Essay
Sharing Economy
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Sharing economy-Uber an example. A well defined economics term essay.Use this essay to describe other things and understand major economics concepts.
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Sharing economy- The case of UberThe topic that I am going cover is the case of Uber an upcoming firm in the
sharing economy. The market for sharing economy has increased
tremendously in the past years. The global sharing economy is valued at $26
million in 2013 and is supposed to grow to $110 million by the end of the year
2014. The sharing economy is an economy where peers can purchase goods
and services from each other through an online platform. The basic idea that I
would focus on the essay is about the key concepts used by Uber to increase
its market share and focus on the key economic concepts behind the idea.
The essay would contain the techniques used by the company’s brilliant
pricing strategy, the methods that make it above the crowd, the data science
used, techniques used by the company against the competition, and the
market design of the company.
Uber is a venture-funded company, which was started in the year 2009. The
company ventured in to the carpooling industry as it was growing market. A
study found out that 95 percent of the rides could be shared, Uber launched
its carpooling service which could decrease the number of cars on road. Uber
has tried to grow quickly both globally and locally.
Uber is trying to be the major leader in the carpooling industry and is trying to
dominate the market. In the case of Uber the company is trying to create
a tipping point that is, it is trying to gather a large amount of user base
so that the value of the product remains less than that of the price. As
soon as the user base grows in number the customer would give
preference to the value of the product more rather than the price. A
customer only purchases the product if the price of the product is lower
than its value. Uber has decreased its prices so that it can attract a
large variety of customers to use its services. It would help the company
expand its user base and more users to use its services. The key
strategy used is zero pricing so as to have a higher user base.
For a firm to be successful in the online market it should have what the
existing firms do not have and the new product should be compatible with the
existing products. In the case of Uber the company has made a cut in prices
so that becomes the cheapest taxi service and becomes popular. The key
concept to conquer the multi product market is compatibility. Each and every
firm should be compatible with one another so that they can work
simultaneously.
Uber has used a lot of strategies to enter the market. Uber has decided to cut
its competitors on price. Uber launched the UberX which was the cheapest
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