Emerging Trends In The Shared Economy Space in 2017 The number one trend that will emerge in 2017 is that the idea of a shared economy will fall in the consideration set of a consumer's mind

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Entrepreneur India

The idea of sharing is as old as humans itself, perhaps, even older. Shared economy is built around the sharing of human and physical resources; including shared production, distribution and consumption of goods and services. In terms of a business, a sharing business either owns goods that they rent out to their consumers on a subscription basis or via a platform (usually, online) for providers and users to connect with each other for goods and services. This includes transportation services Ola and Uber or hospitality services like AirBnB or Oyo Rooms.

To include some benefits of the sharing economy, other than convenience, is the building is strong communities by sharing the goods and services, providing rental services to people who can't afford to enjoy buying of goods or to those who have no interest in long term usage; flexibility, self-reliance, independence and optimum utilisation of the resources to name a few. It also helps in saving costs because of the borrowing and recycling of assets and services.

Though the idea of a shared economy is in its nascent stages in India, people are excited to try out new things and experiences. And since most services are accessible online, it makes the whole transaction easy, seamless and cashless. The urban population of India - especially the millennials - find it convenient and cost effective to participate in a shared economy.

Having said that, however, shared economy as a way of life hasn't sunk into every stratum, every street, every Indian. For generations, we have been told that the metric for success was ownership. Owning land, a house, a vehicle (or multiple), gold etc. But today's urban generation is transient and far more certain of what they want and how they choose to spend their hard-earned money.

The number one trend that will emerge in 2017 is that the idea of a shared economy will fall in the consideration set of a consumer's mind. What this means is that we book a cab or rent furniture because it makes our life easier (avoid traffic, forgo the painful process of buying furniture or waiting for it) but we still have a long way to go before we come to the logical conclusion that in reality, we don't need to own cars, or furniture, or houses anymore. Because the alternative is hassle free, peaceful and flexible.

Converting a consideration set to a choice can only happen when shared economy prevails all around us and the truth is that this will take some more time since there are a lot of barriers to break - both behavioural and psychological.

In India, till date, the concept of shared economy has been impactful where physical assets are consumed as services (i.e transportation, hospitality) but, as the new world unfolds, a whole new range of services will be introduced to the shared economy such as cleaning, healthcare and other medical services.

Ajith Mohan Karimpana

Founder & CEO, FURLENCO

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

Science & Technology

7 AI Tools to Build a Profitable One-Person Business That Runs While You Sleep

Smart systems to help solo founders scale fast.

News and Trends

India, Germany Unite to Launch Green Hydrogen Hub in Andhra Pradesh

Strategic partnership to empower Andhra Pradesh and Telangana with investment, job creation, and global hydrogen infrastructure

News and Trends

Vivek Oberoi Acquires 21% Stake in Rutland Square Spirits

"India's rich tea heritage will now meet Scotland's time-honoured spirits tradition," said Oberoi. "This project is an exciting bridge between two economies and cultures."

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

Science & Technology

The Deepfake Threat is Real. Here Are 3 Ways to Protect Your Business

The rising use of deepfakes is a growing threat to businesses and society as technology advances. Here are three tips for companies to combat this threat.