DECEMBER 201919ndia is increasingly gravitating towards rental or shared economy; specially the youngsters changing attitudes towards consumption and ownership. This reshaping of economy is about providing access, comfort, saving money and convenience, affecting the rise of technology-driven social companies across all sectors ­ to rethink their business in order to survive. Online rentals economy, a new concept ­ a new way of consuming based on usage is being built by web startups which deliver products and services at a fraction of cost either by renting it themselves or serving as middlemen, connecting people in want to those owning these, thereby redefining consumerism. The Internet has created a technology-driven economy on a platform which easily connects owner of products and services to users for the ultimate `experience' without buying or owning it. Changing MindsetThough traditionally, Indians have a preference for owning. Be it a house, a car, expensive jewellery or good clothes. This mind-set is also changing now, from owning and keeping to changing and reusing. And if seen on a larger frame, we find that renting itself is not a new phenomenon. Even 25 years back, individuals with transferable jobs who used to shift base every two years used to rent furniture, books, car, bike, videos. However, the process of renting has been then fragmented. The business is now not just taking a more structured form but also expand-ing to include everything from clothes and accessories to even sharing of financial resources and, in a rare case, pets. According to PricewaterhouseCoopers, the sharing econ-omy will generate potential revenue of $335 billion by 2025 globally. In India, just the market for rental of furniture is seen at around $800-850 million. Rental of electronic appliances is a $500 million market and bikes $300 million, which adds up to a cumulative $1.5 billion market. Today, big E-tailers are changing the ownership based e-Commerce with compa-By Ruchi Sharma, Co-Founder, Pustakkosh Rentals A young and vibrant entrepreneur, Ruchi is working towards revolutionizing the pursuit of learning and business makingINDIA IS GEARING TOWARDS RENTAL ECONOMYCXO INSIGHTSI
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