Failing to verify my Idea with the Marketmind

[Alin Farah]

Hi
I generated the concept that multi-vendor e-commerce sites that focus on rental products are not providing a complete end-to-end solution for both lenders and borrowers. I discovered this through language patterns, from people talking about looking for a service where they can rent out various products, I identified these patterns from different social media apps.

However, this to me was not enough to be certain that there is a lot of demand for this. So I started working for Amazon delivery part-time during my summer break, to attain domain experience for the delivery process in an e-commerce business.

Every time I deliver a parcel to a customer, I would ask them questions and get replies like this,
"How often do you use amazon?" A: Quite often
"What problems do you experience with the Amazon service?" A: Nothing really
"What do you wish amazon had that would make your life easier?" A: Nothing, they are doing fantastic
"If amazon or other e-commerce sites had the option to rent out products would you use this service?" A: I don't know

To note, that this is most of the replies and not all, a few answers given were something that could be looked into.

Am I targeting the wrong Audience?
Do I have the wrong approach?
Is identifying langage patterns enough for me to proceed and finish off my prototype?

Please fill my in with your opinions

 

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[MJ DeMarco]

"How often do you use amazon?" A: Quite often
"What problems do you experience with the Amazon service?" A: Nothing really
"What do you wish amazon had that would make your life easier?" A: Nothing, they are doing fantastic
"If amazon or other e-commerce sites had the option to rent out products would you use this service?" A: I don't know

I don't get it.

You're not asking your audience about your end-to-end rental solution, you're asking about Amazon and it's shipping effectiveness. It's like you want to know about oranges, but you're asking about apples.

I don't know about the UK, but rental services are quite popular here, from power tools, to big equipment, to party and event rentals.

 

[Stargazer]

As above.

What does Amazon have to do with any gripes people have with rentals?

People go to Amazon to buy things and Hey Presto, without much fuss it arrives. So what would you expect people to say when you deliver their package?

If people rent things - what are you thinking of exactly? - they would go somewhere else.

eg If I wanted to do landscaping in the garden I would maybe go to HSS and hire equipment by the day, week, month etc

Where is the problem you think you have found?

Dan (In the UK like you)

 

[Kirk84]

Am I targeting the wrong Audience?

Yes, target lenders not buyers. Also look into B2B. Business tend to lend more often to save Cashflow. I recently stumbled upon a service that rents out plants including maintenances (watering and caretaking service) to businesses for a monthly fee.

Do I have the wrong approach?

Yes, read „Talking to humans“ (it‘s a very quick read) in order to understand how to ask questions.

Is identifying langage patterns enough for me to proceed and finish off my prototype?

No. See above.

 

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[Alin Farah]

I don't get it.

You're not asking your audience about your end-to-end rental solution, you're asking about Amazon and it's shipping effectiveness. It's like you want to know about oranges, but you're asking about apples.

I don't know about the UK, but rental services are quite popular here, from power tools, to big equipment, to party and event rentals.

Noted, appreciate your response.

The rental services in the UK, like FatLlama, do not offer a delivery service for rental products. So my approach was pinpointing an effective way to get products from lenders to borrowers, without having to meet up and negotiate with pricing.

However, focusing on contacting lenders and borrowers will be the appropriate approach.

 

[Alin Farah]

As above.

What does Amazon have to do with any gripes people have with rentals?

People go to Amazon to buy things and Hey Presto, without much fuss it arrives. So what would you expect people to say when you deliver their package?

That is very true.

Where is the problem you think you have found?

Dan (In the UK like you)

To add on what I said to MJ DeMarco, making it easier for the people in UK to rent out their products from all categories by posting it for rent on an e-commerce site and allowing it to be delivered to the borrower's door-step. The lender-borrower interaction is the problem.

Since you are from the UK like me, would you say this is the case?

 

[Alin Farah]

Yes, target lenders not buyers. Also look into B2B. Business tend to lend more often to save Cashflow. I recently stumbled upon a service that rents out plants including maintenances (watering and caretaking service) to businesses for a monthly fee.

Hmm, never considered approaching businesses, this could be very effective.

Would you say directly targeting lenders from the UK rental services, like FatLlama, be an effective strategy?

Yes, read "Talking to humans“ (it‘s a very quick read) in order to understand how to ask questions.

Appreciate the recommendation, will definitely read.

 

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[MitchC]

Is the issue really the delivery? Why couldn’t people just post the items or pick them up from each other. I can’t see you creating a more efficient system than the post office.

What you are talking about building sounds more like creating a 2 sided marketplace which I would say is solving the bigger problem and also a lot harder to do.

I’m sure there’s a lot of companies who have tried this, the one the succeeds will make billions.

Some examples already exist. Airbnb for houses. Someone did one for storage in garages. There’s one where you can rent your car out. One for tools as Mj mentioned would definitely work and probably exists. Anything expensive that you don’t need to use all the time. You could probably make one that rents watches and jewellery for events. I know a lot of Instagram style businesses that rent clothes. Someone could consolidate this into a marketplace like Airbnb so anyone with nice clothes can rent them without having to try and market them.

I can see an issue with Amazon or Facebook being able to eat a huge chunk of the pie once someone makes it work. I know someone renting camping gear using Facebook marketplace, Facebook could easily create a rental marketplace.

But yeah I think the bigger problem is if you wanted to rent something, how to find a renter. If you can solve that with a marketplace everyone uses you’ll be rich.