Post-COVID reorientation of the Sharing economy in a hyperconnected world

Abstract

ABSTRACT The unbridled propagation of the sharing economy halted abruptly with the onset of the pandemic, forcing sharing economy companies to respond to the new set of challenges faced by them. There were marked differences between the pre- and post-COVID challenges. Post-COVID, sharing economy companies designed novel response strategies including tempering ambitions, adapting business models, designing new standard operating procedures, displaying empathy towards employees and partners, building trust, and sharing information with stakeholders. This signified a reorientation of sharing economy companies in the hyperconnected world where there is a blurring of boundaries as brand experiences and meanings are cocreated by stakeholders. Sharing economy companies would need to focus on different set of values to attain competitive advantage in the post-COVID world – partnership instead of confrontation, nurturing instead of destructive, open and sharing instead of closed, and empathetic instead of uncaring. This can help create meaningful differentiation and provide competitive advantage.