Sharing economy

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Understanding the Sharing Economy: Definitions, Models, and Impacts

Definitional Dilemma in the Sharing Economy

The term "sharing economy" encompasses a broad range of activities and business models, leading to varied and sometimes conflicting definitions. Researchers have identified multiple terms such as "collaborative consumption," "gig economy," and "access economy" that further complicate the discourse . A consolidated definition, integrating 84 semantic facets into 18 characteristics, has been proposed to provide clarity and coherence for future research.

Business Models in the Sharing Economy

Novel Business Models and Revenue Streams

Sharing economy firms operate with innovative business models that diverge from traditional ownership-based models. These include singular transaction models, subscription-based models, commission-based platforms, and unlimited platforms. These models enable peer-to-peer access to goods and services, often facilitated through digital platforms. The diversity in business models reflects the flexibility and adaptability of the sharing economy to various market needs and consumer preferences .

Sector-Specific Insights: Accommodation and Transportation

The sharing economy is particularly prominent in the accommodation and transportation sectors. Companies like Airbnb and Uber exemplify how sharing economy firms can disrupt traditional industries by offering more flexible and often more affordable alternatives. These sectors highlight the sharing economy's potential to reshape consumer behavior and market dynamics.

Stakeholder Motivations and Participation

Economic, Social, and Environmental Impacts

Participants in the sharing economy are motivated by various factors, including economic benefits, social interactions, and environmental considerations. The sharing economy can reduce redundant production and resource possession, contributing to sustainability. However, it also presents challenges such as regulatory gaps and potential inequalities .

Community, Access, and Collaboration

The sharing economy fosters community building, enhanced access to resources, and collaborative consumption. These elements are crucial in redefining economic activities and challenging traditional notions of ownership and consumption. Despite its potential to democratize access to resources, the sharing economy can also mask new forms of inequality and polarization.

Sustainability and Future Research Directions

Sustainability Frameworks

The sharing economy is seen as a key component in the transition towards sustainability. Researchers have developed comprehensive frameworks to categorize sharing economy activities based on shared goods or services, market structure, market orientation, and industry sector. These frameworks help in understanding the social, economic, and environmental avenues of the sharing economy and guide future research and policy interventions.

Research Gaps and Future Directions

Despite the extensive research, there are still under-explored areas within the sharing economy. Future research should focus on the digital transformations of the economy, the role of human-computer interaction (HCI) in facilitating sharing activities, and the long-term sustainability impacts of sharing economy practices. A robust, theory-informed research agenda is necessary to coalesce multi-level perspectives and address the complexities of the sharing economy.

Conclusion

The sharing economy represents a significant shift in how goods and services are accessed and consumed. While it offers numerous benefits, including economic savings, social connections, and environmental sustainability, it also poses challenges such as regulatory issues and potential inequalities. A comprehensive understanding of its definitions, business models, and impacts is crucial for leveraging its potential and addressing its drawbacks. Future research should continue to explore these dimensions to fully realize the promise of the sharing economy.