Fast changing economic structure in India is laying newer maps to define the way Indian consumers will buy products in times to flow. For example offline commodities have found space on online portals. Young entrepreneurs and techies are in consistent circumvention to absorb and blend with the perpetually happening amendments over the internet to render new solutions to the Indian consumer market that is driven by savings.
It is unreasonable to argue that Indian consumers want to save maximum on each transaction over a product. Whether buying household essentials or property, bargaining is deep absorbed in the bloods of Indian consumers. Irrespective of economic stature, each consumer will debate for long hours to save more. Same is the trend while buying commodities on internet or in short e-commerce. Consumers spend long hours browsing over categories that offer huge discounts. In fact digital business giants have adopted this trend as their core customer acquisition tool. They discounts to lure in more customers, increase traffic and thus scale up the conversion.
What if the entire process was based on minimum expenses in the first place? In other words if the entire idea of possessing a product was converted to renting rather than buying, a sure to be conclusion is that there would certainly be great savings and minimum resource utilization. Al ready in the market are websites that offer second hand products posted by the owner or a vendor or products on rent for a specific duration of time. What’s amazing is the fact that youngster acknowledge this move as a welcome step. Youngsters, mostly bachelors are very uncertain of their stay in a particular place. This is the reason why bachelors look after fully furnished flats in a city that offer all comforts and facilities in minimum prices. With a tide a of jobs waving over different metro cities in India and unstable ambitions arousing curiosity to explore and confidence to stay unsettled, youngster now look for temporary possessions over permanent. Also, existence of such websites makes it possible for even a lower earning group to afford products, services that fall in luxuries. Best example is renting of car for a weekend outing that allows users to enjoy comforts of a luxury car in minimum budget. Another substantial advantage of renting is reduction of insensible consumerism that has lead to piling of waste and environmental unfriendly junk. When a product is possessed forever, its worth might not be utilized at the best which later on rusts and in unusable. By renting, the product is used over and over again by many people till it is ready to be permanently disowned.
There are numerous start-ups already up for a race in renting. Indiareads.com for example offers books on rent to 550+ cities in India, much the same way e-commerce buying started with books in the country. With the rise of shared economy it will be interesting to see how the market of buying commodity welcomes it and how it will change its path in the course of time.
Authored by: Shreyans Mehta, CMO, IndiaReads.com