Adapting to the Sharing Economy Harvard Case Solution & Analysis

Conventionally, the consumer preferred to have the ownership of a product while using. Fluctuating economic conditions of individuals and increasing number of consumers, have developed a new dimension, “sharing economy”, for the utilization of the product rather than embracing ownership because as now most of the time, they do not have easy access towards the particular product.

However, estimation of the market share of this nascent sector varies substantially, it has created a serious threat to established industries. Airbnb Inc. is one of the examples that had successful startups in this collaborative consumption system. Social media, mainly geared this new system where most of the individuals have eager to share their ownership. To exploit the untapped potential residing in goods, which are not utilized by owners, have been the core reason for the growth of this industry.

The author has derived the six most efficient ways, after a research, to combat this serious rapid growth of the sharing economy and to respond, (1) by providing an additional benefit of repair and maintenance that usually does not exist in this sharing system, (2) by adopting sharing system to target an entirely new market segment, (3) by promoting and selling only the use of the product rather than complete ownership, (4) by introducing the new business models that focus and promote the collaborative consumption, (5) by facilitating the customer in a new trend of reselling goods, (6) by utilizing the untapped capabilities and additional resources that are not in the used for the company.

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