Consumers begin renting technology rather than investing
Implications - As consumers and businesses alike look for cost-efficient alternatives to ownership of large-scale technology, various platforms that make short-term rentals possible have begun to emerge. From health systems looking to transform unused equipment into a source of revenue to a consumers testing equipment pre-purchase, these services speak to the evolution of the share economy. This progression speaks to the growing value of collaborative consumption among consumers, even when it comes to something as essential as technology.
Workshop Question - What role does the peer to peer economy play in your industry? How could you use this shift toward sharing to your advantage?
Trend Themes
1. Sharing Economy - Consumers and businesses alike are looking to cost-efficient alternatives to ownership, creating platforms that enable short-term rentals.
2. Subscription-based Retail - Companies offering users unlimited rentals for a monthly fee are appealing to those seeking to keep up with what's new without the cost of ownership.
3. Peer-to-peer Platforms - Platforms connecting individuals with what they need when they need it, opening the door for unique and efficient opportunities for business models.
Industry Implications
1. Technology Rental - The technology sector has found a way to offer consumers and businesses an affordable way to obtain and test high-tech equipment through peer-to-peer rental platforms, which could serve as an alternative to traditional rental companies.
2. Creative Workspace - Establishments that allow customers to rent workstations, lend equipment, and collaborate with peers in order to create and work together on projects are emerging in the music and tech industries.
3. Logistics and Supply Chain - Sharing economy concepts can be applied to unutilized assets like medical equipment, with the use of technology and logistics platforms to increase efficiency and profitability in the healthcare industry.
