Consumers Opt to Try Before They Buy at The Sharing Depot

Culture Vulture - Mindshare InSites
Cover image for  article: Consumers Opt to Try Before They Buy at The Sharing Depot

This week on Mindshare’s Culture Vulture Live, Alexandra Spaseff gives us the low-down on The Sharing Depot. Launched recently in Toronto, The Sharing Depot is a place where people can borrow anything from power tools to sports equipment to toys and more. So if you don’t feel like buying camping gear for a one-time trip, or party supplies for your next big event, you can save some cash and closet space by borrowing it.

The company has different levels of annual membership fees. For example, $50 a year will let you borrow things for two to four days, whereas $75 will let you borrow for a week. Just be careful that you bring them back on time -- like a library, there are added fees to pay if you’re late.

The owners of The Sharing Depot launched this place as a way to reduce consumption and help the environment. But this Library of Things also plays into a larger trend around consumers that we at Mindshare call “Uncommitted.” To deal with purchase risk, more and more people are seeking out options that let them lease or try before you buy. And companies have been changing business models to let them do so.

For example, look at the success of Rent the Runway, which just opened up a new store in LA. Or, subscription service Le Tote, which lets people borrow clothing and accessories on a monthly basis.

For marketers and brands overall, it’s important to find ways to make your customers feel secure in what they’re buying. If you can remove any perceived risks to purchase, you’re much more likely to score their commitment.

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