Abstract
Online furniture rental platforms are expanding choice and convenience, allowing customers to rent from a wide array of providers with the click of a button or tap of a finger. The business of online furniture rental is undergoing rapid change as new online platforms race to capture markets and customers across most of the metropolitan cities in India. The paper aims to investigate attributes for online furniture rental platforms by proposing and empirically testing platform attributes-conversion model, examine how platform characteristics influence the renting decision of a consumer and how it subsequently lead to conversion. A mix method design was adopted for the study and a pilot study comprising of 341 respondents was carried out. The study focuses on six key attributes - occupational mobility, psychological ownership, complementary services, social gratification, perceived value, and customization, while identifying the most important attributes for renting furniture online.
Highlights
In recent years, the collaborative economy, often described as the sharing economy or access based consumption has achieved phenomenal success and influenced consumption patterns of digital savvy consumers [51], [61], [84]
Retaining customers and facilitating their continued purchase are crucial for online furniture rental platforms (OFRPs)
We proposed and empirically examined an integrated model that explains attributes of online furniture rental platforms and final conversion
Summary
The collaborative economy, often described as the sharing economy or access based consumption has achieved phenomenal success and influenced consumption patterns of digital savvy consumers [51], [61], [84]. In the last two years starting 2018, the concept of collaborative economy has emerged as an upcoming trend in the online fashion rental especially online furniture rental platforms (OFRPs) [1], [51], [94]. The online renting market is gaining increasing traction [2], [9], [39], [97]. The second hand goods market is presently valued at $ 150 billion in 2017 [88], [94] and the market is expected to be a $ 700 billion market by 2022 [94], with fashion including apparel and footwear leading the way, followed by furniture and home decor. An increasing number of startups have forayed into the online furniture rentals (Table 1)
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