The popularity of the sharing economy continues to grow, thanks to initiatives like IKEA's furniture rental program, which offers a more convenient means of furnishing one's home, while cutting down on the amount of wasted resources.
A lot of furniture can get lost or thrown away as renters move from home to home. IKEA hopes to combat this, by rolling out its new sustainability initiative model, which would include the proposed furniture rental plan. Only select regions will be eligible to test this program during its initial trial phases, but the Swedish home retailer is confident in the model's success.
Details surrounding the specific location of the trial phases have not yet been released by IKEA.
Furniture Rental Programs
IKEA's Furniture Rental Program is Part of Its Sustainability Model
Trend Themes
1. Sharing Economy Growth - The sharing economy trend continues to expand, creating opportunities for various business models centered around resource conservation.
2. Furniture Rental Programs - Furniture rental programs are gaining popularity as a more sustainable and convenient way to furnish homes, providing a potential disruptive technological innovation for retail and furniture companies.
3. Sustainable Business Models - Sustainability initiatives are becoming essential parts of business models in multiple industries, opening the door for innovation in eco-friendly products and services.
Industry Implications
1. Retail - Retail companies can explore furniture rental programs and develop sustainable initiatives to adapt to the rise of the sharing economy trend.
2. Furniture - Furniture companies can invest in furniture rental programs and sustainable products to cater to environmentally conscious customers and tap into the expanding sharing economy trend.
3. Logistics - With the growth of furniture rental programs, logistics companies can provide more efficient delivery and pickup services to support the trend and minimize resource waste.