The answer is A Sharing Economy
One current consumer trend is consumers who allow others to borrow a good or service for a small fee, usually done on an online platform. This is referred to as a Sharing Economy.
What is Sharing Economy?
- The sharing economy is a business model described as a peer-to-peer (P2P) activity of purchasing, delivering, or sharing access to products and services that are frequently enabled by a community-based online platform.
- The sharing economy lowers the cost of living for customers.
- Extensive and evenly dispersed supply-side participation in the sharing economy keeps pricing fair while also removing the need for consumers to own all of their things.
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