Trust: The currency of a new economy?

In a previous blog post we looked at the sharing economy and some examples of businesses working in the marketplace. In this post we’re looking at one of the key elements of a successful sharing economy. Trust. In a PwC survey, 89% of consumer panelists agreed that the sharing economy marketplace is based on trust between providers and users.

Rachel Botsman believes that we are on the edge of a “collaborative revolution” where the currency of the new economy is trust and reputation.

A Collaborative Revolution

She also explores how “trust” and “reputation” are connected and will potentially be more important than our credit scores in the new economy we’re entering! “It’s only a matter of time before we’ll be able to perform a Facebook or Google-like search and see a complete picture of someone’s behaviours in different contexts over time…a real-time stream of who has trusted you.”

“I’ve looked at thousands of these market places and trust and efficiency are always the critical ingredients”

Trust, safety and comfort are fundamentally important to us at RoomForTea. When you book you’re booking accommodation you can trust with a host we have met. Each new host gets verified by a member of the RoomForTea team before they can list their rooms and all guests have to submit references, also verified by a member of the RoomForTea team, before they can book. We want to ensure the safety and quality within our entire community.

“Safety and Quality within our entire community”

What do you think about Rachel’s ideas of a currency of trust and reputation? Let us know in the comments. To find out more about RoomForTea and our verification process check us out at RoomForTea.com, you can see updates on the rooms we have available and the things we find interesting on our Facebook and Twitter (@roomfortea)

Written by Liz Chick from RoomForTea

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