The popularity of sharing economy in China by sharing economy companies
There are so many sharing economy companies in all over the world. In particular china is the frontier to show the better use of sharing economy. To explain the reason behind the popularity and the impact of sharing economy in china, it needs to focus on successful scenarios of the sharing economy and to explain it there must have the importance of the identity theories as well personality that basically attracts many people of china to accept or to use the new innovation of sharing and established it to the consumer mind (Yan, 2017).
In the impact of sharing economy as Sharing Economy Companies, Uber as ride sharing is more popular. China’s sharing economy is already popular and impressive as it has already boasts 12 unicorns which are valued at $1 billion through private firm in the context of sharing space which is more than any other country. (James, 2017)The scenario is like that Didi Chuxing, which has already been bought Uber China division which is the world largest ride sharing company and this is occurred in August 2016. Afterwards it has indented to the Mobike, two bike-sharing allowing customers to park their bikes anywhere and it is shareable bikes in Chinese cities. (Tutoring, 2017)And this could be theory of agreeableness to the user mind that has contributed to the rapid development of China’s sharing economy. And the reason behind this of sharing issue just because of the technological update of china along with government support in this trends (Liddle, 2017).
China is vastly going ahead to sharing economy by its innovative resource sharing by the Sharing Economy Companies like Airbnb. Airbnb is the home sharing industry operating through domestic online platforms Xiaozhu. This home sharing industry is offering for rent from the total of 800,000 properties (CBCNews, 2017). After ride sharing, the home sharing industry has taken place to second in the sharing economy by the eMarketer and have expectation to reach RMB 12.52 billion and generate revenues about RMB 5.7 trillion in 2017. In the concept of identity, here the extraversion personality is judged to the popularity of the home sharing industry (Harsono, 2016). The reason behind the popularity is the infrastructure reform by the government properly along with the legal and regulations laws are developed and followed it strictly. There was huge support from banks, financial institution, police, and architecture along with the government where the government was setting the standards in both infrastructure reform and regulatory practices (Psychologist, 2017).
There is a factor of openness to experience in the identity theory of personality traits, and this theory played a vital role to the consumer of the China because Chinese consumers are uniquely ready to accept the new innovation, they are not legging behind or reject the innovation ideas because they have the derive in the mind to take the or use the new opportunity. (Pennington, 2017)For example: among the 980.6 million mobile phone users, they have the openness to experience in the use or to adopt the mobile payment technology by using apps such as Alipay in the concept of sharing technology. As a result, consumer can purchase or money transfer by scanning QR codes. The reason behind the popularity of the sharing such app technology is just because of the new technological innovation ideas (Cameron, 2017).
The matter of conscientiousness that derives the mind of the consumer to be organized in thoughtful way as benefitted from the product. The sharing economy in China in the form of ride sharing as the means of bike rent, home sharing, clothes sharing as the mean of clothes rent, portable chargers sharing, umbrella sharing as the means of borrowing from restaurant of friend, Tissues sharing, basketball sharing as the mean of sports equipment sharing, napping pods sharing as the mans of hourly hotel sharing, all the above innovation are the organized thought that may benefit the customer in the concept of conscientiousness theory (Huang, 2017).
For example: Duolayimeng the largest cloth sharing company that is contributing with 500000 garments to the stronger of the china sharing economy. The sharing of umbrella has got more popularity as it cost $4.3 to purchase a new umbrella, but to the sharing cost is around $0.07 per hour. That is obviously an advantage for customer to be benefitted at lower cost of service. Again, the matter of portable chargers which is cost $12 to buy a new one but the sharing cost is almost $0.15 per hour though there is a free trial of half an hour. That is also lower cost to get the service. Thus form the above two example it is found that the popularity of sharing economy in china is more popular as it is helping to get the product or service at the lower cost.
References – Sharing Economy Companies
Cameron, 2017. Sharing Economy Companies: Conscientiousness. [Online]
CBCNews, 2017. Inside China’s booming sharing economy. [Online]
Harsono, H., 2016. Embracing the sharing economy for growth in China. [Online]
Huang, E., 2017. Sharing Economy Companies: Bikes, balls, and beds: All the things you can use in China’s frothy sharing—no, rental—economy. [Online]
James, 2017. Why a Bust May Be Near, China’s Booming Sharing Economy. [Online]
Liddle, J., 2017. China’s Sharing Economy. [Online]
Pennington, J., 2017. The numbers that make China the world’s largest sharing economy. [Online]
Psychologist, 2017. Openness to Experience Personality Trait. [Online]
Tutoring, 2017. Agreeableness in Personality. [Online]
Yan, J., 2017. China’s Booming Sharing Economy. [Online]
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