1. Introduction

This critical review uses the latest sharing economy development; taking the Elgar ‘Handbook of the Sharing Economy’ of Belk et al. (2019) as the primary reference.

Sharing economy facilitates the exchange of goods and fast services without the need for transferring ownership. With the advent of COVID-19 pandemic almost all sharing economy business models were affected, similar to capital economy business models. Sharing economy organisations showed that they were only a manifestation of the capital-based economy, and they were only surviving on profit-differentiation efficiency. Buheji (2020a).

The World Economic Forum (WEF) described that the coming this decade is the decade where we are going to shift from ‘sharing’ to the ‘sharing economy’ (WEF, 2017). Maybe this is due to the speed of digital platforms that sharing economy business models are here to stay. This Handbook explores the nature and direction of the sharing economy, interrogating its fundamental dynamics and evolution over the past decade and critiquing its effect on society.

The lockdown and public health emergency shocked the world of business that is not innovative and creative enough in using sharing economy principles; thus more efforts need to be established to differentiate the effectiveness and the capacity that capital-based models. Buheji (2020a).

In this critical review sharing economy along with its benefits are defined and explained by the type of business models available before the outbreak of the COVID-19 pandemic, Singh (2020). Sharing economy creates interdisciplinary creativity; therefore, its potential to bring opportunities among the crisis is much higher than any other available. Buheji and Ahmed (2020), Arvidsson (2018).

The new normal of post-COVID-19 pandemic re-aligned the mindset about the importance of sharing within the community. The community-driven sharing economies can be considered one of the most important tools for creating positive change and inspiration. Buheji and Ahmed (2020b).

Sharing- and resilience-economy found to be of importance to both mitigating the risks on the psychology of lockdown and the gig economy workers. The literature review concludes with the possibility of new changes in attitudes that emphasis scarcity mindset and therefore call for the need for more engagement with the communities problems.

2. Literature Review

2.1. Definition of Sharing Economy

Sharing economy is an economic ecosystem concept that is based on a variety business models that engage individuals and organisations renting-out or sharing their assets, Görög (2018). Usually, most of the sharing economy models involve a platform that connects buyers and sellers through apps. None of the apps business companies own the assets which define their business, but simply act as an intermediary connecting one party to another. The Economist (2020), Belk et al. (2019), Arvidsson (2018).

Sharing economy is driven by the simple principle of sharing rather than owning resources in ways that help build trust with the community, and improve the environment. The lifestyle movement that came with sharing economy and all its business models came to solve the paradoxical nature, Buheji and Ahmed (2018). The economic part of the model can be re-embedded into the social life targeting to bring better citizens and a better society. The platforms utilise digital scoring to reflect the sharing efficiency and effectiveness. Görög (2018).

Sharing economy depends on platforms that measure scores of the behaviour that helps further planning. Thus, they became a reference knowledge base for social engineering initiatives. Some of the most popular sharing economy business models’ examples include: Uber which connect customers and taxi drivers in specific locations, AirBnB which connects people seeking hospitality services with informal accommodation, and Zipcar which is a short-term car rental where cars are left in designated parking spots throughout the city. Belk et al. (2019).

2.2. Sharing Economy Business Models before COVID-19

Sharing economy in this era is used as a thirds party technology platform that facilitates the exchange of goods and fast services. The existing sharing economy business models before COVID-19 are focused on platforms that use technological breakthroughs which are being enabled by the apps of companies. Singh (2020), Buheji and Ahmed (2018).

Though a truant complier of regulations; sharing economy brought indispensable implications of both formal and informal sector. This economy has been on a steady thrive since its inception in the early 90’s of the last century due to its utilisation of dormant private assets as a stream of services.

Sharing platforms link consumers with resources, thus facilitating value in affected communities. Such platforms have the potential to move communities towards increased trusts. Arvidsson (2018), Hamari et al. (2016).

Failure to incorporate and balance the hybrid nature of sharing business models leads to the collapse of the platforms and their related practices. Thus, the learning here is that any sharing economy successful model needs to have platforms or similar part in the business model that would shape the behaviour of users and ensure the requirements of the regulators, i.e. governments, in order to have a balanced resilient mechanism. Buheji and Ahmed (2018).

