The disruptive shifts revolutionizing our economy
If you’re confused, studies suggest you are not alone. Terms like the “sharing economy,” “collaborative economy,” and “collaborative consumption” are frequently used interchangeably, and different people attach more or less expansive definitions to each. We consider the “collaborative economy” as the practice of individuals transacting with each other directly rather than going to traditional companies to serve their needs. Within this new organizational framework, access to, and sharing of, goods and services replace the traditional consumer focus on ownership.
Collaborative Economy expert Rachel Botsman has usefully split this organizational model along four key dimensions: production, consumption, finance and education. In terms of production, individuals collaborate with one another, becoming co-creators and co-producers, pooling their talents and resources and leveraging the power of technology to bring their goods and services to the market. Creative Commission is an example of an online platform that allows music artists to display their talents and companies to select the best resource for their project needs.
In terms of consumption, the market spans a range of companies, from Airbnb (the short and longerterm accommodation rental company) to BlaBlaCar (the French startup that has provided individuals with a platform for sharing long-distance car journeys when they are traveling in the same direction) to GirlMeetsDress.com (an online platform that allows women to rent dresses for special occasions) to zilock. com (where individuals can share tools and household appliances). Indeed, while production and consumption would normally be considered two separate spheres, the power of the collaborative economy lies in its ability to blur a traditional split: consumers are, effectively, also producers.
Inside magazine issue 10, October 2015
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
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