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If the sharing economy is an idea whose timing has arrived, Singapore is at the forefront. Its modern infrastructure of information and communication technologies (ICT) and its use, demographics, tourism, consumer preferences and government support are all key drivers of the so-called "shareconomy" .
James Dunn
The economics of sharing – or "shareconomy" – is defined as an economy based on sharing, trading, trading or renting products and services using platforms line: think Uber, Taxify and Airbnb. It generates economic activity by allowing people to share and earn income with underutilized assets such as cars, apartments and tools – and the city-state of Singapore is one of the first users.
"Singapore offers a diverse range of goods and services traded on these platforms – grocery delivery, holiday home and work space booking, peer lending and professional matchmaking with companies in the United States. Hiring, "says Selena. Ling, head of research and treasury strategy at OCBC Bank in Singapore.
"The success of shareconomy in Singapore is evident with the widespread popularity of Airbnb [peer-to-peer accommodation rentals] Grab [ride sharing, similar to Uber] as well as local businesses such as PandaBed [vacation home sharing] Vanitee [beauty services sharing] and iCarsClub [car sharing] Taking off.
"Although it makes sense to monetize the items we rarely use, it was only possible when there are some years, when technological progress and the prevalence of digital devices made it possible. "
on most of what is generally considered the main drivers of the sharing economy – modern infrastructure and use information and communication technology (ICT), demography, tourism, consumer preferences and government support
Internet in Southeast Asia [84 per cent] ", according to Ling.
"In addition to the development of 5G networks and the Internet of Things [IoT] the government is actively working with the private sector to support the development of information technologies. mobile electronic payments, Singapore still ranks among the top countries in terms of digital readiness and competitiveness, y Onomic Forum's NRI [Networked Readiness Index (also referred to as Technology Readiness)]. "
The high penetration of the Internet and mobile social media is crucial, says Elaine Ng, transport and logistics manager at PwC Singapore.
"With easy access to sharing applications and with cheaper and more efficient options at their fingertips, it's no wonder that Singaporeans have so easily adopted shareconomy," he explains. Sharing Economy
There is also a chicken item According to Jim Tan, team leader and director of growth at Skyscanner and president of the Singapore Association for the Sharing Economy ( SEAS), the concept of shareconomy is easier to understand. Tan says, "But with Uber, Grab, Airbnb and many other sharing companies building their presence in Singapore and abroad, they have built a decent [market] terms of users and providers. Most people have used them and think that they bring convenience to their daily lives. "
In March, Uber and its regional rival Grab merged, the first assignor to Grab in many countries of Southeast Asia, including Singapore, Malaysia, Philippines, Thailand, Vietnam, Cambodia and Myanmar
"Singapore has a dense population, and the match between demand and supply is always a challenge," says Tan. "With broadband internet, adoption mobile, credit card and digital payment penetration, the digital ecosystem is a factor that allows the shareconomy to flourish. "
It has definitely changed the behavior of consumers is just as important for suppliers.
"Many retired owners use Airbnb to subsidize their retirement. In the case of Grab and the sharing distribution companies, many people use these platforms to subsidize their cost of living.
Renting or owning?
Demographic trends are another impetus for shareconomy – in particular, the transition to the Y generation (Gen Y) generation from the early 1980s to the early 1980s. the early 2000s.
"Post-GFC [global financial crisis] attitudes to the consumption of goods and services may have been rethought, with a preference for more collaborative consumption resulting in less wasted in order to ensure a more sustainable model. "
" Millennials also enjoy work-life balance in the labor economy, which allows freelancers to participate in certain fields of work. the shareconomy. "
Of course millennials can also consider sharing things – can not afford to buy them outright.
" The economic aspect is important for the great rate of 39 adoption of shareconomy among millet lennials, "says Ling." Due to the gap in availability in housing and cars, young people may be less willing to resort to debt financing.
"Until recently, most Singaporeans were not even sure what the sharing economy meant." Jim Tan, Singapore Association for the Sharing Economy
"Data from Goldman Sachs and PwC show realistic aspirations for the majority of millennials There seems to be a growing disconnect between house prices and the growth of profits, as well as a change in attitude towards the property, and possibly other expensive items. "
Faced with what they view as a disability to buy houses and cars Ling adds that millennia have become the biggest users of pooling platforms like Airbnb, Uber and car2go, the largest and most dynamic carpooling service in the world (a subsidiary of the company Daimler AG).
According to Ling, nearly a quarter (23.8%) of Generation Y members surveyed by the Verdict research firm do not care about owning a house and will simply rent for life, while 57 percent of adults agree that access [to accommodation] is the "new property," according to PwC.