There are successful sharing economy examples that the last ten years brought to us and encouraged even more start-ups to aspire to do the same. Airbnb, Uber, Lyft, and Zipcar are just a few examples. In this review, we shall only take two main business models:

2.2.1. Uber

Uber and its ride-sharing competitors dominated point-to-point ground transportation. Uber witnessed 80 per cent decline in its business demand. Thus they had to lay-off 6700 employees and closed 45 office around the world.

Uber car drivers suffered under lockdown, but many of these drivers transferred to deliver goods. They manage to compensate for their losses in a short time. However, UberEats has compensated the huge drop in demand for the drivers. Uber Freight also started to play a role as an app for hassle-free bookings which and allows shippers to tender shipments easily and grew revenues by 57 per cent. Since July 2020, Uber also launched a grocery delivery service by partnering with the delivery start-up Cornershop. Uber laundry also continued to grow despite many apps and competitors. Uber gives you choices of laundry contractors based on previous ratings by customers, then Uber as a mediator, would pick up and deliver, in a short time, while ensuring the best wash at best time and cost. Belk et al. (2019).

2.2.2. Airbnb

Airbnb rentals dropped to more than 90% suddenly which led to laying of more than 2000 jobs. However, these challenges brought with its opportunities for Airbnb, such as shifting to home rentals. This given a chance to those facilities affected by lockdowns and travel restrictions. Belk et al. (2019). Belk et al. (2019).

Airbnb model entered food service industry. Now food can be cooked at home and delivered at showrooms where specific specifications and requirements must be met.

2.2.3. Representation of the Sharing Economy Business Models

Hence the sharing economy business model is based on the App (or a platform) that would have a type of scheduling with great utilisation of maps, locations, and payment schemes. The App would have a rating or scoring to both supplier and customer. The App would facilitate ease of the service to both parties. There would be minimal or ownership of the mediator or the app owner of almost 50% or more of the assets or the overhead involved. Figure (1) shows the main vectors of any sharing economy: Vector (1) the Apps or the platform or one could say the (Mediator), then Vector (2) which the Service Supplier or Asset Provider, i.e. the Host for Accommodation /Driver/the Laundry/ the Restaurant), besides Vector (3) Demand by Customers. The compensation of these three vectors represents the business model and the stakeholders of the sharing economy model. Belk et al. (2019).

Figure (1). Vectors of Sharing Economy Business Models

As shown again, in Figure (1), the first vector in the sharing economy business model is the App (or the Mediator) start-up. The first relation or vector would be between the App (or the Mediator) in one side and the demand by the customer brings in a more precise definition of the requests of the service and the cost-effective payments, besides the customer (or the behavioural attitudes) that forms the ‘Big Data’. Buheji and Ahmed (2017b).

The second vector relation if between the App (or the Mediator) in one side and the service provider or asset supplier, i.e. as the providers of car, a car with driver, or laundry services, or food, etc. The third vector relation is shown in Figure (1) represents the service provider or asset supplier, and the other hand is the type of the demand of the customers. In this relation, the vectors here expect efficacy and efficiency of the facility or asset, or product with high accessibility, availability, reliability and transparent performance rating.

2.3. Benefits of Sharing Economy

The sharing economy brought consumers opportunities where they can pay less for better services. Many items can be utilised, and their benefits or return could be optimised. This reduced unnecessary consumption. Görög (2018).

What can we learn about nature—and future—of these companies and e-commerce itself as the sharing economy goes into isolation? It is sometimes said that crisis reveals character, and, indeed, the pandemic has shown the true character of the sharing economy, and not in a flattering way. The effects of the pandemic so far are also indicators of what to expect for the sharing economy in the coronavirus era, how changes will impact workers and whether policymakers should intervene in the industry. Toyama (2020).

Sharing economy can create significant social assets relation through emphasising trust between the members of the same platforms. ResearchGate (RG) is a good example. In RG knowledge, communities are creating more collaborations than ever before and even bring more multidisciplinary research that never experienced in contemporary science. This disruption in the scientific and research field are making many researchers open more to share ideas based on more than 12 million scientists around the world. Hamari et al. (2016).

Sharing helps to develop more informality in a standardised system. This brings more excitement to the output and enables data collection in the informal economy. The Economist (2020).

