How do consumers access, buy and use their favorite products and services? The answer to the seemingly simple question is changing. Traditionally, people often see ownership as the most desirable way to have access to products. However, an increasing number of consumers are paying to temporarily access or share products and services rather than buy or own them Customer behavior towards many goods and services changes from ownership to sharing. This transformation of people's consumption, habits has made sharing economy grow and it seems that some individuals and companies have already benefited from this trend.
Growth in sharing systems bas particularly been fueled by the Internet with the rise of social media systems. Anyone can be part of the sharing economy. It is reported that of the 44 percent of U.S. adults who are familiar with the sharing economy, 86 percent say it makes life more affordable, 83 percent say it makes life more convenient and efficient, and 78 percent say it builds a stronger community. The central idea of group consumption is simple: Obtain value which remains in goods or services that are not entirely used by their owners.
A recent survey from Pricewaterhouse Coopers, the largest professional service firm in the world, shows this so-called "sharing economy" is growing faster than ever. Although we are not sure about the current size of this market, by 2025, according to Pricewaterhouse Coopers, the sharing economy could represent $335 billion in profit worldwide. Nowadays, well-known examples of successful corporations built on group consumption systems include Airbnb, a San Francisco-based online accommodations marketplace, and Zipcar, a car sharing brand that is now part of the vehicle rental service company.
The speed of its growth suggests that the sharing economy might represent a serious threat to established industries, due to fewer purchases in conventional markets. For consumers, it seems to bold the advantage to unite cost reduction, benefit expansion, convenience and environmental consciousness in one type of consumption. Companies therefore should understand the new situation and manage their operating system in order to adapt to current and future business models to provide new sources of profits within this growing area of the sharing economy.
