Interview Questions for Malvika Gupta, CEO and Co-Founder of Borrowed
In the ever-evolving world of e-commerce, a new platform is making waves, aiming to simplify the rental process for a variety of items. Borrowed, an e-commerce platform based in the United States, was co-founded by Malvika Gupta with a vision to streamline rentals for apparel, appliances, electronics, and more.
The idea for Borrowed was born from the experiences of Michelle Gupta, Malvika's co-founder, who had previously founded a successful dress rental business, Dalliance Bespoke. Michelle's journey highlighted the challenges faced by rental businesses, including a lack of software tools for scaling and a lack of a simple option for consumers to browse and book rentals.
As consumers become increasingly sustainability conscious, there is a higher appetite for rentals in several categories. The pandemic has also played a role, with consumers opting for smaller events but willing to spend more on decor, apparel, and electronics to make these experiences special. This shift has spurred the growth of new online rental businesses for various categories.
However, the existing e-commerce infrastructure is not well-suited for rentals. This requires reimagining payment, bookings, inventory, and return logistics for a single platform. Borrowed's beta product version includes tools and data in one platform to help make rentals easier to offer. The platform automates various aspects of the rental process, including inventory management, bookings, marketing, and payments.
Borrowed does not hold inventory or manage fulfillment in the short term, but aims to provide support to its brands in these areas. This approach allows businesses to focus on their core competencies while leveraging Borrowed's platform for growth.
The growth of micro-fulfillment locations, or small-scale warehouses in urban locations, is expected to make it even faster to get items bought or rented online. This trend, along with the continued dominance of marketplaces like Amazon and Etsy, is shaping the future of e-commerce.
Despite the challenges, the e-commerce space is expected to see exciting changes over the next 5 years, including the continuation of these trends. By using Borrowed's platform, rental businesses can access important data that could help them grow their business. Borrowed also aims to provide support to rental businesses in operating their rental business from a logistics standpoint, which can be challenging.
In conclusion, Borrowed is a promising solution for rental businesses, addressing the unique challenges they face by providing a platform that simplifies the rental process and supports growth. With a focus on sustainability, a growing appetite for rentals, and the continued evolution of e-commerce, the future looks bright for this innovative platform.
- Leveraging artificial intelligence and data technology, Borrowed's platform aims to provide rental businesses with essential insights that could aid in their growth and operation, furthering the potential of innovation in the e-commerce rental industry.
- To cater to the increasing demand for sustainability, simplified rental processes, and the evolving landscape of e-commerce, Borrowed simultaneously focuses on data-driven technology and AI, aiming to revolutionize the rental industry.
