Lotte’s new rental service targets thrifty shoppers

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Lotte’s new rental service targets thrifty shoppers

Lotte Rental launched Myomee, a rental service that uses big data-analysis to suggest products based on a user’s lifestyle, on Monday. The service offers a wide range of items including leisure goods like sporting equipment and everyday products such as baby toys.

Rental services usually offer products in one category such as cars, home electronics or fashion. Myomee is the first rental platform that offers a wide range of products from 19 categories.

“Our company also used to operate business-to-business rental services. But like any other retail trend, we saw that rental services were expanding out to reach consumers as well,” said a Lotte Rental spokesman.

Most of the products at Myomee are premium goods that consumers may not want to purchase. For example, seasonal leisure goods may prove popular, as items like tents and trendy swimsuits are not used throughout the year.

Rental periods range from two days to a year. If a consumer finds that they like a product they can purchase it from Myomee and receive benefits like extended after-sales services.

Myomee operates a subscription service that allows consumers to rent two products per month in the children’s goods or leisure and sports categories.

Although the service is in its initial stage, the platform will suggest products based on consumer’s lifestyle, powered by big data technology.

Consumers are required to select product categories they are interested in. The main page on the website will then show bestselling products in that sector. If the user actually rents something, the website shifts to show products related to that item.

To offer a more precise service, Lotte developed 42 consumer personas. For example, a married man in his 30s will see button-down shirts and strollers. A mother who rented a stroller for a new-born baby will see products for older children a few years later.

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