The Wavetime jetski service is an absolutely brilliant one that rents out jetskis with a subscription-style system, making it fun and accessible to get out onto the water. Owning your own watercraft comes with all kinds of hidden costs and can be very expensive; by removing the financial barrier, Wavetime has really come up with a winning business model.
The Wavetime jetski service taps into the luxury market and really focuses on the experience rather than the logistics of ownership. This is a great concept that I would love to see implemented in other areas.
Implications - By removing the financial barrier from jetski ownership, Wavetime has tapped into a new market of consumers enthusiastic to get out on the water. Companies should consider how they can provide a luxury service to a middle class consumer group.
Water Equipment Subscriptions
Wavetime Jetski Service Makes Ownership Accessible and Affordable
Trend Themes
1. Subscription-based Ownership - Disruptive innovation opportunity: Implementing subscription-style systems for ownership of various products or services can make them more accessible and affordable to consumers.
2. Experience-driven Services - Disruptive innovation opportunity: Shifting focus from product ownership to providing unique and memorable experiences can attract a wider consumer base and tap into the luxury market.
3. Luxury Services for Middle Class - Disruptive innovation opportunity: Creating luxury services that are affordable and cater to the middle class consumer group can open up new markets and increase customer satisfaction.
Industry Implications
1. Recreational Rental Services - Disruptive innovation opportunity: Offering subscription-style rentals for various recreational equipment can attract customers who are hesitant to invest in expensive ownership.
2. Marine Industry - Disruptive innovation opportunity: Developing subscription-based services to access water-related activities and equipment can revolutionize the marine industry and appeal to a broader range of consumers.
3. Luxury Consumption Market - Disruptive innovation opportunity: Creating luxury services or products that are affordable to the middle class can disrupt the traditional notion of luxury and expand the market reach.