Sharing is the Future of Commerce

The sharing economy is revolutionizing the way in which we utilize assets (items) that are already consumed. Rentals provide a structure to have a two-way relationship between an owner and a renter.

The sharing economy is projected to grow from $15 billion in 2014 to $335 billion in 2025.Click To Tweet¹

Both individuals and businesses alike need to rethink the way in which they are consuming and offering goods. Questions like “Does this item need to be purchased or rented?” and “Should I rent this item and/or sell it?” are now questions that can be and need to be seriously considered. More options and opportunities will continue to become available for temporarily renting goods and services. Buying and selling are no longer the only options consumers and businesses have to consider. The sharing economy offers more efficient and cost-effective ways to complete projects, travel, and do expensive activities.

The Future of Consumer Rentals

For example, I am not an avid camper, but there are people in my city who are and have lots of camping gear. In the past when I wanted to go on a camping trip, which is every couple of years, my only option was to go to the local REI store and purchase all the camping gear that was needed for the upcoming trip. Or, I needed or have a great friend who was willing to trust me with all their expensive camping gear as a novice camper. These days, I can search and find the camping gear that I need at a reasonable price by using a platform like RentItems.com. Also, those that have camping gear that is only being used once in a while can be putting those assets to better use and generate an income with them. This is just one example of how the sharing economy and Rent Items are changing the way we think, consume, and become more financially prudent.

Another example to consider is lawnmowers. Does it make sense that over 11 million new lawnmowers a year are purchased in the United States when surely someone next door has one to share? No wonder the average American is $16,000 in debt! Lawnmowers are needed once a week for a few hours. What about the other 6.5 days of the week? Why should they be sitting idle in a garage? In the future, lawnmowers will no longer be sitting idle in the garage. People will see the value of putting their items to better use as long as there is an easier way to share their items with others.

The Future of Business Rentals

Businesses should not be only buying and selling products and services. Sharing (renting) should also be seriously considered. From the equipment businesses need to operate and produce products to the products they offer, renting is often a great option for businesses to consider. Rentals provide a new channel of distribution for many manufacturers and local retail businesses. In the future, I foresee businesses will be renting items such as robotics and artwork for their office space. I believe businesses will be able to offer more value and benefits to customers by renting their products instead of just selling their products.

Standardizing and Formalizing the Rental Process

It may be difficult right now to see all the applications of how rentals will change the way we consume goods and services. But, as innovation occurs and people become more comfortable with offering their items to others and receiving items from others, the sky is the limit. Consider this… What you have in your possession today that others may need in your local city that can be put to much better use?

At Rent Items, we are standardizing and formalizing the rental process so two parties can engage with each other by setting their expectations through a sophisticated rental system and marketplace. If you would like to learn more about how we can help you as an individual or business engage in the sharing economy and start renting your items, please contact us.

1. https://www.forbes.com/sites/forbeslacouncil/2019/03/04/the-sharing-economy-is-still-growing-and-businesses-should-take-note/#62f55f024c33