Online sharing services are important for business, and such services are expected to be utilized by 86.5 million people by 2021. This is a sign that the sharing economy is becoming mainstream, with the market valued at around $335 billion. One factor that could undermine this market is a combination of trust and safety concerns.
A notable trend is that technology ‘decacorns‘ (companies capable of hitting a $10 billion valuation) like Lyft and Uber are leading the sharing economy into the mainstream as they transform into public companies.
Such companies are now tasked with the difficult challenge of establishing digital trust between the providers and users of sharing services. Confidently and quickly ensuring the user on the other end of the platform is in fact who they claim to be is a necessary requirement; but is this need for data off-putting for the people who need to the use services?
These are the types of issues that appear in Jumio’s Global Trust and Safety Survey. The survey is titled “The Ultimate Guide to Trust & Safety in the Sharing Economy.” The survey provides an overview of the sharing economy, including the factors required to consider as a company seeks to build trust and safety through an online identity verification program. Jumio is a provider of AI-powered trusted identity-as-a-service system.
The headline from the survey is that the promise of the sharing economy is challenged if one-fifth of U.S. consumers (18.1 percent), as per the findings, do not participate going forwards. This arises because this sizeable number report they feel unsafe in participating in online sharing services.
To go forwards (and to grow a sharing service), it is important for businesses to take the necessary steps to regain consumer trust. As noted by Robert Prigge, Jumio president: “Online sharing services are facilitating an in-person meeting between two strangers, so it is imperative that businesses foster a relationship of trust and an environment of safety to protect all parties involved. These businesses are tasked with the difficult challenge of establishing digital trust between both the provider and user. The first step in establishing a digital chain of trust is ensuring, beyond any doubt, that a person’s digital identity matches their physical identity and they are who they claim to be.”
