Trust and Safety: The Linchpin to Sharing Economy Success

How safe do you need to feel in order to rent a room in a stranger’s home, or to trust someone you’ve never met to drive you home after a night out on the town?

Companies who get trust and safety right are reaping the rewards — the sharing industry is expected to skyrocket to $335 billion by 2025, an increase of a whopping 2,293 percent since it first emerged in 2014 as a $14 billion industry. This growth is being fueled by convenience, cost and the principles of trust and safety.

The companies that aren’t prioritizing trust and safety initiatives face negative repercussions ranging from unfair reviews to data breaches to a poor user experience. There are serious consequences if people get hurt or defrauded. But safety, and therefore trust, can be earned and cultivated through sound policies and practices.

Trust goes both ways in the sharing economy. Consumers trust that the company has done due diligence in verifying the identities of its providers (including drivers and hosts) and that their services are trustworthy and safe. Likewise, providers trust that new users have passed some sort of identity verification as a means of vetting (and ensuring the person is who they claim to be) before being accepted onto the sharing platform.

Jumio recently conducted a Global Trust and Safety Survey and found that 71 percent of the U.S. respondents believe it’s either “somewhat important” or “very important” that the online sharing services they use incorporate an identity verification process with new users.Find complete survey results in our new Ultimate Guide to Trust & Safety in the Sharing Economy, which provides an overview of the sharing economy, including the factors your organization needs to consider as you seek to build trust and safety through an online identity verification program. With this guide you’ll learn:

  • The state of trust and safety in the sharing economy
  • Key consumer and business concerns
  • How the industry is working to instill trust and safety
  • The critical role of online identity verification and how to find the right solution
  • And more!

Download our new guide to learn how Jumio can help keep your ecosystem trusted and safe.

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