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Editorial

Special Columns
Arindam Chaudhuri, Editor-in-Chief, 4Ps B&M Chief Consulting Editor's Desk
Rajita Chaudhuri
Rajita Chaudhuri
The Chief Consulting Editor's Desk
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NEW KIDS ON THE BLOCK
LIVING LIFE WITH NO STRINGS ATTACHED
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Got spare cash? Put it to good use with the Lending Club, a peer-to-peer network where one can borrow hard cash. It gives you better interest rates than your traditional savings accounts. So why let your money waste in a bank when it can make more money for you at the Lending Club.

Sharing is the way to go. According to The Wall Street Journal, digital music sales on iTunes have declined, and so have the sales of books on Amazon. What it means is that ownership of any form – digital or physical – is on the decline, and new business models need to be put in place quickly. So Apple's Tunes Radio now streams music. It's got Beats too into its fold to make streaming even better. Amazon now gives books on rent.

Warby Parker, the iconic online sunglasses and reading glasses' retailer, has a leasing program where you could change your sunglasses every season. If renting is the new success mantra, then Warby has shown how to do it. Why buy an outlet when you can rent one, or even create one? Buying a shop or retail space is very expensive. So Warby Parker started selling glasses online and – thanks to all the saving – it could sell them at a very low cost. If there were some fussy customers who still wanted to try on their glasses before buying them, Warby Parker found an interesting way to reach them – through 'pop-up stores'. They hired a school bus and changed the interiors and called it the Warby Parker class-trip. The bus went to the customer when he refused to come to them.


 

Just one day before the NY Fashion Week, Warby Parker went to the New York public library (the library had no idea what was going to happen) and at a designated time, 30 models – each one carrying bright blue books – entered the library, sat down, opened their books, and started reading – of course, wearing the latest collection of glasses from Warby Parker. Forty editors, who were supposed to cover the New York Fashion Week the next day, had been invited earlier. They went crazy when they saw this and could not stop clicking pictures. Security at the library too went crazy but could not do much as everybody was just sitting and reading.

The new generation has its own rules and you need to bend your rules to suit them, for this new generation of digital nomads will have it no other way. They love their digital gadgets and it's through these that you can reach them, however you need to connect with them in the way they like – and not many of them like to buy, they like to rent!

They are totally prepared, totally aware, totally connected – much more than any other generation, they want to make a difference; they know that they can make a difference and they are quickly changing the world – and rewriting the rules.


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