What does it take to revamp your wardrobe every three months? A bag full of cash, loads of storage space, time at your disposal and a friend to keep you company!
Twenty-six-year-old Sneha Katyal, revamps her wardrobe every two months at half the price, sitting in the comfort of her room without bothering her friends.
The first time I rented a dress it was for a friends wedding. I selected a salwar kameez online, rented it for one-fourth of its actual price and I got a freshly dry-cleaned piece. Since then, I have never repeated a dress in my social circle because I don’t own any of them. Storage and space is no more a hassle for me.
Online rentals is a new concept. It is about availing products and services without buying them. The Internet has made it easier for asset owners and those seeking to use those assets, find each other. In the technology-driven platform economy we do not need to buy things and own them permanently to have an ‘experience’.
Shruti Ajmera-Reddy, founder of ‘RentSetGo’, a peer-to-peer rentals service in the travel category believes that the share economy has redefined consumerism.
Rent-and-share businesses are based on the idea that people should not be denied of an experience if they cannot own a product. They should have an opportunity to borrow these things if they cannot afford to buy, and people are loving it.
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Indians have long borrowed from friends and relatives but borrowing from strangers was unheard of. The sharing economy however, is a hit with millennials, who love to experiment and gain more experiences at the lowest possible cost.
Vedika Oberoi co-founder of Swishlist, a rental website for designer clothing across India, says:
‘I have nothing to wear’ is something that has bothered both men and women constantly. Social media has fuelled it even more and people don’t want to be photographed in the same dress often. Fashion conscious customers now aspire to wear designer dresses. Apparel renting portals are offering an extended wardrobe that customers always dreamt of.
From furniture, automobiles, camera equipments, travel accessories, wedding outfits, fashion clothing, high-end bags to diamond jewellery, sometimes even pets, there is a lot that the rental market can offer you.
“The average rental price is 10-12 percent of the retail price of the product. The security amount is usually 50 percent of the rental. If we talk about clothing you can literally get 10 new designer looks in the price of one outfit, says Vedika Oberoi.
For Amit Wadhwani, the rent economy meant he could combine his love for travel and passion for biking on road trips every second month. He has driven almost every high-end bike available in India, but he owns none.
Renting a bike for travel is the best way to experience them at a minimum price. A bike that may cost you six lakh is equally expensive to maintain. Renting skips the hassle and I get a perfectly maintained bike, ready to use. I can even rent a new model every time. You can rent a bike for Rs 500 to 3,000 per day.
Over the past decade, psychology research has shown that experiences bring people more happiness than possessions. Generation Rent values experiences over possession, which means people ‘don’t want just one thing; they want a little bit of everything.’
For Indian businesses, this means the urgent need to emphasise on services over products.
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