Trust in Sharing Economy
What is Economy Sharing and it's Need
Sharing economy is the concept of sharing resources among organizations for producing higher value. Currently people are sharing different things like cars, homes and task as well as music for seeking advantages over ownership. However, businesses are sharing network among each other in order to save overall time and cost. It aids to provide them benefit through which they can reduce cost of production and ensure optimum utilization of limited resources. In this regard, impact on internet can be addressed in term of inter personal relations. Due to development in latest technologies trust among individual is increasing and they are sharing resources frequently (Zervas, Proserpio and Byers, 2016). It has transformed the consumption process for the sake of different parties such as businesses, consumers and other related parties. Furthermore, sharing economy facilitates to shed light on socio-economic movement and values as well as beliefs of people born or consumer born in the internet era.
In-spite of increasing trend of internet and sharing economy corporation might face issue related to one aspect that is “trust”. It is the main research problem which reflects that whether corporation sharing resources are in trustworthy relationship or not. Owing to this, present study is being carried out for assess the trust in sharing economy and its contribution towards growth and development of nation. Though, current generation believes in saving their time by using updated technologies (Heinrichs, 2013). This increases trust among individual and they can rely upon the same. However, availability of different mode of communication like personal email, social media and newsletter assist individual to establish good relationship with each. In addition to this, sharing in economy may have negative impact on performance of corporation operating in different sector due to poor relationship or absence of trust. In this regard, current study on investigation on trust in sharing economy would be effective to cater need of different parties like businesses, individual and others. It is also helpful for government of nation to set out appropriate rules and regulation to have successful sharing in economy in place.
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The research and objectives of current research are explained as follows-
Aim-To investigate the trust in sharing economy
The present investigation on sharing in economy is important for entire nation which aids to ensure benefit of entire country. However, the trend of sharing in economy is increasing where it becomes important to assess the trust among same. This is because lack of trust lead to less fruitful operations of business and failed deals among individual buyers (Kathan, Matzler and Veider, 2016). Owing to this, the study under investigation shed light on way of sharing economy and potential benefit of the same for entire country. In addition to this, current study also states that issues which are being faced in building trust in sharing economy. This would be effective for different parties to access fruitful information and use the same to extract valid outcome. Apart from this, current study will be effective for corporation which are sharing spaces and network as well as other resources like people.
Literature review is the process which contains critical evaluation of the secondary data sources cept of sharing economy
According to the views of Huckle and et.al., (2016) sharing economy presents economic and social activities that involve online transactions. Hence, open source community refers and allows peer to peer based sharing access to the goods and services. In broader terms, it places emphasis on the transactions which take place through the means of online. Aspects of sharing economy are usually seen in B2C transactions rather than others. Economy defines as the production and utilization of goods and services in accordance to supply of money. Sharing to this economy terms as sharing economy. According to Min and Jeon (2016) Sharing Economy refers as socio-economic system set up around the sharing of human, physical and resources related to intellectual. Sharing Economy has various kinds of value exchanges and it possesses some kinds of features like swapping, transferring, collective purchasing, utilization of goods and services, shared ownership and shared value, cooperatives, recycling, re-distribution, borrowing-lending, peer-to-peer lending, person-to-person, circular economy, on demand economy, social media, social enterprise, micro entrepreneurship, micro financing, open source, open data and public services.
Similarly, as per the view point of Stemler (2016) that, Sharing Economy is integration of shared formulation, production of products produced, segmentation, business and consumption of goods and services by several people and entities. It is a type of economy which enables P2P transfers through technology and socio economic system which are kind features of social and economic life. People are main focused elements of sharing economy. Human rights, rules and regulations are respected and safe guarded. Thus, sharing economy consists of people create, collaborate, supply and distribution, peer to peer, person to person. Within business organization, people – both (co-owners, employees and customers) are high valued with their opinions and ideas are respected at all stages of supply chain. In Sharing Economy, production remains as open and accessible to those organizations who wish to produce goods and services.
Author argues that Huckle and et.al., (2016) Sharing economy does not show sustainability levels of business models divided by type. As for further research, research with various case studies are expected to be carried out. So, to focus on this limitation and try to solve out the problem, sharing economy can be effective and profitable for the organization.
