Why Open Door's Business Model is so successful?

OpenDoor creates modern, collaborative living spaces targeted at urban creatives and millennials. Their homes are curated social environments that facilitate sharing, connections, and meaningful relationships.

Social impact:

Life changing: motivation, self-actualization, affiliation/belonging

Emotional: provides access, attractiveness, rewards me, attractiveness, design/aesthetics

Functional: simplifies, organizes, integrates, connects, reduces cost, saves time, avoids hassles

Access over ownership:

The accessibility over ownership model is a business concept that allows consumers to utilize a product without owning it. Everything serves a purpose. As a result, consumers all across the Western world are demanding more value from their goods and services, and they are rethinking their relationship with stuff.' Furthermore, with thriving online communities embracing the idea of access above ownership, the internet is developing as a robust platform for sharing models to expand and prosper.

Collaborative consumption:

Collaborative Consumption (CC) may be described as a collection of resource circulation systems that allow consumers to both get and supply valued resources or services, either temporarily or permanently, via direct contact with other customers or through the use of a mediator.

Disruptive trends:

A disruptive technology supplants an existing technology and fundamentally alters an industry or a game-changing innovation that establishes an altogether new industry. Disruptive innovation is defined as an invention that shows a new market and value network and ultimately disrupts an established market and value network, replacing incumbent market-leading companies, products, and alliances.

Embedded social enterprises:

The built-in social model is predicated on the premise that everyone wants to do good and lose weight in their awareness in a highly consumerist society. Toms Shoes was the first business to establish a successful strategy for include contributions in the value of its bids. Concentrating on shoe sales, the company gained notoriety in the media and its consumers when they announced that another team is given to a charity for every pair of shoes bought.

Lease:

The item that's being sold is now available for rent on an hourly/daily/monthly/yearly basis. A lease is a contract that specifies the terms under which one can rent a property. It ensures the lessee, the tenant, access to an asset, and the lessor, the property owner or landlord, receives monthly payments from the lessee for a predetermined period of months or years. Both the lessee and the lessor risk penalties for breaching the contract's conditions.

Shared rental:

In this model, businesses offer rental services while individuals rent items and pay appropriately. The procedure through which a current homeowner puts their home or an empty room available for short-term rental as an alternate type of housing. Peer-to-peer rental of property is a kind of peer-to-peer renting, which is a component of the sharing economy. The business strategy is almost identical to that of a conventional vacation rental. Through peer-to-peer property rental, participating homeowners may earn money by renting out their primary residence or an empty room they may have available.

Sharing economy:

The sharing economy eliminates the necessity for individual asset ownership. The phrase sharing economy is an umbrella word that encompasses various definitions and is often used to refer to economic and social activity that involves online transactions. Originally coined by the open-source community to refer to peer-to-peer sharing of access to goods and services, the term is now occasionally used more broadly to refer to any sales transaction conducted via online marketplaces, including those that are business to consumer (B2C) than peer-to-peer.

Social stakeholder:

Social responsibility will only be accurate if many managers embrace moral leadership rather than immoral leadership, organizational management, and business ethics that engage morals and values in corporate governance. In a nutshell, it addresses the concept of who or what really matters.

Sustainability-focused:

Companies that manufacture fast-moving consumer goods and services and are committed to sustainability do ecological impact assessments on their products and services. While research-based green marketing needs facts, green storytelling requires imagination and location. Employees responsible for the brand definition and green marketers collaborate with product and service designers, environmental groups, and government agencies.

Rent instead of buy:

Services that do not need the product to be purchased but rather rent it for the economic benefit of requiring less money to access the commodity. When you rent, you assume less obligation since most of the burden is placed on the owner's shoulders. There is no debt; you are just responsible for the monthly rent. When renting, you have more flexibility by signing a six-month or one-year lease. This implies that you will be confined to that location for at least that period. When your lease term expires, you have the option of switching to another product or renewing your lease.