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The Sharing Economy: Understanding the Opportunities for Growth For the past five years we have seen What it forces is a reimagining of the the rise of a new trend enabled by way we experience, own and buy. If technology. This new trend moves us society went from owning cars to beyond ownership into experience sharing a car in the cloud that was powered by the ability to share. From available only when needed there cars to houses, people around the would be a fundamental shift across world are realising what they can multiple industries, economies and experience without being encumbered society. by ownership. The currency in the sharing economy is This trend is facilitated by advances not just the payment but also trust. in technology. With the advent of the cloud and the move towards quantum computing we can experience more, faster and less expensively. As the world’s leading payments About this report technology company, Mastercard is working to ensure that every one of our products, solutions and services is as digital as the people using them around the world. We are designing rich, innovative, compelling and secure ways to pay and get paid across all channels and devices, redefining commerce globally. Our approach, combined with advances in technology, enables us, together with our partners, to create deeper, more intelligent experiences to enhance how people live, how businesses grow, how cities function and how we build trust in a digital world. Mastercard and The Future Agenda undertook an investigation into the current state and future perspective of the sharing economy. The work commenced in December 2016 and is comprised of: • Desk research of available consumer and market insights • Use of existing Future Agenda insights • Expert interviews • Mastercard workshop with key stakeholders “Facebook, the world’s most popular The Current media owner, creates no content. Alibaba, the most valuable retailer, has no inventory. And Airbnb, the world’s largest accommodation State of the provider, owns no real estate.” Sharing Economy TechCrunch There are many overlapping th definitions for the collaborative 20 Century or sharing economy: here, we will Centralized, top-down be talking about a socio-economic institutions st ecosystem that empowers people to 21 Century share underutilized assets directly with others. (Source: The Sharing Distributed, connected Economy, Good Lab, 2016) communities It all started like an epiphenomenon, but the collaborative economy has become a deep socio-economic trend that is fundamentally changing the way we live our lives and it appears to be here to stay. Why? Not only because sharing is innate to humanity but also because new technology Industrial Economy allows for new ways to share. Collaborative Economy The sharing revolution Four Phases 1 Connect to share information 2 Connect people to each other 3 Connect to share daily thoughts and media Connect to access 4 and share assets The growth of the sharing economy is in six already using it. This familiarity and accelerating, now impacting many sectors use increases in the younger population in many ways. to a one-in-three ratio amongst younger, more highly educated, urban and working The European collaborative economy people. Usage by category varies widely market – as defined by theses five sectors though as only used goods, transport (accommodation, transportation, buying or and accommodation have penetrated selling of goods, on-demand professional beyond 20% in Europe. However, intention services and sharing or renting of goods) – to participate in the sharing economy facilitated €27.9bn worth of transactions is increasing, driven by a willingness to between May 2015 and May 2016, with an make money but also to do good for the estimated 191m citizens engaging in at environment and to build communities. least one transaction involving payment. (Source: “Exploratory study of consumer This is the rise of the Prosumer / issues in online peer-to-peer platform Micropreneur: almost one third of people markets”, European Commission , 2017). who have been on collaborative platforms have already provided a service. That’s According to last year’s EC Eurobarometer, more than 5% of the European population familiarity with the sharing economy is already providing products and services increasing fast, with more than half of through such platforms. all Europeans knowing about it and one Accommodation Transportation Buying or selling of goods On-demand professional services Sharing or renting of goods
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