Reference no: EM133216142

The sharing economy was born out of the concept that multiple individuals can utilize a single commodity rather than privately owned by one entity or person. Individuals can share their personal belongings with others to gain profit. Although many shared economy platforms disrupt traditional industries, it still runs the risk of breaking the trust barrier between producer and consumer. It is here where strategic marketing has to come into play to provide complete transparency and to prove to consumers that your business is both innovative and community-centric.

When a business is entering the sharing economy space, how can it provide social proof or "social credit" to be deemed trustworthy by the consumer? Provide examples of a successful business that rapidly gained its consumers' trust and compare it to a company that struggled or continues to establish its "social credit" as a reliable product or service.