Australia’s sharing economy is growing by approximately 140 per cent annually, with large firms already seeing a positive impact on their businesses, a new report by NAB has revealed.
In a report titled How Australian business views the sharing economy, NAB found that the sharing economy is currently growing at around 140 per cent per year, although from a small base.
Fourteen per cent of ASX 300 firms believe the sharing economy has impacted their business in the last 12 months. Of this 14 per cent, 12 per cent see the impact as positive, with only 2 per cent seeing it as negative.
“Clearly, big business is taking the sharing economy very seriously,” NAB chief economist Alan Oster said.
Small firms operating in business services and in finance and insurance said the sharing economy was positive for business over the last 12 months, at 14 per cent and 10 per cent respectively.
Small firms within the above sectors are even more optimistic looking forward, with 13 per cent of finance and insurance firms suggesting that the sharing economy will be positive for business in the next 12 months.
“As the sharing economy matures, it will most likely become a complement to existing business models rather than simply a competitive threat,” Mr Oster said.
“This should see the sharing economy become increasingly important for a range of business, helping to drive its growth and reach further.”
Thirteen per cent of firms, economy wide, expect the sharing economy to impact their businesses in the coming the months. Five per cent believe the impact will be negative and 8 per cent believe it will be positive.
The report said the sharing economy facilitates greater interaction between consumers and suppliers.
As the sharing economy grows, NAB said new business models based on “access to” as opposed to “ownership of” physical and human assets will continue to emerge.
As the sharing economy matures, it will become increasingly important for businesses who are looking to continue their growth, the report concluded.
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