Creating the fourth R
With the lure of offers, hitherto conservative and cautious Indian customers are indulging in mindless consumerism. Just take air conditioners for example. In most parts of India, air conditioner is used by many homes for 2 to 3 months. To meet this short term need a long term purchase is made. What is the solution?
Reduce, Reuse and Recycle are the 3 R’s everyone is promoting for an ideal and environmentally better world. It’s time to add another R- Renting. Going back to the above example of air conditioner the solution is simple – rent an air conditioner for 3 months. Renting saves on cost, meets your need and helps reduce the need to continuously make and buy new products.
Welcome to the sharing economy! Sharing economy is the new buzz not just because it is new but because there is a value for the customer. Any idea becomes a commercially acceptable when it is tied-in with real financial benefits to the end user. If convenience, in terms of using the service, is added the product enters the option set of the customers. Options drive customers’ choice and the circle is complete.
Hiring a taxi is decades old way of travelling from point-to-point in cities and between the cities. Taxi hailing apps changed the game by connecting the user with the provider through an interface through technology. The key is not to reinvent the wheel but the way the wheel is made to rotate. New is not something that was not there before but also in the way we can do things. What is new is news, what’s news is the talk of the town!
At SabRentKaro we created a platform to do things in a new way. Renting of homes and cars is an established habit. We are pushing the idea forward to extend it to other products. Renting is a smart alternative to buying is the core idea we are sharing with customers. What’s been the response? Phenomenal. From corporates to individuals we were surprised with the response. Customers from different strata of life are now opting to rent products. From luxury bikes to air conditioners to furniture, the idea to rent has caught the imagination of the public. Renting the customer has realized is a smart choice.
What are our learnings? Technology is the interface but the final factor (frontier?) is the customer service. Not just because the idea of renting is new, but the nature of renting is different. While in online purchase the transaction comes to close once the product is delivered, in case of renting begins when the product is delivered. What’s the crucial difference between online shopping and renting?
Relationship management. As the product needs to be meet the needs of the customer and also needs to come back at the end of the rental period, we need to maintain a relationship with the customer which can last 3 to 6 months. Invest in product maintenance, customer service and product range to meet the needs and win the hearts of customers.
Renting is a solution to mindless consumerism gripping our society. Renting makes the customers life better and also the world a better place.