2.4. Sharing Economy Role in Creating Inter-Disciplinary Creativity

Pioneering a new, more suitable version of the sharing economy begins with exploring and sharing. Sharing economy is mostly placed in multidisciplinary teams bring in interdisciplinary products or services as a solution to a missing gap, Görög (2018). When can experience the variety of interdisciplinary perspectives in the business models that bring in labour market needs, with government regulations to meet the consumers' demand, Buheji and Ahmed (2018). It is an economy that solves current or future problem in relevant to: businesses, consumers, and community or society in general. Hamari et al. (2016).

2.5. COVID-19 and Potential Sharing Economy

As the waves of COVID-19 pandemic still hits the whole flows across the world. In the pandemic, we need to customise many essential parts of our lives, make adjustments and create new business models for both our life and our business to ensure sustenance of life and livelihood. This means we need to reimagine how we can adapt to all the type of uncertainties around us now and the foreseen future. Singh (2020).

With so much unknown about COVID-19 pandemic and what the future holds, there is more potential for sharing models that would enhance interactions and willingness to share abundant assets. Toyama (2020).

Sharing economy is a manifestation of a more general tendency of late capitalism where capital accumulation depends on a new form of commons.

Supported by digital technology that characterises the sharing and digital economy is an indicator of the ignition of digital capitalism.

The goals and benefits of non-profit and for-profit sharing economy platforms overlap in several ways. The economic benefits of sharing-based platforms can be in the form of “sharing” information, “sharing” imports and exports.

2.6. New Normal Post-COVID-19 Pandemic and Re-Alignment of Ownership

The outbreak of COVID-19 emphasised the importance of sharing knowledge, assets and even ownership. The new normal phenomena shacked up all our type and meaning of ownership. Each sharing economy embraced an “access over ownership” business model in different ways. Buheji and Ahmed (2020b).

In an economically unstable environment, sharing economy can help formalise the informal sector. This is highly essential for providing flexible wage work.

Many governments started to embrace the sharing economy as a concept for the preparation of post-COVID-19 new normal transformation. Sharing economy facilitated the utilisation of the gig economy, and on-demand economy even during the pandemic. Toyama (2020).

2.7. The Mindset of Sharing During COVID-19

We see models as Airbnb’s community-minded hosts are opening up their homes to host healthcare workers for free. Sharing economy mindset assume the community benefits and self-sufficiency during COVID-19. This economy deals with lockdowns both intermittently overall supply and demand.

Sharing economy is becoming more of a global trend, especially after COVID-19 in many leading countries in the world. China and India are the leading sharing economy giants. Sharing economy could be experienced in food supplies, space rentals, and equipment sharing. Toyama (2020).

The strike of the pandemic made many people, communities and governments look for an alternative economy. Examining and exploiting human and communities capacity based on trust and moral sharing is of the highest demand of the mindset of those realised the essence of COVID-19 and its spillovers.

The COVID-19 pandemic shacked up the status quo and thus disrupted our mindsets and their fixed assumptions or paradigms. During the first six months since the outbreak of the COVID-19, we started appreciating the value of sharing and exchanging practices that preserved or protected or compensated for life and livelihood.

The demands of the COVID-19 brought with its hybrid models that integrate market demand and moral economies. This new demand requires a type of social exchange models that bring in the alternative currency for the exchanged of services.

The pandemic made us explore and selectively approach what we need as humans from many emotional components that the egoistic market economy embedded in our mindset.

2.8. Community-Driven Sharing Economies

Communities by usually a hub for sharing resources, the more the community is coherent and realise co-existence the more it would be endowed with values and formal or informal structure that encourage the practices of sharing. Thus, communities can thrive with sharing. i.e. sharing of social assets, sharing of networks, and sharing for: space, goods, energy, food, services and so on. Community driven sharing-economy means, so far, to establish local co-working spaces, local share services, local time banks, and local tools, local knowledge sources, cooperative ownership aid networks.

Most of the transaction- and community-economy has evolved amidst the coronavirus pandemic. The pandemic brought with its generosity for sharing and volunteering. To exploit the possibilities of sharing economy for the benefit of the commons, we need to review the principles of distribution in the parts of the socio-economic life that have folded outsides the market, such as the family and the rural and village economy. One would come up with many new business models that manage the survival requirements in the new normal, or the post-COVID-19 pandemic era. Buheji and Ahmed (2020b).

