The advent of internet and ecommerce space has given way for the genZ to cash on the trend to realize their dreams. For result we have whole new lobby of young, passionate entrepreneurs with revolutionary business modules. Among many logistics, banking, booking, shopping, renting has emerged as a fad. This has rendered an enormous change in the way people perceive sharing and collaboration, an integral part of human nature.
Millennial today are reluctant to own things like cars, consumable goods, etc, rather they believe in sharing such things. Co-existence has finally found an appropriate definition – collaborate to share and re-use. It is not only about the spirit, but also a question of economics. Sharing economy not only makes life affordable, accessible and equal for everyone, but it also helps preserve resources for a sustainable future.
Renting as a trend is gaining attention in several industries such as clothes, jewellery, cars, books, furniture and a lot more. For example buying a car for INR 4 lakh might be a problem, but renting a car for INR 1,000 makes it not just affordable to many but also less resource consuming and eco friendly.
Startups and enterprising individuals were first to notice the shift in preferences and were quick to cash in on it. Companies like AirBnb, Uber and Lyft are prime examples of this. These startups have now grown on to become billion dollar businesses by creating a phenomenon where people only want access to a product and service and not necessarily own it.
With the help of technology, these startups have found ways to organize the dismantled market that enables them to maximize returns on the assets they own. This has been possible because the users now have an option to borrow or rent products depending on the usage time and need. This is not only encouraging collaborative growth, but in turn helps consumer save a lot of money, which they may utilize on other productive activities. These are disruptive times where trends and opportunities of today are businesses of tomorrow.
Collaborative consumption makes such an amazing product market fit in India, especially for products we need for limited use. We Indians are price-sensitive and are always looking for best deal/offer. A product rental can help consume the product at a fraction of cost.
If startups take care of delivering an authentic user experience with convenience as focal point, there seems to be no stopping.