Industries Leading the Sharing Economy: Available on Medium

The sharing economy is an increasingly popular space in the UK, promoting the reuse and renting of goods and services. It reduces our reliance on creating and consuming new materials, often providing more sustainable alternatives to traditional options – so you can see why we love it!

The next installment in our sharing economy series

In the previous article of our series on the sharing economy (available exclusively on Medium), we delved into the origin and growth of the sharing economy in the UK. In the newest addition, we talk about the industries that are currently dominating this space and the reasons why some are particularly well suited for this growing trend.

The UK is positioned as the hub of the sharing economy, contributing to about a third of all sharing economy activity across Europe. Top brands include AirBnB, Uber, Lime, JustPark, OLIO (listen to our podcast with the founder here!) and many more. They have been propelled into the mainstream, making it increasingly hard to find a person who hasn’t interacted with at least one of these companies. When we say that these brands are successful, we’re talking big numbers! AirBnB alone generated a revenue of almost $5 billion in 2021. So what is it that these brands have in common to find such success in the sharing economy? And how can future businesses achieve such heights for themselves?

What is included in the new article?

We explain how industries that reduce ownership and waste by allowing people to pool their resources particularly suit the sharing economy. Communities are built as shared experiences are promoted, which improves trust in the brand and in other people across the country. Industries that offer remote and flexible services that use people’s time and talent more efficiently also find particular success. This is a particularly important aspect since the Covid-19 pandemic and the surge of flexible working and working from home options. Think about the flexibility provided by AirBnB. You can rent out your accommodation at any time that suits you, while at the same time when searching for a property there are options available at any time year-round in most locations. 

Who hasn’t used eBay or Vinted? Sharing and selling of pre-owned goods has become increasingly mainstream, but the sharing economy also covers transportation and ridesharing services, as well as the opportunity to share food within your community and reduce waste. There are factors in common with all of these industries, including convenience, affordability, and their sustainability. Our article debates how technological innovations have supported these industries and created new possibilities, providing new marketplaces for consumers to interact and share with each other. From clothing, to accommodation, to transport, to food, the sharing economy now encompasses a great variety of popular industries. 

Are you interested in the sharing economy?

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