Read about the sharing economy to practise and improve your reading skills.

Do the preparation task first. Then read the text and do the exercises.

Reading text

If we look around us at the things we have purchased at some point in our lives, we would no doubt notice that not everything we own is being put to good use: the thick woollen coat which we thought looked trendy despite the fact that we live in a tropical country, the smartphone that got put away when we bought ourselves the newest model, the car that only gets used at the weekends, or even the guest room in our house that somehow got turned into a storeroom.

Those underutilised items may seem useless to some, but could be an asset to others. With the advent of the internet, online communities have figured out a way to generate profit from the sharing of those underused assets. Using websites and social media groups that facilitate the buying and selling of second-hand goods, it is now easier than ever for peer-to-peer sharing activities to take place. And this is known as the sharing economy.

These democratised online platforms are providing a chance for people to make a quick buck or two. To give an example, busy parents previously might not have bothered with setting up a stall at the local market or car boot sale to sell their children's old equipment, but with online marketplaces, parents are now able to sell on those hardly worn baby clothes that their children have outgrown and the expensive pushchairs and baby equipment they have invested in, so as to put some cash back into their pockets.

Businesses have also caught on to the profitability of the sharing economy and are seeking to gain from making use of those underutilised resources. A business model that has rapidly risen in popularity sees companies providing an online platform that puts customers in contact with those who can provide a particular product or service. Companies like Airbnb act as a middleman for people to cash in on their unused rooms and houses and let them out as lucrative accommodation. Another example is Uber, which encourages people to use their own personal cars as taxis to make some extra cash in their free time.

This move towards a sharing economy is not without criticisms. Unlike businesses, unregulated individuals do not have to follow certain regulations and this can lead to poorer and inconsistent quality of goods and services and a higher risk of fraud. Nevertheless, in the consumerist society we live in today, the increased opportunities to sell on our unwanted and underused goods can lead to a lesser impact on our environment.

Discussion

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Language level

Upper intermediate: B2

Comments

I don’t realize whether I used to participate in any activity of sharing economy as the information mentioned in the reading text. Maybe in my place my people developed it to another kind staying between businesses and individuals. Temporarily, I name that kind VSA. VSA is widespread nationwide under popularity of online platforms, particularly of social media, that has been facilitating the selling and buying processes.
VSA has both similar and different features of businesses and individuals. It has both regulated super small businesses and unregulated individuals and sells whatever can be sold both new products and underutilised items. Everything is posted in social media, such as groups, forums or individual pages like FB, Zalo... Everyone can buy peer-to-peer or directly from the business's director.
VSA is a high lucrative business when everyone can make a quick buck. The untaxed products from our big neighbor country are full and easy to get through borders. Mostly the individuals or even licensed businesses don't pay taxes when they sell things online, because no one know they are selling new or second-hand items, or they know how to manage the taxes 'smartly'.
VSA totally suite to our people, who like earning money anytime and anywhere, and the size of our economy. If you go to here, you are able to hear the first thing going out of our mouths is involving money that why a such good way as VSA to earn money is always what we 'dream of'. We are obviously ‘not very rich’, so the economic size or most the company size is small. VSA like us is small but dynamic. Don't worry of quality, let God decide it.

Best

Yes, I do. I sold some motorcycle boots that I didn't use.

No, but i have some things that i would like to selling.

I really like the article