Technology has simplified the complications of renting a home
Implications - The real estate industry has embraced streamlining via technology in recent years, with things like hunting for a home to rent or buy becoming much easier. The steps following, however -- including the actual purchase process, organizing rent payment, and more -- are becoming automated as well. Implementing the sort of simplicity seen in small purchases into big-ticket purchasing signifies a consumer need for reduced steps in all aspects of life.
Workshop Question - How could you potentially streamline your consumer's experience when it comes to your products or services. How can you automate the process?
Trend Themes
1. Automated Real Estate Services - Real estate companies are facilitating the purchase process and automating payment systems in line with consumer need for reduced steps in big-ticket purchases.
2. Collaborative Consumption Platforms - Platforms like Splittable and Padstash create cost-effective and modern solutions for storage and co-living, catering to the needs of Millennial consumers.
3. Person-to-person Payment Solutions - Instant payment platforms like INSTO and social P2P payment apps like Pumpkin are providing secure, convenient options for consumers to make payments and share transactions.
Industry Implications
1. Real Estate - The real estate industry can look into developing automated solutions for the purchase process and payment systems to cater to consumer demand for reduced steps in big-ticket spending.
2. Furniture Rental - Companies like Furlenco offer a cost-effective and convenient alternative to furniture ownership, catering to the preferences of Millennials who may not be ready to commit to buying large pieces of furniture upfront.
3. Financial Technology - Financial technology can explore the potential of person-to-person payment solutions like INSTO and Pumpkin, which provide a secure and transparent way for consumers to make payments and share transactions.
