Last updated on June 22nd, 2023
Consumers want more sustainable appliances but manufacturers are not keeping up Today’s global market for home appliances is expected to satisfy a variety of customer needs, with sustainability usually being an afterthought, behind price, and features. There has been a definite shift in consumer preferences when it comes to selecting home appliances as a result of the digitisation of the globe, as well as a growing middle class and greater consumer spending.
90% of customers are prepared to pay extra for a company that gives back to society, and two thirds of global consumers are now willing to pay more for sustainable products. Nearly 75 percent of worldwide consumers now believe that it is more crucial for businesses to act sustainably than they did prior to the Covid-19 pandemic, proving that the epidemic has undoubtedly hastened this trend. The same percentage of people think it is their duty to lessen their own carbon impact. These shifts offer considerable potential for manufacturers, and will eventually force them to make more substantive investments in innovation and scale efficiencies.
Are appliance rentals and subscriptions part of the solution?
It is not a novel idea for consumers to rent or subscribe to appliances as a service rather than purchasing them. Appliance rental has been dominated in recent years by business models that are more akin to high interest loans to those with poor credit who cannot afford to buy what they need. Its poor rate of acceptance, may also be partially explained by customers’ conditioning to replace rather than repair, persists even now. Repair carries too many risks in markets with high labor costs and often costs more than the replacement value of the appliance. The use of more widely available components in appliances is also a need for producers if they want to increase the possibility of repair. parts that are simple to get and seldom go out of production (even years after an appliance has been purchased).
Since this is an issue that affects the whole industry, Whybuy recognized an opportunity to study how a circular business model, which is nearly the exact opposite of its existing operating strategy, may be successful.
Redefining ownership in relation to customers and appliances
By providing customers with a completely flexible end-to-end appliance subscription service that includes setup, delivery, servicing, damage cover, and a 48-hour guaranteed like-for-like replacement policy, Whybuy flips the appliance ownership paradigm on its head. Whybuy offers total peace of mind to its consumers while also sparing them the hefty up-front fees of purchasing an appliance brand new, or the inherent risk of being scammed when buying used.
Home equipment including fridges, TVs, microwaves , and washing machines may be rented at Whybuy. Customers may easily have the appliance picked up and delivered when they are done using it; this service is included in the cost. In order to ensure that more appliances are handled and disposed of properly at the end of their lives to lessen their impact on the environment, Whybuy also provides its customers with the option to have home appliances collected and disposed of responsibly.