Malmö Hardware Store wanted to differentiate itself from large home improvement stores in the suburbs of Malmö. The hardware store noticed it was making most of its profits on smaller supplies – paint, nails, etc. – rather than on big-ticket items and tried to find a new way to attract more customers.
To solve the challenge, Malmö Hardware Store launched ToolPool, a Facebook app that gives members access to the store’s extensive library of tools. Members can select items from a list of 17 tools, reserve a date, and pick up their equipment at the hardware store when the time comes.
The service is free to join – all it will cost you is a post on your Facebook wall when you borrow a tool, letting your friends know about the service.
Why I’m curious:
ToolPool buys into the ongoing collective consumption trend, sparing users the cost of buying an expensive tool that will likely only be used a few times and then be left to gather dust in the shed. The hardware store reported that 80% of ToolPool participants bought extra supplies when they visited the store to pick up their equipment. Sales in the store have increased 25%.