Renting commodities online is trending in India, and this trend has helped the industry to grow. Consumers can now find platforms to rent all kinds of commodities like automobiles, clothes, furniture, home appliances, books, and gadgets. These platforms provide services as per the need of the consumers, which makes their lives easier and convenient. They no more have to invest in commodities whose value will practically depreciate over time, or would become obsolete once their primary utility is fulfilled. They can, rather, focus and spend their time and money more on experiences and continue to invest in assets and skills that will add value in the long term- human or monetary.

The renting business has gained popularity only in the past five years and has amplified the demand for the products which are easily available on rent online. Along with the renting industry, the re-commerce industry has also witnessed growth and development. Reverse commerce, or as it is popularly known, re-commerce, in the simplest words, is a practice in which a seller of goods allows for a certain kind of exchange between consumers. In re-commerce situations, those who have bought products can "sell back" obsolete or otherwise undesirable products, either for a cash payout or in exchange for a different product. However, the renting industry is not an easy place to be working in. Ensuring the consumers that the products they are taking on rent are of required quality and are in working condition, even though they have been used by someone previously, is challenging. Their usual impression when purchasing products from an online renting platform is that of buying something which may have already gotten outdated. Regardless of that, a great number of businesses have now began capturing this trend, and are providing solutions to bridge this gap for commodities such as furniture, transportation and consumer appliances. Brands are now facing the dilemma as to how to create a differentiated customer experience among consumers, which also testifies the fact that today’s generation requires innovation and is easily adaptable to technological advancements across products.

Product and technological innovation is daunting in its complexity and pace of change. But it is vital for a brand's competitive advantage because today's consumers often demand products that are yet to be designed. As technologies develop, product obsolescence increases and innovative products will have to be

introduced in the markets. Product and Service innovation not only helps in retaining the existing pool of consumers and gaining larger customer base, but also helps differentiate the brands from one another. Additionally, it also helps in increasing the product’s life cycle. A product which has been in the market for a very long time may die at one point of time, but if the same product is recurring in the market with additional features and innovations, it is likely to live a longer life, and have an increased demand. To ensure all customer needs are catered to, and the organization is recognized individually, online renting brands are trying to expand the shared product market with innovative solutions catering to different segments. They make sure that there are innovations happening time and again and the products become more and more advanced with every cycle. With each new smart phone or laptop that is launched in the market, there are additional features compared to the product that is already available to the consumers. There are new apps being launched almost every day, which accommodate various services like video calling, instant messaging, record-keeping.

Brands today need to understand that providing a multitude of utilities is important for any business to grow and succeed in today's aggressive competitive market

As for the furniture industry, it has evolved to a new level. The option of renting of furniture was available as much as 25 years ago as well, but where the current industry stands today is noteworthy. Earlier, the furniture renting service was selectively available to a certain profile of population such as defense personnel and expats. However, one of the major differences today is the way consumers use and adapt to the information and communication technology. Renting was not done online, nor did such a wide array of services exist. In today's time, consumers can select the furniture they want, place an order over the website and the products will be delivered and installed by the team in a short period. They also have an option of choosing from various packages that have been prepared keeping their lifestyle requirements in mind. Moreover, consumers can even create custom package as per their needs. This not only enables them to eliminate the redundant furniture but also cuts down a great amount on unnecessary expenditure. In addition to that, renting furniture online also allows the consumers to change or return a product, without much hassle.

What is even more interesting is the fact that brands have been studying their markets, and are constantly adding and subtracting various elements to suit the market demands. Brands have now started realizing the importance of listening to their consumers and more importantly, acting upon their interests and feedbacks collected through surveys and researches, making them an integral part of product innovation strategies. Brands today understand that providing a multitude of utilities is important for any business to grow and succeed in today’s aggressive competitive market. As a result, they are now taking measures that will help their business stand out in the industry, and exploring innovative, diverse advances to capture the consumer’s mind space.

The advancement that the current renting industry is witnessing, needless to mention, is driving the demand for similar products and services. The consumers are attracted to this technology because it suits their lifestyle and is a feasible method of having their needs fulfilled. However, it is to be noted that they avail the products and services only from those platforms which are constantly introducing innovations in their products, and are upgrading their services. Therefore, brands have been striving to accommodate the requirements of their pool of consumers, and providing services effectively and efficiently. The renting industry is on an uphill climb, and will progress if the innovations keep progressing.