Sharing economy can bring positive impacts on our sense of community and the reduction of consumption through models that help to establish the redistribution of wealth and jobs. Such economies are encouraged and even should be utilised in focused social labs that help to reshape the different typed of community behaviours. Hamari et al. (2016).

Seeking a good society means we can learn to trust one another and where we can sacrifice some of our individualism and materialism for the collective good. Sharing economy is a means for transformational means for development rather than global mega-platforms, a global network of local hubs, each its own sharing economy. WEF (2017).

2.9. The Pandemic Effect and the Need for New Socio-Economic Sharing Economy

It is important to recognise that the effect of COVID-19 shutdowns on the sharing economy is not uniform. While Uber and Airbnb suffered dramatic losses of revenue, other sharing economy businesses have thrived, and some start-ups are chasing opportunities created by the pandemic, Buheji and Ahmed (2020a). For example, Amazon Flex, the company’s sharing economy package delivery service, has seen many new couriers sign up since March.

The pandemic increased the demand for different types of delivered groceries, restaurant takeout orders and store goods. On the other hand, the pandemic reduced pollution and showed how much we have redundancy and unnecessary items or practices in our lifestyle. But on the other hand, companies like Uber and Airbnb are also ever more efficient at casting off economic burdens; during this crisis, that has meant leaving their service providers to fend for themselves. Ultimately, the sharing economy is by no means immune to the coronavirus. The actual impact on any given company or its workers will depend more on the industry it is in, and how lockdowns affect that industry, than on traits common across the sharing economy.

2.10. Sharing- and Resilience-Economy

Sharing economy is suitable for international emergency, as organisation incur only a fraction of the shutdown cost of the services, and this ensures its capacity to be more resilient. This is due to the organisation doesn’t have to own one part or more of its business model. Take for example Uber ride-sharing business model, Uber does not own the cars, or pay for vehicle insurance, and this applies to most of the other business models where the business model is based on the utilisation of abundant untapped resources. The sharing model here would be based on the cost of transactions. When the business in higher demand, the sharing organisation would go on accelerating its resources through recruiting part of the business model to supply or raise the capacity vs the demand. In the Uber case, this means recruiting more drivers to match the digital platform requirements. Buheji (2018), WEF (2017).

Sharing brings in more consolidates efforts that enable better management of activities, both vertically and horizontally. Thus, having tolerance and tight redundancy in the business model works on raising the capacity of the producers to the demand of the consumers. The design of the system is design to leave as much space as possible for the sudden changes in the demands. Hamari et al. (2016).

2.11. Psychology of Lockdown & Sharing Economy

The greater demand for sharing models started to develop more while people are applying isolation. Enabling customers to limit the time they spend outside and their interactions with others.

The stresses of the spillover of the COVID-19 pandemic are likely to bring more opportunities for more disruptive sharing economy models. The disruption might also be carried to the core of the business, or in seeking untapped markets, or targeting new customers, or optimising new idle goods or services capacity. Buheji and Ahmed (2020a).

In some cases, the pandemic may have created new market opportunities. Many used these opportunities to mitigate the spillover of the economic depression through jumping from one job to another, as different industries suffer.

As a lot of businesses had to change their way of delivering services and even manage the restricted travelling codes, there are lots of sharing business models that started to optimise the opportunities of the new ways to dealing with customers, Buheji and Ahmed (2020a). For example, Disney World collaborated with the NBA and American Football to utilise its underutilised facilities, to be the area of the socially isolated bubble for the athletes during the lockdown. Hamari et al. (2016).

2.12. Sharing Economy and Its Role in Attitudes Change Post-COVID-19 Pandemic

During the pandemic, the mindset of the scarcity dominated many levels of society, starting from heads of state to normal consumers. If we share the resources relevant to maintaining life, as ventilators, hospitals beds, medical staff experiences, etc; or those resources relevant to livelihood as towards what we need to keep up the life cycle we won’t see worries about overwhelming the healthcare services; or having supermarkets facing empty shelves, and panic consumer demands. Hamari et al. (2016).

COVID-19 has forced a change in attitudes in many ways of living in our life. The basis and the essence of travelling are now being challenged and reviewed by many individuals and organisation. More efficient meetings can take place in minutes in zoom instead of reserving time and spaces. Less need to organisers or mediators that help the management allied function, but more need for safety monitoring and resilient planning, Buheji (2018). Hence, in order for start-ups and companies to survive and flourish, they need alternative revenues streams. Therefore, new approaches and measures need to be taken to bring in more efficient yet innovative, effective and resilient business models. Buheji (2020b).

