For people of middle and pension age will be not clear why youth prefer renting something instead of buying it. Not all of them are familiar with the sharing economy models to take into account. Young people think that some things that they are not going to use often are reasonable to hire for some time. It is a really good idea if even we speak about money. But this is another story to tell.
The sharing economy develops very fast. There are numerous borrowers and lenders throughout the world who would like to rent or lend something. The BorrowPort company, having been considered as a representative of the sharing economy sphere of activities, found out four key reasons why the boom of rentals takes place right now.
Reason 1: Development of digital devices and platforms
The era of digitalization started at the end of the 20th century and continues right now. It goes without saying that people are interested in new solutions that are available with the help of digital platforms, websites, and present-day service providers. The basis of the sharing economy business model is this very spread of advanced marketplaces and other sources of information, goods, and services.
Most of the transactions and other operations are undertaken on consumers’ demands. That is why to find the object of your interest is even easier than you could imagine. Additionally, rental service providers try to meet all the requirements of their clients. And now we speak not only about borrowers but about lenders too. The first party of the peer-to-peer deals is able to borrow any item of his/her interest fast and risk-free with the help of several clicks using some marketplaces. And the second party gets profits, having offered some goods to rent.
To sum up, the 21st century is an era not only of innovative technologies and new approaches to business models but the time of new-level interaction, cooperation, and profitable deals.
Reason 2: Material Resources Are Used More Effectively
Modern consumers face overchoice but get used to spending their money reasonably and rationally. If you are searching for a wedding decoration set, it is much more budget-friendly to rent it and stay pleased with the best day of your life. You will not use floral compositions, stars, boutonnieres, and other attributes the next day after your wedding ceremony. That is why people rent cars when they are traveling, hire drones and video facilities for special events, and so on.
The sharing economy became a number one solution to save money or even to earn them if we speak about lenders. This way your professional video camera becomes your supplementary asset investment that makes a profit every month people rent it on the peer-to-peer platform!
Reason 3: New Consumer Demands and Requirements
The sharing economy business model meets modern consumers’ expectations. They love its approach to deals and rental interactions. They stop purchasing audio facilities to record an invitation or a motorbike to arrange a photo session. They choose to opt for a reliable peer-to-peer marketplace and unlimited capabilities provided by the numerous sharing economy business models.
By the way, the era of private advertisements and faceless companies also come to an end. The present-day consumers prefer the sharing economy because:
- All the deals are protected by the rental service providers;
- Modern marketplaces are extremely user-friendly and experience-driven;
- There are many customization options like local rentals, notifications, filters, etc.
- Fast navigation and individual approach to each client (borrower and lenders).
Reason 4: Urbanization and Globalization
These social changes also support the conception of the sharing economy. Both urbanization and globalization caused the emergence of online marketplaces and new opportunities for service and product sharing. Megapolises and very populated areas are the best locations to rent and end anything.If you agree that all these 4 reasons forced the sharing economy development, join our team and become one of us. The BorrowPort marketplace is the project of the future where people can save their money and time together with new earning capabilities to try.