Leading retailers are backing a new ‘re-commerce’ marketplace launched last week which encourages consumers to rent rather than buy goods.
Click Frenzy co-founder Peter Krideras and Retail Oasis founder Steve Kulmar created Releaseit for consumers to rent goods ranging from power tools to baby goods.
“Think of it as eBay for rental,” said Kulmar.
“The future of all discretionary retailing will include an increasing focus on the circular economy. We can’t continue to live excessively with a disposable mentality.”
Releaseit has already raised $3 million from investors, including Gresham managing director Hugo Dudley-Smith, online retail pioneer Paul Greenberg, Afterpay head of sales and retail partnerships Rachel Kelly, Camilla merchandise director Donna Player, Booktopia CEO Tony Nash, Cue Clothing Co’s Shane Lenton, St Frock founder Sandradee Makejev, and Oz Hair & Beauty cofounder Anthony Nappa.
Releaseit has signed up 30 established rental companies, including Glam Corner (designer clothing), Radio Rentals (appliances), Jucy (campervans), Carly (cars), GlamHub (designer handbags), Anyboats, and Luxury Properties.
Consumers use Releaseit to rent out items they already own to access a new revenue stream or rent goods on a short-term basis from other people nearby.
It aims to have more than 250 brands and more than 300,000 deals on the site by June 2022.
Releaseit charges rental companies a small fee when customers click through to their sites.
It acts as an intermediary between lenders and borrowers, holding and releasing deposits after taking a 20 percent commission.
Source: Financial Review
