Introduction to the Sharing & Gig Economy Industry

The penetration of digital technology into all aspects of life is no better represented than in the adjustment of work arrangements that is occurring through the sharing economy. A sometimes-misunderstood term, the “sharing economy” is a system of peer-to-peer services, exchanges or rentals facilitated through a digital intermediary (a platform dedicated to helping consumers find and purchase specific services). Often associated with the ride-sharing company Uber, many goods and services can be provided through similar platforms, such as delivery of restaurant meals; grocery shopping and delivery; personal assistants (such as dog walkers); specialty contractors (such as TaskRabbit workers who will assemble IKEA furniture); and internet-based scheduling of everything from restaurant reservations to heavy equipment rentals. Plunkett Research estimates the size of the global sharing economy at $500 billion for 2023.

There were mixed results for this sector due to the Coronavirus pandemic. Ride-sharing companies saw plummeting revenues because of the shelter-at-home, work-from home environment. Likewise, accommodation-sharing platforms such as Airbnb and Vrbo saw large drops in revenues at first, while people were in shelter-at-home mode, but later saw business return as travelers sought options to hotels. At the same time, meal and grocery delivery services like GrubHub and Instacart soared—they were the perfect answer to closed restaurants and COVID-conscious consumers.

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