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asked in Product Design by (17 points) | 184 views

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Objective:

I dont think facebook has any revneue/commission/brokerage targets associated with current proposition.

Hence likely objective would be

  • Increasing platform engagement and feature engagement to connect people better
  • Leveraging platforms active user count to solve new need

Since FB is looking for renting goods using its platform then we need to first categorize them: 

  • Goods
    • Movable
      • Vehicle
      • Camera
      • Sports Gears
      • Home Repair Equipments
    • Immovable/Heavy
      • Furniture
      • Heavy Electronics

We need to figure out which customer personas will use this feature

We can categorise user in 4 personas

  1. Young Suzi
    • Young and short on money hence inclined to renting
    • on demand attitude with purchases
    • short term usage and frequently move
    • Likely types of Goods rented
      • Vehicles
      • Electronics
      • Sports
      • Furniture
  2. Nester Bob
    • Middle Aged and well settled with family
    • No impulse decisions, mostly planned purchases and rental
    • Need to repair/maintain home 
    • Expensive things are generally rented if the usage is limited or one time 
    • Likely Goods that can be rented
      • Home Hardware
  3. Patient Chad
    • Injuries due to which short term support system is needed such as Stick/Grip/Wheel Chair etc
  4. Tourist Frank
    • Short Term Traveller
    • Go around city to experience things
    • Likely items that can be rented
      • Camer
      • Vehicle

Lets evaluate tradeoff of each persona and decide a persona to focus on for the feature

PersonaMarket Size+ve-veShould we design feature for this persona?
Young SuziBigNew earners and need things without long term committments
Can pay more rent than others
-Yes
Nester BobBigWill seek for a good deal even on rent
Probably go for HW rental as professional servies are expensive
will always seek good deal and only rent if goods cannot be obtained easilyNo
Patient ChadVery Small-Many NGO and Hospital provide these facilities for free No
Tourist FrankSmall to Mediumvery short term rental with very good rent amountEstabilished Vehicle Rental Market.
Difficult to recover damages from traveller
No

 

Who are the people that rent out their stuff

  1. Ordinary people like you and me
    • wont pay to list product
  2. Dealers/Pawn Shop owners etc. 
    • Can pay to list products
    • Can be charged for listing new item (eg. 5 listing are free and each incremental one is chargable) 
    • Can pay for ads/impressions to market it digitally and to perform remarkting/retargeting

User Journey: 

  • Person who Rents goods
    1. Go to landing page
    2. Searh product by setting city and radius
    3. Get list of products available based on
      • Product Specifications
      • Location and Logistics
      • Rent and Deposit
      • Contact Details
      • Renting period
    4. shortlist products and contact perons renting it out
    5. Plan physical visit (Optional and upto users wish)
    6. Decide
    7. Rent
    8. Return
  • Person who lists goods to rent out
    1. Go to landing page
    2. Click on add new rental
    3. Enter Details
      • Product Specifications
      • Locations and Logistics
      • Rent/Deposit details
      • Contact Details
      • Rent Period
    4. Get leads info and converse to them once they initiate conversations
    5. Shortlist (based on rating given to leads by FB based on historical rental behavior)
    6. Rent to someone
    7. Get product back after rental period

How to expect good behaviour from both parties

  1. Introduce star rating for person who rents the product so that his track records will act like a credit history/score
  2. Introduce rating for dealer/person who is listing product based on quaity of goods and overall experience

 

 

 

answered by (52 points)
0
Nicely done. Though you missed couple of important considerations. What is FB unqiue differentiation to be successful in market and have a moat to protect. Also what are tradeoffs risk associated with this product feature.
0 votes
What are the current problems with this today?

I should know what i want is available for rent.

I need to know that the condition of the good is acceptable to me for renting

It needs to be closer to my preferred location/home/ office for pick up and returns.

I need to know if it was used and for how long -depends on the item i want to lend, may not necessarily apply to books.

Metrics to measure success: No of people using the feature ./ No of people interested in Lending groups

There are different types of people  who could benefit from this -

1. students 2. moms with young kids 3. bachelors moving into a new place  4. people with specific interests ( like I'm a photographer and I want to try a different camera before i buy)

Whats the goal? Lets assume the goal is to increase customer enagegement on the platform.

For the purpose of this exercise, I 'm going to focus on the "moms with young kids ' use case.

Children as they grow through each phase will need differnt things anf outgrow them quickly.

So "Moms with young kids  age 9 months - 4 years' . will have a need to buy (a) story books (b) toys (c) birthday decorations etc.

For this , I'm going to build a feature that allows moms to

1) list the goods that they dont need anymore. 2) List a small description and condition of the good. 3) Lending rate ( a factor of number of days and price/day) (so other moms can decide if this makes sense to them - buy vs lend decision) 4) location for pick up 5)ability to reserve online and pay in person

Some solutions:

1. Create a lending libary platform that captures  the picture, condition, location and item type(books/toys/birthday decor), house with pets (yes/no), price for rent, no. of days available for .  Allow users to search for items they would like to rent  by location  and also allow them to subscribe to the lending library if item is unavailable and be notified when it is.

Provide them with the ability to pay online using credit card OR reserve online and pay in person.

2.Use ML to determine user location and user group activity to recommend lending groups to follow. (this is probably already being done in FB, but would be an extension of the same idea.
answered by
+2

You're missing a bunch of steps. Have you looked at the Inteview guide for Product Design?

https://productmanagementexercises.com/how-to-answer-a-product-design-question

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