How businesses are reaping benefits out of renting lifestyle products

Today, with increasing demand for renting lifestyle products, many businesses are finding it a lucrative space to tap. Let's know more about it.
Renting lifestyle products

Affording luxury products has always been an expensive affair for a majority of people. However, living up to one’s aspirations is now easy since renting of luxury lifestyle products such as trendy furniture, high-end home appliances and consumer electronics has become quite common. Sharing economy now allows consumers to conveniently enjoy these products which could be way out of reach should one go for outright purchase.

Renting of lifestyle products like Home Appliances and furniture is in particular a good and practical option for young professionals who keep moving for work across various cities and get frequently transferred from one city to another for few months/years. Renting of lifestyle products is a highly evolved concept in the western world. However, in India, till few years ago, this industry was largely dominated by localized and unorganized players like neighborhood furniture shops, which offer little of no variety, quality or the convenience of online ordering and free, hassle free shipping, maintenance etc.

Market growth
Over the past few years, there has been a substantial increase in the number of professional companies offering rental services for premium products such as designer furniture, home appliances, study tables and dining tables, high end DSLR cameras, water and air purifiers, bean bags, etc.

Renting is the new cool, especially for young professionals between 20 to 30 years of age. Renting saves the clients from the hassles of scouting for furniture and appliance shops, haggling for prices, transportation logistics, installation and finally saves them from spending the huge capital expense upfront. Thanks to professional companies like Rentickle, one can now enjoy these trendy and up market products sitting at home, at the click on the mouse, at just 2 to 3% of product costs as rentals with additional convenience of free home delivery, free maintenance and free pick up service once the rental tenure gets over. 

Apart from young professionals who find renting convenient and practical, other consumer segments like students away from home for higher studies or for professional courses, expats, newly married couples etc are also opting for renting like never before. Many companies are also offering baby products like cribs, baby cots and baby furniture on rent, hence adding the segment of young parents to the consumer base.

Behavioral shift
There has been a major shift in consumer mindsets from owning to renting of various products. While sharing economy has been made popular by large global companies like Uber, Air B etc, today the rented products categories has expanded to garments, accessories, high end motorcycles and even DSLR cameras. There are many budding photographers who don’t want to spend big money on buying an expensive camera for their initial practice. These camera rental services are a dream comes true for amateurs, students and home-makers etc., who have taken up photography as their passion and want to experiment and develop their skills.

Conclusion
Renting and shared economy in India is now getting evolved as a high growth industry which is being serviced by highly professional ecommerce companies like Rentickle which is creating a new wave in India, that of enabling clients to enjoy premium, expensive lifestyle products at the click of a mouse by just paying just 2-3 % of the value of these premium products as monthly rentals.   

This article has been authored by Vineet Chawla, Founder, Rentickle

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