Singapore’s first peer-to-peer on-demand rental marketplace MyRent has launched.
The site allows Singaporeans to rent items including photographic and sporting equipment, seasonal apparel and video games. After a beta trial, it already has more than 2000 registered users with 800 active listings.
“The idea behind MyRent is to allow users to own experiences instead of things,” said
Ishwar Dhanuka, MyRent co-founder and CEO.
“We want to decentralize ownership, and create a win-win for both listers and renters — where the former can earn money by renting what they own and rarely use, while the latter can rent a product without actually having to pay the full amount to use it.”
With MyRent, customers can rent a piece of equipment without any deposit.
The platform has built its own app, available for both iOS and Android users.
According to a study jointly published by Google and Temasek, Singapore’s e-commerce market is valued at more than US$1 billion but is projected to soar to $5.4 billion by 2025.
Peer-to-peer retail platforms have gained popularity in the industry, with platforms such as MyRent shifting focus towards providing consumers with experience versus the traditional ownership of goods.
After Singapore, MyRent is eyeing expansion into Malaysia by the end of this year. It is also exploring merchant partnerships to help stores rent out unused inventory and ecosystem partnerships – such as in insurance and logistics.