Question

Research aspects of the new "sharing economy" and other modern trends (3) that are impacting consumer purchases/habits. How has Covid and the pandemic impacted the sharing economy? Explain whether these shifts are seen as temporary or permanent. Give examples of the impact on our economy and what is anticipated for our future. (Remember to use 350 or more words)

Answer 1

Sharing economy has brought transitional shifts on consumers & emerging markets backed up by Industry, Commerce & situation, Airbnb, Couchsurfing & their competitors have transformed their entire sectors with changing needs/requirements called creative disruption in only a few years. With the development in major players, indicators in a global economy the trends have changed which as per research made by many research firms as Pwc, Mckinsey & analysis provided in Wall Street Journal the sharing economy has impacted the firm's value to grow manifold whereas per research the sharing economy will impact many sectors of the economy with a need of a new business model.

- As per various research reports the sharing economy & other modern trends impact the consumer habits/purchase as a whole is explained below:

• Protecting the current consumer base is key that ensures the products/services can compete with such a sharing economy means, by collaborating with other firms, sharing economy will involve more innovative services than the traditional firms. To illustrate- Using an IT platform or providing an evaluation based feedback system is where becomes a new trend to understand the shifts on consumers. To remain competitive the traditional firms must need to develop & connect all the modern means of mechanisms to survive in such sharing practices of the economy.
• Development of New business models & strategic partnerships is another trend that focuses on sharing economy by & large, where companies initiate partnerships to test the shared platform as strategic agreements, Alliance to match up the consumer shifts happening globally- For example, PepsiCo has collaborated with TaskRabbit on several occasional promotional purposes & Netflix also has strategic agreements with many telecoms firms before entering new markets to scale up the service successfully.
• Developing sharing economic products is another major trend that the firms focus on providing the access to consumers to sell their products which are no longer in use, provide every access to get connected with them to create the value. For example, IKEA got benefit from such initiatives & the Car Producers as BMW & others are offering the car rental services which gives every assess to cars than ownership via new channels with existing ones to reach consumers at high scale & match their shifts. So it very evident that the firms must anticipate the threats with questioning their capabilities of keeping such pace with these trends impacting the consumer habits/shifts.

-Impact of COVID-19 towards sharing economy, thereby understanding the shifts whether is permanent/temporary & as well impact on the economy with future anticipation is explained below:

• COVID-19 pandemic has impacted the sharing economy with major shifts that are seen on consumer consumption which evolved categories from travel aggregation to ride-hailing, furniture rentals, co-working to food delivery across all sectors, every business & sectors of globally economy is facing many challenges as current & may even face its future.
• Sharing economy will survive even with the pandemic situation but it will not look the same as it was before it, it needs to revamped from scratch to match up the shifts that have & will come with many changes shortly. Connecting all together to make it community optional free for all models, profit-driven & transaction-driven is a key shift that may be seen in sharing economy.
• Impact of COVID-19 towards sharing economy has brought not just temporary shifts but focus on creating permanent shifts from changing every means of working to managing model globally & connecting as well. The sharing economy impacted pandemic focuses on communities led economies that networks local alignment, achieving integrity with sheer collaboration/strategic synergizing of the economy will be key to manage the economy & sectors of the business globally & creating shifts that effects as an opportunity for policymakers as these uncertain times its need of an hour that every countries economy focuses on revamping/restructuring the policies so to match up the shared economy goals with transitional/transactional that has & will happen due to this situation.
• The pandemic situation has changed globally where we live in with many economic shocks on the whole range of working industries to sharing economy that has hit hard at these times & also seen a rise in shared services rapidly globally. Wherewith current uncertainty as prevailing & future being gloomy the shared economy businesses must thrive to keep there working innovative, answer the current needs for development shifts, As many countries lifting the lockdown measures the countries have new opportunities to connect shared economy business that is emerging which they must match it up with trends & focus on capitalizing with time to come in near future.
• As stated by Global Health Organization-WHO until the vaccine for this virus doesn't come we need to live with this keeping all the precautions at hand, this impacts the overall working of sharing economy as by creating the new demand with innovative measures. For example - rising demand for new transport options is key like hiyacar firm is trying to connect peer to peer car hire with keyless technology & pickups that are contactless will be high in demand in future as commuters want to avoid the risk & congested public transport services due to safety & New Normal.
• The current pandemic has put the global economy to halt which it has impacted many industries, startups & business houses to close down due to not matching their profitability goals, the future of this under sharing economy is making the profit as a priority which could see that the industry will transform every means to get in locking of profits to be survival of fittest. Addition to these challenging times another shift in future that can be seen is putting community as core & deliver the opportunities at large where connecting key causes with innovative means, engaging digital means of connecting & working globally, focusing on key environmental concerns will remain important post-pandemic situation as major shifts to take on holistically at global economic front.