Sharing Economy: Life without Ownership
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Disruptive tech has changed the concept of sharing, renting and ownership, Netflix, Uber and Airbnb have shown the way.
A large sharing economy has grown on apps and mobile sites that allow users to rent/share a whole range of goods and services, e.g. designer wear, furniture, TVs and more. The sharing economy is expected grow multiple times in the future.
Millennials are driving the sharing economy. Sharing for them makes more sense than owning. Compared to China, India has a long way to go yet.
The market for growth is drawing entrepreneurs to India. Sharing startups work on the basis that an asset can be used many times. In clothes, for instance, consumers naturally prefer to own their daily wear. They may prefer renting party wear as they would not like to repeat party wear, which makes renting a better idea.
Startups have to ensure quality of product and reverse logistics as well. Startups need partnerships with logistics and other service firms and those that succeed will have the backend such as service and maintenance sorted out.