While relocation can be a big task for individuals moving to different places as part of their employment, portals like RentoMojo have a way of making them feel at home. By providing a wide range of furniture and appliances on rent, these portals aim to make the home / office moving process as easy as it can get.
In order to know more about the furniture rental market in India, the Pitch team got in touch with Geetansh Bamania, CEO and Founder, RentoMojo.
How has the market for furniture rentals evolved over a period of time? What does the future hold?
The furniture rental industry has evolved rapidly over the years owing to the growing population of earning Millennials in the country. Millennials, known for enjoying the comforts of life on a budget, like the option of being able to lease high-quality furniture for their desired timeline during which they can swap the furniture to suit their unique styles. There is also a rise in migration from tier II and tier III to tier I cities because of renewed cash flow and creation of new opportunities. An average young Indian worker changes his/her location every two or three years, so combining the mobility factor with the income restriction helps in understanding the renting model.
The online furniture rental industry is expected to grow phenomenally in the future. Interestingly, appliances as a category have also seen a surge in leasing and are expected to grow manifold in the near future.
How do you market yourself to the people? (since a lot of people associate their personal space with ‘ownership’)
We market ourselves on cost-effectiveness, convenience, and commitment. Customers who wish to change the look of their homes can upgrade to the latest furniture, appliances, and gadgets for a much lower price. With a vast range of available products at a wide range of prices, we can provide the right product in order to satisfy the needs of the occupant and with free delivery, customers are ensured that they will receive the products at their doorstep, safe and ready to use.
We also aim to educate our customers about the benefits of furniture rental through our digital marketing campaigns, like the #PehliNaukri, #PriyaWedsSofa and #PappuNahiSmartBano promotions.
For young professionals who are not sure which city their next job is going to take them to, doing up their new home with furniture bought on rent is an easy way out. Rentomojo furnishes their apartment on a monthly rental. Thus people can use their disposable savings for more meaningful life experiences.
What are the upcoming trends in the furniture rental markets in India?
In the days of a freelance and short-term contracts economy, where life is constantly subjected to last-minute scheduling and shifting, the trend of furniture rental is growing. The company markets to people who are likely to move. It provides them access to various functional products, without the hassle of purchasing, maintenance and relocation. Future trends in the furniture rental market are innovation and functionality. Products are to be more trendy, sustainable and functional – in order to cater to the different needs of various customers.
With a number of competitors in the furniture rental segment, how do you stand out? What are your key offerings to the consumers?
RentoMojo is a company that aims to provide a leasing infrastructure for furniture that evolves and adapts to people’s changing lifestyles. It provides its customers fintech features like Rental Monthly Instalments (RMI), Rent to Own and Return at Will.
RMI allows its customers to rent the product for up to 36 months during which they can purchase, swap or relocate. An additional benefit is that rent per month under RMI reduces as the rental tenure increases.
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