Online renting companies are changing the way Indians use products by disrupting the very idea of ownership.
Last December, Delhi-based Kritika Verma moved to Bangalore to work with a travel company. Soon, the 23-year-old took a house on rent and was searching for some basic furniture – a bed, shelf and a small side table. Verma did not want to buy them all as she was expecting to return to Delhi soon. It was then a friend suggested that she should try renting furniture online. With some hesitation, Verma hit the internet and stumbled upon Furlenco, a furniture rental portal. “I paid ₹1,300 as a months rent and hired the furniture I wanted,” says Verma. “It would have cost me more than ₹18,000 if I had bought the same.” The process of ‘renting’ was also much simpler, she says. “I saved time, money and lots of energy.”
Verma is not alone. Thousands of such young customers are now using tech-enabled renting and sharing services to hire an array of products – furniture, consumer appliances, designer wear, baby products, art pieces and even farm equipment. The online renting and sharing market is set to change the way we consume goods and services. The global sharing economy was worth $3.5 billion in 2012 and, growing at around 140 per cent CAGR, the industry touched $115 billion in 2016, according to Guru Malladi, Partner at EY, Strategy, Innovation and Digital. It is projected to reach $250 billion by 2020. “Though highly fragmented, India forms around 10 per cent of this,” he says. A PricewaterhouseCoopers report shows that the rental market will touch $335 billion by 2025 globally.
この記事は Business Today の June 03, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です ? サインイン
この記事は Business Today の June 03, 2018 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、8,500 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
WHAT THE FUTURE HOLDS FOR AMAZON INDIA
THE E-COMMERCE GIANT HAS SEEN STEADY GROWTH SINCE ITS ENTRY INTO INDIA IN 2013, BUT THE OFFLINE PIECE REMAINS A CHALLENGE. AFTER LOSING OUT ON THE FUTURE RETAIL ACQUISITION, HOW DOES IT PLAN TO KEEP THE GROWTH ENGINES REVVING?
Time To Unshackle?
Young India Is Obsessed With Apps. But The Gateway To Them Is Closely Guarded By Two Tech Behemoths-google And Apple-who Control 99% Of The Market In India. Is It Time For India To Break Free From This Duopoly And Have Its Own App Store?
"Understand what drives key talent"
Novartis India is a part of the Basel, Switzerland-headquartered pharma major Novartis AG
MILLENNIALS MISSING HOME
SKY-HIGH PROPERTY PRICES, COUPLED WITH SLOW INCOME GROWTH, HAVE MADE THE DREAM OF OWNING A HOME A DISTANT ONE FOR MANY MILLENNIALS. THIS COULD LEAD TO STAGNATION IN SOCIAL MOBILITY AND POTENTIALLY DEEPEN EXISTING SOCIAL INEQUALITIES
SIGNATURE MOVE
SIGNATURE GLOBAL, A LEADER IN AFFORDABLE HOUSING, IS LOOKING TO GET BACK IN THE BLACK WITH A SHIFT IN FOCUS TO MID-SEGMENT AND PREMIUM HOUSING AFTER LOW-COST PROJECTS BECAME UNVIABLE FOR DEVELOPERS
MAKING A MARK
PHARMA MAJOR GLENMARK IS STRATEGICALLY PLOTTING ITS WAY UP, ALL BY SHIFTING ITS FOCUS TO BRANDED AND SPECIALITY MEDICINE AND ENSURING IT GETS ITS R&D RIGHT
DIGITAL DICHOTOMY
Where does one draw the line between protecting consumer interests and maintaining market freedom? Industry and experts are debating this even as the Digital Competition Bill seeks to rein in Big Tech firms in India, the world's second-largest internet market
"ChatGPT helped people understand the benefits of using AI"
Humane Inc. Co-founders Imran Chaudhri and Bethany Bongiorno on AI, their product, the company's vision, and more
ON THE FAST TRACK
THE DEDICATED FREIGHT CORRIDORS (DFC) NETWORK OF THE INDIAN RAILWAYS HAS STARTED ATTRACTING MORE FREIGHT PLAYERS. FROM CONNECTING MAJOR PORTS TO CRISS-CROSSING MULTIMODAL LOGISTICS PARKS, DFCS ARE SET TO BE A GAME CHANGER FOR FREIGHT SERVICES IN INDIA
WE HAVE A MODEL MADE IN INDIA, FOR INDIA, AND BY INDIA"
Manish Tiwary, Country Manager of Amazon India, on the opportunities in the country, digital, and more