There are various ways of sharing economy, in which some of the main are by creating environment of sharing economy's societal benefits, to shape controlling structure of business model accordance to sharing economy. Sharing economy players remains in an ideal position to use its data analysis ability to inform discussion with stakeholders.
According to Jain (2013) A sharing economy firm should discuss on wrong claims. It is better way to determine economy's contribution for not only employment but also to other social concerns as environment to develop social benefits. Sharing economy can be play great role in market place by identify its mutual ground and build alliances. Thus, it is helpful to assume potential of sector's overall economic contribution. By clarifying roles and responsibilities, sharing economy can collaborate with local authorities. To make a regulator model for business planning, sharing economy is able to arrange proper management of the organization.
To reduce barriers and determining the sources to challenge facing entrepreneurs, business stages would be grow and reduction in starting capital occurs so sharing economy idea will get positive impact on business framework. Thus, proper production and utilization of goods and services in exchanging form on the basis of socio-economic system, able to set up environment of sharing of human, physical and intellectual relations.
In accordance with the views of Kathan, Matzler and Veider (2016) sharing economy offers high level of benefit to the people of society. Sharing economy offers opportunity to the small sized business unit to provide their unused assets on rent and thereby gets income from it. In the present time, sharing economy facilitated extra earning opportunities which make direct contribution in the growth and development of society. Moreover, each business organization has some assets which are not used by them in the productive activities. In this, by renting such assets business unit can enhance their profit margin to the large extent. However, on the critical note, Dakhlia, Davila and Cumbie (2016) said that it is not possible for the business unit to assess the suitable company which proves to be more beneficial for them. The reason behind this, in-depth research or investigation is highly required for determining the suitable investors.
From their own investigation, Schor and Fitzmaurice (2015) found that concept of sharing economy offers wide range of benefit to the small entrepreneurs. In this regard, sharing websites is one of the main sources of advertisement which promote the services of providers to the large extent. Moreover, to promote the services through the means of newspaper and online classified pages business enterprises have to pay more in comparison to the means of sharing websites. Hence, in this, by using the sharing and collaborative means or form small companies can widen the awareness regarding the products or services offered by them.
Dillahunt and Malone (2015) stated that with the emergence of sharing economy it becomes easy for the firms to borrow money which directly contributes in their growth and development. On the basis of this aspect, crowd-funding platforms such as Peerbackers, Kickstarter and Fundable etc. assists entrepreneurs in raising money for launching their products more effectively and efficiently. It is the most favorable means which is usually undertaken by the business entities to raise fund or money. However, on the other side, Lichtenthaler and Lichtenthaler (2016) criticized that it is not highly popular means among the business entities as compared to others. Thus, outsourcing is the most effectual aspects which offer high level of benefit to the people of society. Concept of sharing economy has developed trend towards the sharing economy to the large extent. In the present time, due to the lack of enough financial resources it is not possible for the firm to build the team of highly skilled and efficient people. In this, by outsourcing the services of highly competent personnel business enterprise can accomplish the project within the suitable time frame. In this way, sharing economy has developed online platform to from where one can appoint the talented personnel for the accomplishment of task.
By doing investigation, Liu, Fagnant and Zhang (2016) assessed that shared economy also offers high level of benefit to the personnel in terms of workplace flexibility. In this, employees have freedom to set their own working hours and prefer to do work from their home. Thus, it enables personnel to work from their home and any other place instead of their offices. Further, it also allows the employees to take and enjoy the vacation to the fullest. In this way, it raises employee morale and motivation to the significant level. However, on the critical note, Arnould and Rose (2016) claimed that it concept of sharing economy creates difficulty in developing highly effectual and suitable work culture. Thus, by considering all such aspects it can be said that shared economy carry with itself both positive and negative aspects. Thus, companies who undertakes the concept of sharing economy needs to keep in mind all such factors.
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In accordance with the views of Schmid and Knopf (2015) there are several issues which are prevailed in the aspects of shared economy. Language barrier is one of the aspects which create difficulty in sharing the services to the large extent. Moreover, for getting the services from the personnel of other country it is highly required for the company to must have knowledge about others. Along with this, Casson (2016) determined that aspects of shared economy also may result into ineffective working environment or culture. The reason behind this, effectual work culture can be developed only when they regularly attend the office. Along with this, professional skills also developed among the personnel when they come at office rather than performing work from home. Hence, it is the significant issues which have high level of impact on the trust aspect of economy.
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