Meanwhile, in Singapore.
Startups such as Circular and ITEZ.SG allow people to tap affordable and interest-free subscription plans that enable them to “rent” all sorts of devices, including laptops, phones and tablets.
Founded in Singapore in 2021 and backed by American tech start-up accelerator Y Combinator, Circular offers six-, 12-, 18- or 24-month subscriptions tied to phones, tablets, laptops and other accessories such as monitor screens and AirPods. But a subscription or re-commerce business model often involves a very high capital outlay, such as to buy the devices initially, said David Yin, a partner at global investment firm GSR Ventures. Hence, scaling the business may prove challenging.
Professor Boh Wai Fong, deputy dean of Nanyang Business School, said subscription places more emphasis on access to the product rather than ownership, with such business models focusing on providing solutions rather than just goods. But this will depend on how devices are discarded, as wear and tear is likely to be higher for a leased device, and if not handled appropriately, it could make the e-waste situation worse, Associate Professor Walter Theseira from the Singapore University of Social Sciences pointed out.
But whether a subscription model will help a consumer save money ultimately depends on his or her lifestyle habits.
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