Case Study: Pigme Private Limited
1. Introduction
1.1 Company background
Pigme Private Limited is a young start-up initiated on 20 October 2016 with the vision of encouraging collaborative consumption through the provision of a one-stop integrated rental service platform. The idling or under-utilized items in our home and the increased demand to trial an item before purchase or borrow for one-time usage served as a catalyst for Pigme’s conceptualization. Hence, Pigme’s company slogan is: “Why buy, when you can Pigme!”. Pigme’s founding members consist of Mr. Yifei (CEO), Ms. Pearlsi (COO), Mr. Anson (CFO), Ms. Yihan (CTO), and, Ms. Cassandra (CMO).
1.2 Problem
The world is seeing a paradigm shift in consumption patterns as consumers are entrenched in the chronic purchasing of …show more content…
Rent Tycoon relies on Facebook and its website to reach out to its consumers. As a result of its limited consumer interaction, Rent Tycoon was unsuccessful in building a large consumer base, with only 2.5k followers on Facebook despite being founded 5 years ago. On the other hand, Pigme is the first mobile rental platform equipped with dedicated customer assistance features such as 24/7 live chat. With a high active mobile internet user of 3.54 million (65% of population) in Singapore (We Are Social, 2015), Pigme is able to directly interact with consumers and obtain feedbacks to improve its platform. Unlike Rent Tycoon which collects 20% of revenue for each item rented, Pigme adopts a freemium model that allows suppliers to keep 100% of their revenue, making Pigme a more attractive platform.
Carousell, an indirect competitor of Pigme, primarily focuses on the sale of used items. Nonetheless, there are consumers in the market who only wants to use the product once, or wish to try out a product first before making a full purchase, therefore Pigme will satisfy the needs of these consumers. (Appendix
1.1 Company background
Pigme Private Limited is a young start-up initiated on 20 October 2016 with the vision of encouraging collaborative consumption through the provision of a one-stop integrated rental service platform. The idling or under-utilized items in our home and the increased demand to trial an item before purchase or borrow for one-time usage served as a catalyst for Pigme’s conceptualization. Hence, Pigme’s company slogan is: “Why buy, when you can Pigme!”. Pigme’s founding members consist of Mr. Yifei (CEO), Ms. Pearlsi (COO), Mr. Anson (CFO), Ms. Yihan (CTO), and, Ms. Cassandra (CMO).
1.2 Problem
The world is seeing a paradigm shift in consumption patterns as consumers are entrenched in the chronic purchasing of …show more content…
Rent Tycoon relies on Facebook and its website to reach out to its consumers. As a result of its limited consumer interaction, Rent Tycoon was unsuccessful in building a large consumer base, with only 2.5k followers on Facebook despite being founded 5 years ago. On the other hand, Pigme is the first mobile rental platform equipped with dedicated customer assistance features such as 24/7 live chat. With a high active mobile internet user of 3.54 million (65% of population) in Singapore (We Are Social, 2015), Pigme is able to directly interact with consumers and obtain feedbacks to improve its platform. Unlike Rent Tycoon which collects 20% of revenue for each item rented, Pigme adopts a freemium model that allows suppliers to keep 100% of their revenue, making Pigme a more attractive platform.
Carousell, an indirect competitor of Pigme, primarily focuses on the sale of used items. Nonetheless, there are consumers in the market who only wants to use the product once, or wish to try out a product first before making a full purchase, therefore Pigme will satisfy the needs of these consumers. (Appendix