With new apps like airbnb, Uber, and yours truly surfacing every day, the global digital sphere is becoming saturated with different products and services, all of which create extra Noise! Because of this saturation, economic terms such as “sharing economy”, “peer economy”, and “collaborative consumption” are getting thrown around with increasing frequency, effectively making them trending topics.  But what exactly do these terms mean? How do these models function in our everyday habits? And where does OurHood fit in?

The sharing economy refers to the sharing of underused assets or services, for free, or for smaller fees directly between individuals. While peer economy refers to the systems that allow individuals to do this. The implication in a sharing economy is that there is a fundamental shift from realising the value in ownership of goods to realising the value of a unique borrowing/lending system.

This shift in traditional market behaviour can be referred to as collaborative consumption, a phenomenon which would never have been possible before the creation of the internet. Some apps that are making full use of these services include eBay, airbnbUberCouchsurfing, Lyft, and in a South African context, Ekaya. With this in mind, we can identify the way OurHood makes use of these two models in the way we operate.

Since we pride ourselves on being a service that connects you to fellow members of your community in order to share resources, we’re taking advantage of this sharing economy and trying to move away from a consumer-driven society. The OurHood Tradepost function is indicative of this, as it allows you to become a part of the sharing economy by allowing you to lend that power drill gathering dust in your garage to your neighbour who is building a bookshelf.

OurHood will continue to embrace the sharing economy as it grows, using it to continuously improve the service we provide, and help our users get the most out of their experience by allowing them to be a part of the emerging trends, and helping them shape future ones. We’d love to hear what you have to say. Share your thoughts on these emerging economic trends with us on Facebook and Twitter @OurHoodZA.

Connecting Neighbours. Strengthening Communities.

The OurHood Team