In partnership with West Elm, Rent the Runway is introducing a home decor rental service that will make it possible for consumers to get their hands on everything from pillows and blankets to various soft goods. Rent the Runway was driven to create this new service from customer demand and recently announced its new venture at SXSW. At the same time, the partnership presents a unique opportunity for West Elm, as customers frequently buy and sell its furniture and goods on sites like Craigslist.
As well as offering a convenient way for people to decorate their homes without being too committed to a particular style, the home decor rental service will collect data to keep ahead of the designs that are in demand.
West Elm and Rent the Runway are Teaming Up for Home Decor Rentals
1. Homeware Rental - Renting home decor items as a cost-effective and flexible alternative to buying.
2. Sharing Economy - Expanding the concept of sharing economy from fashion to home decor, providing convenient access without the commitment of ownership.
3. Data-driven Design - Using data collected from the rental service to inform and adapt future home decor designs.
1. Home Decor - The home decor industry can explore rental options as a new revenue stream and a way to reach a wider customer base.
2. Fashion - The fashion industry, represented by Rent the Runway, can expand its rental services to include home decor, tapping into a new market.
3. Data Analytics - Data analytics industry can contribute by analyzing the rental data to identify design trends and preferences in home decor.