A new economy is booming up which believes in sharing things rather than buying it. Consumers are going for more economical by renting out the things from houses & car to cameras & apparels. The sharing economy is booming rapidly and expected to grow to $45-48 billion. This sharing economy is mostly boosted by millennials.
Started by Netflix with videos, Uber with transportation and Airbnb with hospitality has changed the aura of the market, bringing the new levels of sharing from apparels to furniture. Sharing companies believe in the maximum usage of assets for the multiple times.
Furlenco, owned by Ajith Mohan Karimpan understands the need and power of shared economy. This furniture rental start-up boast of furnishing 20000 homes and has the goal to scale up ten-folds by 2020.
Shubham Jain, owner of another rental start-up GrabOnRent provides projectors, lights, bikes and microwaves etc on rent. He believes renting makes more sense if use is for 20-22 months and not more than that. Shubham understands the shared economy because most of the GrabOnRent users are 22 to 30. And sharing becomes more economical if the bachelors are renting out things and rent is divided between all the partners.
Stage3.co owned by Sabena puri runs in the designer wear rentals. Three is for three pillar the start-up stands for curation, styling, and rentals. The start-up runs on revenue share agreements with designers like Anamika Khanna, Manish Malhotra or Rina Dhaka. Stage3 focus on high-end apparels and believes itself as not a low-cost player.
The sharing economy due to lack of unawareness in the people did not grow. People should start believing in renting out things in the same way they do in Uber and Airbnb.