How Trust can Strengthen Future of Sharing Economy?

It is a well-known fact that sharing economy is booming nowadays. Trade pundits are predicting that the growth of sharing economy will potentially twofold in 2017. This means, currently around a quarter of US, Canada and UK population is engaged in some type of economic sharing. It could be anything such as renting extra bedroom on Airbnb, availing spare driveway on JustPark, renting car through RelayRides or getting a prom dress from Rent The Runway.

The Element of Trust in Shared Economy:

It is true that sharing is not just time-saving but it is a good way to make money. However, we cannot overlook the element of trust in this context. Without trust, this fastest growing economy cannot survive. Trust allows people to rent out their property, vehicle or clothing to someone they haven’t ever met in life and most probably don’t know.

However, trust is also among the biggest concerns of availing shared economy services. As per the study from Pew Research just 19% of Millennials believe that they can trust strangers while this rate of trust is higher with 31% in GenX’ers. For shared economy to blossom and flourish, this rate has to be doubled otherwise the peer-to-peer marketplace culture will never develop as strongly as it is being touted.

Why Trust is Important?

Shared economy requires very reliable and creative ways to do business and unless there is trust involved, nothing would matter. For this, strong values, policies and standards need to be devised. Through trust only can shared economy continue to expand and companies are definitely opening up to this aspect. In 2013, Airbnb implemented identity verification method to its site, which not only improved transparency of its operations but also greatly reduced the underlying fear that every customer naturally has while doing business with complete strangers. This trend has to be followed by every other company trying to increase customer base. In today’s era where scams and phish attacks are so common, identity verification is something that can help in building trust among consumers. For instance, if a rental company cannot prove that the drivers they send to their clients are trained and licensed, then how can customers trust them?

How to Ensure Better Future for Shared Economy?

The answer is simple; through building trust. This depends upon devising strategies that helps users gain trust upon the company. It must be noted that the shared economy model is based upon peer-to-peer philosophy whereas the traditional business model is business-to-consumer. Identity verification is important to generate the first layer of trust between the company and customers. In this regard, technology can come in extremely handy. Using valuable data can be enormously helpful in generating the mutual feeling of trust.

Why Sharing Companies is the best?

Building a relationship of trustworthiness with clients is important to make a mark in this field and has managed to do that. We have collaborated with the most reliable and dependable shared economy companies to ensure that clients always get what they want. For us, maintaining positive reputation is main priority, which is why we ensure transparency at all levels.