BMGT 301 Lecture Notes - Lecture 15: New Class, Making Money, Home Exchange

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The sharing economy characteristics: digital platforms, access over ownership, social interactions. A set of practices and models that, through technology and community, allows individuals and companies to share access to products, services, and experiences. Ex: many people don"t use their cars enough to make it worth it. So, when you share your car, it can be equal to 9 owned cars which would be ,000 of missed revenue. Drivers of collaborative consumption: economic: crisis, unemployment, new generations debt load, technology: internet becomes global, mobile devices and platform, payment systems evolve, social networking, social: increased population density, drive for sustainability, desire for community, generational altruism. P2p transactions- peer to peer new models of consumption, connecting spare capacity. Car ownership and car rental --> car pools and ride sharing. Hotels and hostels --> peer rental and house swapping. Airbnb: multibillion dollar company, > 11million guests in first 5 years. Trust is essential for the sharing economy to work.

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