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Introduction
In order to solve the information asymmetry and make full use of resources (unused goods, spare capacity and so on), the sharing economy, which based on the application of mobile internet technology and focused on the consumption of the right to use, is developing rapidly. Lack of trust is considered to be one of the important problems hindering the development of sharing economy. Möhlmann (2015) said that trust is a fundamental determinant of sharing economy development and ensuring shared satisfaction. At present, sharing economy enterprises have established product evaluation system and docked a third party credit rating system (i.e. Zhima Credit) to promote consumers’ trust. However, with most enterprises are becoming more and more consistent in evaluation and credit rating system, there is a new problem emerged: how to further deepen consumers’ trust in order to promote consumers’ intention to participate continuously (Zucker, 1986; Lewis & Weigert, 1985).
Granovetter (1985) mentioned that trust is the product of social relationships. Botsman and Rogers (2011) made it clear that social networks play an important role in building trust in sharing economy. And people are always more willing to accept the opinions of people who have social relations with them (Lu, Zhao, & Wang, 2010). Hence, with the feature of participant of everyone in sharing economy, it is necessary to further strengthen consumers’ trust through the social interaction among consumers and between consumers and sharing platforms.
Theoretical Development
Sharing economy is based on LBS and other new technologies to realize the matching of supply and demand information across time and space. And to a certain extent, it solves the problem of information asymmetry in the era of e-commerce. Yet consumer have new requirements for product information. For example, consumers are more concerned about whether the utility of products and services can meet their needs (i.e. some consumers are more concerned about when to reach their destination than the performance of the car). But it is difficult for company to understand each everyone of consumers’ utility preference and publish product utility information based on these preferences (Xie & Gerstner, 2007). Because this kind of utility preference has the characteristic of timeliness and personalization. Therefore, consumers’ perceived uncertainty about the utility of the product will also affect the consumers’ trust.
In summary, we then address these research questions:(1) can the promotion of trust between consumers and sharing platforms be achieved through the socializing of sharing platforms and then affect consumers’ intention to participate continuously; (2) if so, which type of privacy protection method and social information can promote consumer trust; and (3) does the impact of sharing platform socialization on consumer trust vary according to consumers’ concerns about the perceived utility uncertainty of the product.
Research Design
We then address these issues using experiment data. The first experiment was a 2 (social media: have, not have) x 2 (individual trust propensity: trust, not trust) between-subject design on the intention to trust sharing platform and participant continuously. Perceived utility uncertainty was added to this design as a moderator. Moreover, the second experiment was a 2 (social information type: hedonic, utilitarian) x 2 (degree of privacy protection: week, strong) between-subject design on the intention to trust sharing platform. Our scales come from existing scales and optimize it according to the characteristics of sharing economy (Schneider, 1999; Dhar & Wertenbroch, 2000; McKnight, Choudhury, & Kacmar, 2002).
Results and Conclusion
The results of the first experiment show that whether or not the social platform has no significant impact on the consumer trust if the individual tends to trust others. And for individuals who tends to do not trust others, they are more likely to trust socialized sharing platforms. The higher the consumer perceived utility uncertainty is, the higher (lower) trust of the consumer platform in the socialized (not socialized) sharing platform. For the second experiment results, in the context of sharing economy, the utilitarian information has a greater positive impact on the consumer trust than the hedonic information. In addition, the stronger the privacy protection of sharing platforms, the higher the trust of consumes.
This study makes several academic contributions. First, we extend the topic of socialization to sharing economy context. Second, we add the perceived utility uncertainty as a moderator, and supplement the role of perceived uncertainty. This research also provides several practical implications. First, sharing platform can promote their consumers’ trust by establishing their own social platform. This platform can be used as a differentiated competitive strategy for sharing platform. Second, sharing platform should guide consumers to share utilitarian information (i.e. weather for specific place or real time traffic) to improve consumer satisfaction. Third, sharing platform can access consumer preference information through this social platform for further product development and classification.