"However, the change in attitude could also be largely a consequence of the availability and affordability of shareconomy platforms," Ling maintains. "In Southeast Asia, travelers to Singapore are among the most avid users of Airbnb's overseas travel services, but for the time being, domestic ownership remains highly coveted. by rising prices of private residential properties in Singapore. "
Winners and losers of the sharing economy in Singapore
Airbnb in Singapore has been hampered by the laws of the country: private homes in Singapore are subject to a minimum lease period of three consecutive months. Two Airbnb hosts were individually fined $ 60,000 in April for unauthorized short-term rental. As part of a consultation process, the government has now proposed allowing homeowners to rent their property in the short term, but with an annual ceiling of 90 days a year – similar to measures introduced in other jurisdictions. cities like Paris, London and Amsterdam.
Transportation in particular has been a fertile ground for Singapore's shareconomy, with bike sharing services such as Mobikes, Ofo Bikes and LimeBikes, and car sharing services and van such as Grab, iCarsClub and GoGoVan following .
"Singaporeans from all walks of life have adopted the use of bicycles to travel short distances and have found it particularly useful to cycle from home or office to the nearest public transport convenience and vice This is important for making public transport a way of choosing compared to the private car, "explains Ng.
" The climate of Singapore is generally hot all year round, and the [push] bicycles offer a faster option than walking from point to point under the smothering sun. "
Also, housing in Singapore is usually high density, which means that most residents do not have their own parking facilities or storage for bicycles, so "using a shared infrastructure is more effective and more attractive," says Ng.
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Take a trip to Singapore
This is all the more relevant when it comes to sharing cars, because Singapore's rations are owned by the car. In February 2018, it imposed a zero growth rate for the ownership of private motor vehicles; Residents must already bid for the right to own and use a car for a number of years. While the city-state improves public transport infrastructure, the sharing economy helps to meet the current needs of the population, before the government assesses motorization levels by 2020.
" In Singapore, owning a private car is very expensive, "says Ng. "When you consider the cost of acquiring an eligibility certificate, the price of the car purchase, the monthly payments, the high parking fees in the city and the toll charges To enter some areas during peak hours, up for some of the top brands, you could buy a nice house in some suburbs in Australia. "
" The economic aspect is important for the high rate of adoption of shareconomy among millennials. "Selena Ling, OCBC Bank [19659028] When carpool apps arrived in Singapore, many car owners signed up to become drivers in order to earn money and pay for the costs of owning cars. a car. "On the other hand, passengers were more satisfied with more and wider transport choices, and at more competitive prices, platforms aggressively fighting for market share", explains Ng.
Tan believes that the compactness of Singapore makes it perfect for carpooling. "It works fine in a [metropolis] like Singapore for a variety of reasons," says Tan.
"This is a better matching of demand and supply, using data. It is more fuel efficient for drivers, compared to the traditional method of roaming taxi drivers looking for customers.
It is a service-oriented ecosystem, with transparent prices, ETA [estimated time of arrival] and the rating after the trip. Navigation Google Maps, which saves time and provides more accurate information to drivers and passengers. "
Here to Stay: The Singapore Sharing Economy
Ng Believes the Sharing Economy is Staying" in Singapore, not only because & It has benefits for consumers and suppliers, but also because it fits in with the government's willingness to promote collaboration between the public and private sectors to harness and adopt digital technologies in all Singapore.
"The Singapore government has been at the forefront of the digital transformation towards" Smart Nation ", which is Singapore's vision of being an economically competitive global city and a livable home", Ng said.
"Rather than fearing disruptive technologies, Prime Minister Lee Hsien Loong [in a recent May Day Rally speech] called on workers to remain relevant by reclassifying them, and to consider such changes as positive and to adopt them.
" For example, the Land Transport Authority (LTA) supports the launch of a new application in 2018, Whim, which brings all modes of public transport together in a single application and allows commuters to understand the fastest and the fastest ways possible. easy to travel. It offers different rates including a monthly subscription covering all forms of public transport, which is only one of the initiatives that will allow Singapore to become a "Carlite" company. 19659004] Ling also sees the "dialogue and engagement" between the government and the shareconomy emanating from the Smart Nation push.
"We see a lot of overlap between these shareconomy start-ups and the social initiatives and social enterprises of the government, she says:" For example, GrabShuttle (Grab minibus and bus booking application) collaborates with Beeline, a transport platform using real-time data created by Singapore's government Technolo gy Agency (GovTech), to provide multi-passenger transportation on demand and, in a way, imitate a bus service . "
Beeline lines are adaptive, which means that new routes are enabled. overtime. It allows private bus operators to provide optimized shuttle services and use data analysis tools for fleet management and operation. There are currently nine private bus operators on Beeline, more than 150 drivers and 200 Beeline lines.
From his perspective as president of SEAS, Tan knows that interest in shareconomy is booming. Four years ago, the association had six member organizations – there are now 35.
"The use of data to optimize demand and supply and solve problems works very well. well here, "says Tan.
"With the government pushing Smart Nation's vision, we expect to see more entrepreneurs and more start-ups in the shareconomy."
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