our community!
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Q1: What do you understand by Collaborative Economy?
“Economic hybrid model of peer-to-peer exchange.” @Kartik__Kartik
“Also known as sharing economy & collaborative consumption means a hybrid market model of peer-to-peer exchange.” @Pandya_Khushbu
“Coming together of collective community participation on an initiative” @osx_ail
Q2: How has sharing economy affected big businesses and government?
“It has made disruption in traditional concepts, bringing new ideas, concepts, start-ups & new business models.” @Pandya_Khushbu
“Seems it affects big business & government t as they offer disruptive solutions to prevailing issues in said sector, AirBnb, Uber” @osx_ail
“More information shared on an online platform can lead to greater trust between users. Sharing economy is increasing day by day. It is estimated to grow from $14b in 2014 to $335b by 2025.” @Kartik__Kartik
“The problem that I come across is, it can isolate the whole country and grow only a small size community if not done well.” @GaneshJAcharya
Q3: How does sharing economy boosts local businesses?
“Sharing economies allow individuals and groups to make money from under-utilised assets. This gonna help each and every local business to grow. It is like, “I don’t need a drill, I need a hole in the wall.”@Kartik__Kartik
“It helps businesses complement each other with newer & creative collaborations offering disruptive ideas to the community.” @Pandya_Khushbu
“By being able to collaborate and work with others (p2p) to focus on their objectives and not compete with BIG business.” @osx_ail
“Businesses today believe in collaboration rather than competition. They complement each other.” @MalharBarai
“Enhance exposure by providing a glocal play for businesses.” @1DigitaLife
Q4: What is the role of sharing economy in developing nation’s like India?
“Branding & Awareness for local businesses remains a critical element for success that is offered in a sharing ecosystem” @1DigitaLife
“Collaborative economy is an ancient concept. The 4 varnas were asked to look at each other as a single Purusha. But unfortunately it was misunderstood and the nonsense of higher and lower etc corrupted the economy. The collaborative economy is a great one until some among it start to misappropriate the economy.” @GaneshJAcharya
“It will help to increase jobs, better utilisation of skills & talent, increase transparency, use of digital tools and tech.” @Kartik__Kartik
Q5: How do you predict future of businesses with collaborative economy updates?
“Having hurdles in India sharing economy is growing rapidly. Need to maintain consumer trust and Quality of product.” @Kartik__Kartik
“Unsure if we can make predictions in this instance, should just hope people continue to be more innovative, ignoring barriers.” @osx_ail
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