Transform : Millennials, GenZ, and the sharing economy 

#WSH52 Sharing Economy Spotlight

You must have felt it by now, the gradual shift from the old ways of doing things into more modern acceptable forms. The world is evolving, only those born into this changing era or those who can adapt can enjoy these changes. Value, from getting things done easy, as well as making money from this new opportunity, is everywhere. 

While this example could be far into the past, can you remember a time when “calling the neighborhood Baba with neem leaves” was okay ? 

When you got sick, this was an acceptable practice till the 1980’s. Most likely not. This is a result of a gradual shift in the way people consider the practice. With the pandemic in 2020 and the inevitable shutdown of traditional services, another wind of change has blown across India. 

The demonstrated and measurable actions and choices, It’s clear that Millennials and Gen Zs like you, are leading the charge. 

What is the sharing economy? 

If you have never come across this term before, there is no cause for alarm. The chances are that you are already participating in this new economy. Stripping the term of all its technical jargon, it is simply an economy where people jointly enjoy a number of services and goods. Think Netflix Subscriptions. Remember how you and a couple of friends came together to pay for a subscription, then what’s appedd the username and password. That’s it, I think you get the idea now.  

The number of companies offering services in India that promote or participate in the sharing economy has increased dramatically. They range from carpooling services to wedding outfit rentals and even ownership of accessories. This is due to a value shift led by millennials and Gen Z’s.  The sharing economy is now more than a billion-dollar economy, and when you use companies such as WeWork India, Uber, or Rentomojo, you are contributing to this expanding economy and gradually changing the way Indians transact. 

Some of the leading companies in this growing industry

What major companies do you think are leading the charge in this economic revolution? 

Stick around to find out  more, about some of these companies revolutionising the co-working, co-living, shared mobility and rental furniture sectors. 

Hot Desks at WEWORK. Looks like a pre pandemic Image, absence of Masks 🙂

WeWork India : has changed the way people work as a whole in India. Creating working spaces all over the country and letting them out based on need and capacity basis. They offer services across 6 major cities, including Gurgaon and Hyderabad. Their services include private offices, office suites, shared spaces and more. If Aryan has a startup, and unlike the traditional set up tasks involved, where he has to get an office space for an exorbitant fee where he is restricted, he can now choose WeWork. Aryan starts with Hot desks, get a shared working space or an office suite, if he has a small team at an affordable price. This arrangement is stress-free and convenient for businesses that do not need so much physical inventory. WeWork India has also placed safety guidelines to prevent the spread of Covid-19. 

Stanza Living : Buying and Furnishing your own house, was the safe and only way of getting a house. Things are changing in India, as younger people are choosing to live far away from their ancestral home town. They travel for studies, or work. As a result of this, renting spaces (not just flats, but rooms) has become a booming business space in India. A big player in this field is Staza Living. Their tag line is   “Stanza Living will become your second home”.  Stanza living has seen tremendous growth in just 3 years of operation. Their services include various types of living spaces, including student hostels. Now Protima, of Nashik,  does not have to worry about getting stuck when she leaves for college to Pune. She might miss home but would have a convenient space comfortable and easy to manage at her disposal.  There are an increasing number of  companies also offering similar services. This form of living arrangement heavily reflects the changes going on in India.  

Uber is synonymous with the mobile taxi service in india. Uber came into the scene in the United States, and there was a massive shift in the way the transportation industry continued to operate. In India, we are seeing a repeat of the same. Gone are the days when Ashish, a wealthy Industrialists son, was dreaming of owning and showing off his fleet of cars. Now, the demand for cars that would not end up being used for a longer percentage of their owners is being dropped. More people are opting for ride-hailing services like Uber, Ola, Shuttle and the likes.  Services like Uber provide the comfort of a car and transportation to your destination at an affordable rate. These services also help provide employment for drivers, and car owners who can let out their vehicles or time to drive the vehicles.   

Image from Wedmegood.com : The Stylease BRIDAL WEAR RENTAL SERVICE

Rentomojo : So Raji and Aadhya want to get married. They have rented a location for the wedding, and almost every other wedding preparation has been taken care of, but the budget only include a fraction of the wedding gown for Aadhya. In times past, this would be taboo, but at a fee dependent on the length of time for hire, She can get a wedding gown from Rentomojo and return after the wedding. Studies have shown that young couples comprising more millennials and GenZs have a higher tendency to rent their household furniture rather than buy it. Wedmegood.com has a blog on 10 best places to RENT a wedding outfit. It’s a sign of the times. This trend is on the rise as people are more willing to hire things they will use for a shorter period than buying those same items.  Rentomojo has goods open for rent ranging from home furniture to electronics and appliances. The time frame for renting and using goods from Rentomojo varies and depends on your agreement with them.  

These four companies discussed can quickly help you gain insight into the world of sharing economy in India, the various industries joining in, and how the younger folks are significant drivers in this economy. It is pretty noticeable that Gen Z and Millenials make up a substantial percentage of clients for many of these service providers. At the end of the day, the sharing economy will continue to gain ground as more people begin to see its benefits and maximise its services.

If you have more thoughts on actionable ways young India can use the sharing economy to it’s advantage : ping us here, or tag us on @wshdom with #WSH52 on twitter. Join the conversation.

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