3. Methodology

The methodology of this paper focuses on reviewing, synthesising the business models of the most successful sharing economy enterprises, and then stratifying the essence of such models and what makes them more sustainable. Then, the capital economy-based sharing models are compared to the collective experience of the five years journey of the International Inspiration Economy Project (IIEP) sharing-based model solution, which started from 1 September 2015 till 1 September 2020. A sample of seven types of socio-economy focused sharing projects were reviewed and represented.

Based on seeing the differentiating vectors of both for-profit and non-profit models, and the needed attitudes that motivate the communities in a post-COVID-19 pandemic, a framework for socio-economic sharing is proposed. The proposed model helps to address the need for resilient communities that carries the attitudes of life and livelihood in the new normal.

4. Synthesis, Analysis and Case Application

4.1. The Essence of Sharing Economy and Its Differentiation

As per the above literature review, the ‘essence of sharing economy’ can be summarised in four main areas that differentiate its competitive contribution to any economic setting, or community. First, the sharing economy found to focus on the optimisation of specific assets utilisation that under demand by the community, while it also helps on effective sharing of productive capacity. The other essence of sharing economy is that it helps in the enhancement of the reliability of the assets while increasing the exchange of a variety of services and products, as shown in Figure (2).

Figure (2). Shows the Main Sources of Sharing Economy Differentiation and Essence for Existence

4.2. How Inspiration Economy Labs Consolidate the Essence of Sharing Economy for the Benefit of Socio-Economy Problem Solving or Development?

The international inspiration economy project (IIEP) is an initiative that uses focused labs and problem-solving techniques to bring about positive socio-economic changes in the targeted communities through experiencing a unique model or an outcome. IIEP create reference models that collect hundreds of cases for cracking out human problems in the area as poverty, youth migration, women empowerment, etc. without using extra resources.

The philosophy behind the IIEP models, focus on engaging multidisciplinary mindsets of the social change leaders, as active youth, academics and NGOs members with the profound reality of their community opportunities. Since its inception in September 2015, the IIEP experts facilitated many local community teams to tackle a socio-economic issue, then work with them to change the conditions and create for its sets of possibilities from the broad range of opportunities and cherish it with specific minor resources from within, or with minimal interventions; till the model is created. The opportunities or minor resources use the same framework of the sharing economy model through a triangle of problem-solving that joins the (sharing economy + socio-economic issue + the community partners). As shown in Table (1), type of sharing attitudes or opportunities need to be optimised and thus reflected on the community problems solving or development. The cases presented in Tables are done as part of the five years longitudinal study done during the inspiration labs carried out in Bahrain, Bosnia, Morocco, and Mauritania, i.e. from 9/2015 till 9/2020.

Table (1). Example of How Inspiration Labs Uses Sharing Attitudes to Influence the Community

5. Discussion and Proposed Framework

5.1. The Importance of New Socio-economic Attitudes in Creating Better Community-Driven Sharing Economy

There has been great pressure on the communities to change their attitudes and practice of sharing in a more efficient and effective way, especially during the last six months since the inception of the COVID-19 pandemic. This pressure of high importance more today, if we realise that there is no clear end for this pandemic, or at least till the time of writing this paper. The changes of attitudes and the realisation for the importance of ‘sharing than owning’ is the key to a better abundant and resilient world that would believe on non-materialistic social assets more than it believes in its depleted resources.

Socio-economically attitudes played an important role in addressing and mitigating specific community problems. This could be seen clearly from the case application of the ‘inspiration economy labs’ which are presented in Table (1). Sharing economy and its different business models played a great role in the development of many social and economic aspects of our life, specifically before the COVID-19 pandemic.

Today the changes in the attitudes of the people and the demand for further communities engagement set the base for new type demand for more socio-economically friendly sharing economy business models, that are not controlled by capital economist mindset or venture capitalists waiting to see their direct materialistic return. By making an analogy to both the successful achievement of the sharing economy business model and the IIEP inspiration economy labs outcomes that used principles similar to sharing economy, we can propose a framework that could help to address the new normal crisis or negative spillovers expected on both economy and society.

