The Reading section of the IELTS exam is designed to test your understanding of English through a variety of texts. This section has been known to include contemporary topics, with “How Does The Sharing Economy Influence Traditional Industries?” being a relevant and timely subject. Given the recent popularity and extensive impact of the sharing economy, this is a topic you might encounter in future IELTS exams. Today, we’ll dive into this subject, create a Reading task for you to practice, and guide you through the necessary steps to excel in this section.
Main Content
Reading Passage: Medium Text
How the Sharing Economy Disrupts and Transforms Traditional Industries
The advent of the sharing economy has significantly altered the landscape of various traditional industries. Rooted in technological advancements and the need for more efficient resources, the sharing economy provides a platform where individuals can lend out their assets, such as cars, homes, and more, to others. This paradigm shift has led to both opportunities and challenges for long-established businesses.
One of the most notable impacts of the sharing economy is observed in the transportation sector. Companies like Uber and Lyft have redefined the conventional taxi service model by offering more accessible and often more affordable ride-hailing services. As a result, traditional taxi companies have faced a steep decline in customer base and revenues. Moreover, the ease of use and convenience associated with these ride-sharing apps have prompted a growing number of consumers to forego car ownership altogether, leading to decreased demand for automobiles.
ridesharing app interface
Another domain experiencing upheaval is the hospitality industry. Airbnb, a peer-to-peer lodging marketplace, has enabled homeowners to rent out their properties to travelers looking for a more personalized and often cheaper alternative to hotels. This has intensified competition for traditional hotel chains, forcing them to adopt innovative strategies to retain their market share. The lower operating costs for Airbnb hosts compared to hotels have led to price wars and altered consumer expectations regarding accommodation experiences.
Retail is another sector where the sharing economy has left its mark. Platforms like eBay and various peer-to-peer sites where second-hand goods are bought and sold have challenged traditional brick-and-mortar stores. This shift towards a more sustainable and community-driven retail model has resulted in traditional retailers rethinking their business strategies to include more online and shared marketplace options.
However, the sharing economy is not without its criticisms. Issues of regulation and fairness have arisen as traditional businesses argue that the playing field is uneven. Because many sharing economy platforms operate outside traditional regulatory frameworks, they often face less stringent rules and lower operating costs. This can lead to unintended consequences, such as decreased safety standards and labor rights concerns.
In conclusion, the sharing economy continues to redefine traditional industries through its innovative use of technology and resource efficiency. While it presents significant opportunities for growth and consumer benefits, it also poses substantial challenges for established businesses to adapt and compete in this new economic landscape.
Questions
True/False/Not Given
- The sharing economy is primarily based on technological advancements and efficient use of resources.
- Traditional taxi companies have seen an increase in their customer base due to ride-sharing services.
- The demand for automobiles has decreased because of the rise in ride-sharing services.
- Airbnb has increased the competition for traditional hotels, which forced them to innovate.
- Traditional hotels have lower operating costs compared to Airbnb hosts.
Multiple Choice
-
What is one major criticism of the sharing economy mentioned in the passage?
- a) It has increased regulatory fairness.
- b) It often operates outside traditional regulatory frameworks.
- c) It has led to higher operating costs for traditional industries.
- d) It improves safety standards in the relevant industries.
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According to the passage, which of the following sectors has NOT been significantly impacted by the sharing economy?
- a) Transportation
- b) Hospitality
- c) Retail
- d) Education
Sentence Completion
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The convenience of ride-sharing apps has caused some consumers to ___.
-
The sharing economy has prompted traditional retailers to ___ their business strategies.
Answer Keys
-
True – “Rooted in technological advancements and the need for more efficient resources…”
-
False – “traditional taxi companies have faced a steep decline in customer base and revenues.”
-
True – “prompted a growing number of consumers to forego car ownership altogether…”
-
True – “competition for traditional hotel chains, forcing them to adopt innovative strategies…”
-
False – “The lower operating costs for Airbnb hosts compared to hotels have led to price wars…”
-
b) It often operates outside traditional regulatory frameworks.
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d) Education
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forego car ownership altogether.
-
rethink – “resulted in traditional retailers rethinking their business strategies…”
Common Errors and Tips
Common Errors:
- Misidentifying True/False/Not Given statements due to over-interpretation or assumptions.
- Choosing the wrong Multiple Choice option by not carefully reading all the given choices.
- Incomplete or incorrect Sentence Completion due to misunderstanding the context.
Tips:
- Always base your answers strictly on the text. Avoid using outside knowledge or assumptions.
- Read all answer choices in Multiple Choice questions before selecting the best option.
- Pay attention to key words in the passage that align with the questions asked.
Vocabulary
- Paradigm Shift (noun) /ˌpærədaɪm ˈʃɪft/: a fundamental change in approach or underlying assumptions.
- Peer-to-peer (adj) /ˌpɪərəˈtupɪər/: denoting or relating to computer networks or services that operate without a centralized administrative system.
- Regulation (noun) /ˌrɛɡjʊˈleɪʃən/: a rule or directive made and maintained by an authority.
- Forego (verb) /fɔːrˈɡoʊ/: to do without or give up.
- Sustainability (noun) /səˌsteɪnəˈbɪləti/: the ability to be maintained at a certain rate or level.
Grammar Focus
Relative Clauses:
Used to give additional information about a noun without starting a new sentence.
Example:
- “The devices that they use are very advanced.”
- “Airbnb, which is a peer-to-peer lodging marketplace, has enabled homeowners to rent out their properties.”
Passive Voice:
Used to emphasize the action rather than who or what is performing the action.
Example:
- “This paradigm shift has led to both opportunities and challenges for long-established businesses.”
- “Traditional taxi companies have faced a steep decline in customer base and revenues.”
Conclusion
To excel in the IELTS Reading section, it is crucial to practice with relevant and contemporary topics such as “How does the sharing economy influence traditional industries?”. Familiarize yourself with various question types, enhance your vocabulary and grammar knowledge, and importantly, always keep your attention deeply rooted in the provided texts. Happy practicing, and may you achieve a high score in your IELTS exam!
