London, UK is now home to the 'Library of Things,' which operates on the motto: "Why buy when you can borrow?" The social enterprise has taken up roots in West Norwood, a residential area of the city, making it easy for community members to borrow everything from DIY tools to camping gear. A membership to London's Library of Things is free and the items can be accessed for a small fee.
Some of the items that have been contributed to the Library of Things for P2P use come from brands like B&Q, Patagonia and Berghaus. As these companies recognize, a lending library provides a great opportunity for consumers to trial a product.
Several resource-sharing projects and services like this one are now in operation, making the most of the booming sharing economy for all parties involved.
P2P Lending Libraries
London's 'Library of Things' is a P2P Lending Library for a Variety of Goods
Trend Themes
1. P2P Lending Libraries - The rise of P2P lending libraries presents an opportunity for businesses to provide consumers with the chance to try their products before making a purchase.
2. Resource-sharing Projects - The growing popularity of resource-sharing projects opens doors for innovative businesses to participate in the sharing economy and cater to consumers seeking more sustainable and affordable options.
3. Booming Sharing Economy - The flourishing sharing economy creates disruptive innovation opportunities for businesses to tap into the market and offer flexible borrowing solutions for various goods and services.
Industry Implications
1. Retail - The retail industry can leverage P2P lending libraries to enhance customer experiences and increase sales by enabling customers to test products before purchasing them.
2. Outdoor Gear - The outdoor gear industry can capitalize on the growing trend of P2P lending libraries to promote their products as people can try out equipment and potentially become long-term customers.
3. Sharing Platforms - The sharing platform industry has an opportunity to create innovative platforms that facilitate the borrowing and lending of a wide range of goods, connecting users and expanding the sharing economy.