5.2. Framework Proposed

In order to help the communities to utilise the collective capacity influenced by the pandemic conditions and as we enter a new normal era; a new framework is proposed. The purpose of the proposed framework is bringing in more community socio-economic focused solutions that address the negative spillovers of the COVID-19 crisis. These innovative solutions should strengthen the civil society capacity to manage the future community and help reshape the post-crisis economy by promoting inclusive and sustainable socio-economic resilient model.

The framework proposed in Figure (10) illustrates the possible business model that uses socio-economic sharing with mainly three vectors that could make a difference in the post-COVID-19 pandemic new normal. The first vector is taking the role of the mediator that would organise the sharing mechanism, or the ‘community resilience mentor’. While the second and the third vectors emphasis the sharing through adopting new demands and specifying the community asset or the goodwill that would be shared.

Figure (10). Framework for Socio-Economic Sharing Business Model

The vectors build relations that bring in new adoption or the capacity needed, while enhancing the availability and the returns of what is shared, besides addressing the essential communities issues, or the problems, or the risks involved. These sharing results bring in new opportunities for development.

6. Conclusions and Recommendations

6.1. What We Learn from This Review?

In this review, which started from the work of Belk et al. (2019), the main focus was on the development and the potential benefits of sharing economy in the post-COVID-19 conditions on communities. The socio-economic development is analysed using the experience of the successful business models of both the sharing economy start-ups and the inspiration economy labs models.

The cases presented as per the longitudinal inspiration economy project (IIEP) shows that sharing economy can play a great role in communities development and could help overcome many of their socio-economic challenges. For example, the sharing could be applied in optimising the utilisation of the public facilities for the benefit of the commons, or in improving the safety status in relevance to Jewellery or luxury businesses and shops, or in creating neighbourhood harmony, or creating positive change Media programs, or in preventing poverty (in rural villages).

Principles of socio-economic sharing is also shown to enhance the return, and profit margin for the poor in relevance to rural areas production as seen in the case number (6) and even improve the quality of life for the ‘Waste Pickers’ in case (7).

6.2. Differentiation and Contribution of the Sharing Socio-Economic Focused Framework Proposed to Post COVID-19 New Normal

The framework proposed mobilises a variety of resources or vectors and bring in collaboration from the different sectors: government, civil society and private enterprises. This is highly needed in post-COVID-19 where attitudes of the people are changing dramatically, and availability is highly needed.

Thus, the main contribution and implication of the proposed framework are about its capacity to optimise the utilisation of the non-financial resources in the community targeted. The other implication of this framework is that it engages diverse stakeholders in its different processes or progressions. Such framework encourages the independence of the business models which are particularly suited to respond quickly to issues that may arise suddenly, which means improving the resilience capacity.

The framework shows the potential of collective social innovation that experiment new collaborative projects that enhance the attitudes and ways to develop communities solutions, using non-financial assets with different types of vectors. The paper shows that sharing common principles is not less important than sharing monetised proposition values of a sharing economy.

6.3. The Implications and Limitations of the Paper

This work brings together sharing economy and socio-economy, for-profit and not-for-profit business models and compares their essence for existence. The implication here is that the social component can play more resilience role than the economic component during the times where attitudes resilience is highly needed.

This paper opens a new line for more research that enhance the type of essential business models that work to prepare the communities for more resilient attitudes. The resilience attitudes, in this paper, can be seen the focus of the type of adoption and the exploring of community capacity needed that would help in better availability that leads to realised development. The other attitudes would be based on the engagement in community issues, or problems solving, or the efforts of mitigation of risks that lead to exploiting more socio-economic opportunities.

This work has two main limitations. The first limitation is that the critical review did not cover all the main actors of sharing economy, i.e. like individual enterprises, social enterprise or the cooperatives, non-profit enterprises other than inspiration economy projects models, local communities and government business models. The author believes that reviewing all these models together would create confusion for the readers and would keep them out of focus about the outcome of the changes in the community attitudes as a result of COVID-19 pandemic. The other limitation, the proposed framework is not being yet tested for the effectiveness of the proposed framework, or not piloted. It is highly recommended that future work in this line be done, in order to generalise such models in the future, especially in an era where the world is expected to change rapidly in an unprecedented manner and more frequently.