Why buy when you can share? Welcome the sharing economy or peer economy, or as academic would have us call it “collaborative consumption.” The sharing economy follows a “what’s mine is yours, for a fee” ideology and we have to agree, it works! Shared office space in bangalore.

How? Various online portals match owners with renters; GPS enables the renter to locate the nearest rentable option; social networks allow both parties to conduct background checks before initiating a deal; and online payment systems take care of the billing. It’s easy as pie.

Sharing a space

Airbnb is the poster kid of the sharing economy. The service was launched in 2008. It involves a traveler renting a room, home, or even a castle at their holiday destination.

Sharing things

Services like SnapGoods connect two groups of people: people who have things to lend and those who want to borrow. The products could range from food processors to camping equipment.

Sharing commute

Carpooling or UberPOOL is now a thing. UberPOOL, for instance, lets you share your ride and split the fare with other users going in the same direction as you. The same can be said for Ola’s version of the carpool, Ola Share. Services have rendered public transportation like taxis and buses unnecessary.

Sharing workspace

With increase in the number of micro businesses and startups, co-working spaces are gaining popularity, too. These spaces rent out fully furnished workspaces to fledgling businesses and freelancers as well. Their services range from fast Internet connections and personal cubicles to conference rooms equipped with state-of-the-art facilities. They present a far more favorable option to businesses that are too big to work from a living room yet too small to accumulate the capital necessary for a privately owned office.

The peer economy is smart, practical, and lets you share everything from that old guitar you’re not using to your cozy home! It is taking off because people have come to realize that sharing something is an economical option than buying one and leaving it to collect dust. Why buy an iPad when you can rent or share one from somebody who rarely uses it?

The market is filled with underutilized goods and services with buyers lining up for them. Shared assets immediately become a lot cheaper. That’s not all! Sharing stuff helps the environment, too! How? It cuts down the overall use of resources.

And you’ll never guess the last benefit the peer economy has to offer. It’s a social one! That’s right! Peer-to-peer sharing will force us to be social. For all you know, your neighbor Miss What’s-Her-Name is selling or renting out that bike you’ve always wanted! You may now strike up a conversation with her on your next lift ride together.

All these benefits and services tell us one thing loud and clear: The owner-ship has sailed. And it’s time for us to pull out our handkerchiefs and bid it adieu!