Traditional retailers are being forced to reinvent their business models in order to not only compete, but survive. With the ever increasing threat of online shopping and consumers prefering access over ownership, retail stores are struggling. Some frontrunners are looking at how they can provide their customers with an added value, and capitalise on alternative revenue streams on top of the traditional retail market, by opting to offer Products-as-a-Service.
- Clothing and apparel – subscription services and rental for everything from baby clothes to high-end fashion
- Hardware stores are offering tools and equipment looking to shift their revenue model toward consumables
- Kitchen supply stores providing short-term rental of less frequently used items
- Sports stores – offering short-term or seasonal rental of equipment
- Camera & Photo – lending out items to try-before you buy and offering rental
One of the biggest hurdles many brands/chains are met with, is how to manage the assets they want to offer their customers, across what is potentially a national or international network of outlets, each with their own users, inventory, administration, financials and more.
Providing companies with the technology they need to easily begin offering Products-as-a-Service is a core part of what we do. Enabling them to visualise and manage assets and inventory with an ease-of-use for both their customers as well as their employees is critical to their success. Providing robust functionality at a granular level, such as:
- supporting custom Terms-of-Service agreements on individual products
- automated reminders for customers to return items
- integrated payment gateways supporting late fees
- the ability to scan items for checking in and out
- reservations and subscriptions
- robust reporting solutions
- and more
With the right technology and support service, we enable almost any retailer to test out and transition the way they offer services to their clientel either in one pilot location or accross national networks of outlets. Enabling them to work with manufacturers to provide access to quality products that support robust usage to shift away from cheaply produced inferior quality items.
As we transition from Shopping Malls to ‘Sharing Malls’, service and experience will be key for the future meeting points in communities worldwide. With the ability to connect networks of retailers for place based innovation – we can enable society to collectively reduce their environmental impact by getting access to what they need as a service and support a reinvention of retail.