Critical success factors behind the sustainability of the Sharing Economy
Institute of Electrical and Electronics Engineers
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Whether you are renting a text book (textbookrentals.com), sharing a ride (Uber), or looking for a safe and convenient place to spend the night (Airbnb) you are part of a growing economy referred to as the “Sharing Economy”. There are an increasing number of emerging startups that have embraced this economic model and have become giant enterprises with record-breaking revenues in an abnormally short period of time. But is the Sharing Economy sustainable enough to grow and prosper in the future? This paper investigated the critical success factors behind the promising prospects of the Sharing Economy and concludes that the Sharing Economy is a sustainable economic model. There are various factors behind this premise such as a new emerging class of consumers with a keen interest in sharing; price consciousness; a robust business model; a growing perception of the eco-efficiency of the sharing economy; and an emergent business-to-business (B2B) sector that contributes to operating at maximum capacity. All the aforementioned factors coupled with advances in information technology and software engineering, especially in social media and digital platforms, have created a unique environment for the growth and acceleration of the sharing economy.