Sharing economy can be defined as the socio-economic system which is used to describe the social and economic activities. Shared economy is also known as peer economy, collaborative consumption or share economy. The shared economy can also be defined as the online platforms through which the people share the resources and get access to the assets. Nesta has estimated that around one-fourth of the adult population of the United Kingdom have shared their resources and got access to their assets over the internet. Further, it has been calculated by PwC that the value of the sharing economy of the entire country is around 9 billions of pounds. This value has been aimed to be increased up to 230 billions of pounds by the year 2025. PwC has also said that around three-fourth of the entire population of the UK would share their assets with each other if it were suitable and simple for them. There are lots of opportunities for most of the businesses and entrepreneurs as well for sharing their assets over the internet.
The shared economy of the United Kingdom is completely driven by the millennial because the millennial does not look at the albums and the scrapbooks like the old generation people. Instead, the millennial just goes to the Facebook profiles of their friends and check out the memories from the past years. Thus, the millennial is completely different from the older generation people. Apart from this, millennial also has the sharing behaviours in the workplaces. Thus, the rise of the millennial has resulted in the better and more sharing economy. Hence, it would not be wrong to say that more the millennial in the country, more the value of shared economy of the country. It has been found that most of the people on the board of sharing economy are the millennial. Thus, the majority of the sharing economy of the United Kingdom is driven because of the millennial only. Hence, it would also be very appropriate to say assume that the shared economy of the United Kingdom would be almost worthless if the millennial is removed from the country.
The sharing economy of the United Kingdom appears to have important tractions among all the people in the country who frequently use the internet. It has also been found that most of the internet users in the United Kingdom have tried for at least once for sharing their assets over the internet. Out of these internet users, most of the people were the millennial which means that the younger are showing much more interest in the shared economy than the aged people. Thus, the sharing economy has increased a lot among the young people in the UK and also it has changed the start-up scene in the country. The increased usage of sharing economy over the internet is bringing positive change to the start-ups in the UK.
The sharing economy is completely related to peer to peer because the people interact face to face in sharing economy for sharing their assets and there is no mediator. This person to person direct interaction has increased a lot among the people of the United Kingdom over the past few years. The sharing economy has increased in many of the fields such as mobility, food, education, home and office, leisure/travel and much more. The rapid increase of sharing economy among the people has proven that it is really a very good idea which has connected many of the people in the UK.
The shared economy in the United Kingdom has benefited many of the young people and the start-up businesses. For example; there are many of the old businesses in the United Kingdom that have stopped using their assets because of several reasons. The revenue generation from those assets has also fallen to zero. The young people and the start-up businesses have implemented on such an idea that they have utilised those start-ups of the old companies. This utilisation has brought a two-way benefit for both of the businesses because the start-up business has found a valuable asset and the old business has started generating revenue again from their assets. Thus, it can be said that sharing the assets among two or more businesses or companies have benefited the start-up businesses a lot. Hence, the sharing economy in the United Kingdom has become much popular among the young people as it has changed the entire scenario of the start-up businesses in the United Kingdom.
There has been a huge rise in the peer to peer businesses in the United Kingdom over the past few years which has motivated the young and altered the startup scene in the country. Uber and Airbnd are the two of the mostly used online sharing platforms that have grown at such a higher level. Also, there is a huge contribution to the sharing economy in the GDP of the United Kingdom. The historical models of overall consumption in the United Kingdom have also changed because of the rise in the shared economy in the country. The United Kingdom has modified into such a country where access trumps the ownership nowadays. This has all happened because of the reason that the sharing economy over the internet has increased a lot in the United Kingdom, and the young people are implementing this idea very frequently.
The start-up businesses as well as the settled up businesses have started growing even faster than before in the United Kingdom. The growth rate of these businesses has increased only because of the reason that they have implemented on the idea of sharing their aspects with each other. It has been found that the size of the shared economy of the United Kingdom has reached to billions of pounds with most of the business shared their assets. Further, it has also been estimated that the size of the shared economy of the United Kingdom will reach to trillions of pounds in the coming years. The graph of the growth rate of the businesses in the United Kingdom has provided the positive results for the country. This means that the growth of the country has never decreased because of the sharing economy behaviour among the businesses in the United Kingdom.
The millennial in the United Kingdom has utilised the idea of sharing economy in such a way that has helped them to grow their businesses at higher rates. The productivity of the start-up businesses has also increased because of the sharing economy technique in the country. Thus, it can be said that the sharing economy of the United Kingdom is surely on the right track. Most of the business models of the start-up businesses in the United Kingdom have a base of sharing economy. It means that most of the starts up businesses have grown because of their shared economy with the other businesses. The success has become possible for the start up businesses only because of the shared assets. Hence, it would be appropriate to measure the success of the start-up businesses in terms of the sharing economy.
The most important benefit of the sharing economy in the United Kingdom is that the sharing economy has promised to provide new, different opportunities and even greater flexibility for the workers. It also provides the flexibility in the workplaces for all the businesses and creates new services. Another important thing about the sharing economy in the United Kingdom is that it allows all the people to rent anything. It has resulted in a great increase in the value of the peer to peer market of the United Kingdom. Thus, the online sharing platforms have benefited a lot to the people in the United Kingdom out of which the young people are taking most of the advantages of sharing economy.
There are many of the economic and non-economic advantages of the sharing economy in the UK. The idea of sharing economy allows the people of the United Kingdom to make money over the internet from their underused assets. It means that people can earn money by giving their assets on rent to the genuine customers. In the same way, the people who have just started up their businesses can also take the advantages of these assets for their businesses so that they will not have to spend much money on the new assets. Spending much money for the start-up businesses may not be suitable for most of the businesses. Finally, it would not be wrong to say that the sharing economy has played a role in the first step of success for most of the start-up businesses in the United Kingdom.