As obvious as the benefits of renting are for consumers, for businesses it can be more of a mental leap. That's understandable considering most retailers' profit models are based on moving large quantities of product at high speed — and never looking back. Building a booming rental market requires a shift in priorities away from sales quotas and toward building lasting relationships with consumers.
Rental customers aren't just grabbing a box off the shelf — physical or virtual — and walking away. They're engaging in ongoing relationships that could last months or even years. Rather than selling as many units as possible, retailers need to respond by providing excellent customer service through product education and ongoing support. Guiding customers into making the right rental decisions and providing timely repairs, returns, or even upgrades along the way is critical to building longevity and trust. Not only does this build recurring revenue streams for retailers, it brings a human element back into the "shopping" experience that makes the process more enjoyable for everyone involved.
As with any industry in the midst of change, there will be challenges: renting will require some merchants to find different technical solutions or develop systems for storing, tracking, and transporting rental goods. But as the space grows, we're already seeing some companies get the model right, so others can follow.
I know that renting isn't a panacea for everything that's wrong with the planet, or our economy. There will still be plenty of people hungry for brand new stuff, and plenty of retailers ready to provide it. But if we can support the growing segment of consumers happy with access the new-ish, rather than owning the newest, then we're on the right track.