Marketing analyst, and business advisor having more than 6 years of experience in this industry. I help businesses to increase ROI and improve brand's online presence.
Many online marketplaces are emerging in the events industry that simplify sourcing party supplies for all sorts of parties and events. These marketplaces are also able to reach out to wider markets and leverage digital marketing. Thus, capturing a hefty market share. To step in the same space with them, you require a ready-made party rental software that can provide all required functionalities right out of the box.
You can consider Yo!Rent party rental software (www.yo-rent.com) that has next-gen features for rental operations. For example, it allows business owners to provide bulk order discounts and sanction a rental agreement with digital signature capabilities. Some other features that it has to support party rental operations are:
Inventory management: You can track your party and event rental inventory in real-time and also keep tabs on supply returns. You can set custom stock level alerts, view shipping profiles, buffer periods and inventory reports as well.
Document verification: Yo!Rent allows business owners to collect necessary ID proof and address proofs on the platform itself. These documents can be stored and deleted after order completion.
Late Returns and Cancellations: To prevent late returns and cancellations and recover lost opportunity costs, order processing costs, Yo!Rent allows business owners to define and levy custom charges.
Tiered Pricing: In the party rental industry, the option to rent supplies for days, weeks and months gives more flexibility to hosts and organizers. With Yo!Rent, you can easily set daily, weekly and monthly tiered pricing for all party supplies.
Product Bundles: Create custom product bundles for specific occasions and events and sell them all together at a discounted price. Yo!Rent provides many such monetization options that help you convert big ticket sales.
Multilingual and Multi-Currency: Yo!Rent allows party supply businesses to target diverse audiences and geographical regions as well with its multilingual and multi-currency capabilities.
Due to all these features, Yo!Rent is a highly preferable rental software for party rental operations. As it is also available at a one-time cost, its costs can be easily recovered within 10-20 months. On the other hand, with SaaS software, your software cost will only increase with time because of recurring payments, transaction charges and upgradation costs.
Yes, there are many software solutions available that can help you start a marketplace similar to TaskRabbit.
TaskRabbit is a popular online platform that connects individuals or businesses with local service providers for various tasks and services. If you're looking to build a similar marketplace, here are a couple of software options to consider:
Yo!Gigs: YoGigs (https://www.yo-gigs.com/) is a seamless end-to-end home service management software packed with all the latest features and built with modern technology to launch a fully-functional services marketplace similar to TaskRabbit.
Sharetribe: Sharetribe is a customizable marketplace software that allows you to create and launch your own peer-to-peer service marketplace. It provides the necessary features for users to post tasks, search for service providers, book appointments, and manage payments. Sharetribe offers a user-friendly interface, built-in payment processing, and various customization options.
Cocorico: Cocorico is an open-source marketplace solution designed for building service-based marketplaces. It provides features for task posting, service provider profiles, booking management, and payment integration. Cocorico is highly customizable and offers flexibility for tailoring the platform to your specific marketplace needs.
However, it's important to carefully evaluate your requirements and consider factors like customization options, scalability, integration capabilities, and support when choosing the right software for your marketplace project.
There are some things that you can do for the safety of your rental dresses. Getting business insurance is the first and most practical thing to do but it is not possible to claim insurance after each and every instance of product damage. So apart from insurance, you will also need to have care measures.
In my opinion, switch your rental model from offline to online or just start using a rental software. I am suggesting this because of various reasons. With modern rental software (www.yo-rent.com), you can secure your rental dress inventory in many ways.
Inventory management: With a computerized system, you can keep track of every dress you lend. This will help you ensure that your dresses do come back to you after a rental period is over. You can also keep track of orders and check overdue returns and send alerts and notifications for the same.
Start charging late return charges: Rental software like Yo!Rent and Booqable provide features to levy late returns. Basically, you can define different late return periods, like 24 hours delay period and 48 hours delay period. For all defined late return periods, you can levy different late return charges.
Collect and manage rental security: You should also collect rental security from customers at the time of taking orders. This can be handled either manually, or again with a software that has a dedicated rental security module. You can use this security to reimburse any product damages or deduct late return charges.
Keep a maintenance buffer period: Keep a buffer period between two rental orders for maintenance and upkeep of products. One way to achieve this is by keeping the returned product out of the inventory. Once the product has been successfully inspected/repaired, you can add it back to the inventory. This function is often automated in rental software.
Mention your Terms and Conditions: Keep the rental terms and conditions for each and every dress that you have completely transparent with the customers. You can also integrate an eSign feature in your software so that you can get the conditions signed before completing the transaction. Some examples of terms and conditions are: No wash, no ironing, ironing only on low heat, do not wear in direct sunlight, etc.
Ensure good packaging: The most regrettable product damages for a dress rental business are shipping damages. Here, you cannot blame the customer nor deduct reimbursement. Instead, you often have to pay for repairs from your pocket. Thus, it is much better to ensure proper packaging in the first place. For reference, you can rent a dress from your competitors and take note of their packaging standards.
Taking these security measures right from the initial phase of your business can prevent losses in the long run. Meanwhile, the more the attention you pay towards the security and maintenance of your dresses, the more revenue you can generate per dress. All aforementioned options are also readily available in many rental software, so consider adapting the online dress rental business model that can help you in scaling and growth as well.
Business scaling these days is tough but you should be happy to know you are in the right direction. From my understanding, you want to transition from being an offline heavy equipment rental business to a well renowned and recognized brand. However, in the online space, you will also be competing with businesses like United Rentals and Sunbelt Rentals who have fully enabled tech to handle all sorts of rental orders.
To get on their level, find a technology partner or invest in a rental tech that can both simplify operations for you and make you look like a proper brand. Below are some things to consider in your business expansion plan for making a strong digital transition:
1. Get Good Software Tech: There are numerous cart plugins and add-on options that add a rental module to a website but it is better to begin with a complete rental solution in the first place. Instead of just enabling online ordering, the rental software (https://www.yo-rent.com) will give you complete control over several things such as:
Adding a cart plugin or a few integrations will fail to deliver all aforementioned functionalities that you need to launch a fully operational rental store.
With an online rental software, handling hundreds of orders will become easy with features like:
Booking calendar: Take rental date inputs and orders directly on the website
Rental security management: Collect and disburse rental security on the website
Late cancellation charges: Charged small fines for late cancellation of orders, i.e., post processing
Track returns: Take in charge of completed and overdue returns
Rental add-ons: Automate upselling and cross selling on every order
2. Focus on Branding: The way you represent your brand is absolutely necessary to compete against big players. They all have a defined brand voice, tone, vision and mission statements and strictly adhere to them. They also pay close attention to small details and ensure quality every time. Their customer support is fast, reliable and helpful.
3. Give more Value: The last point on my list is very simple. To build a name in the industry, you need to provide better value than your competitors. This can simply be in terms of rental pricing, free add-ons, discount strategy, loyalty program and more. You can test these offerings with geo-specific targeted marketing and scale up when they bring results.
Paying strong emphasis to these three points can help you scale and grow your online heavy equipment rental business. For streamlining bookings and related processes, I would recommend you YoRent online rental software whose free product tours are also available on its official website and don’t require any sign up.
Click here to see https://www.yo-rent.com/yo-rent-versions-demo.html
Online Equipment Rentals is a multi-category business and narrowing it down to a specific niche is extremely important for a strategic start. Highly popular sub-niches within the equipment rental business include construction, medical, agriculture and adventure gears, etc. Analyzing the global demand for equipment rental businesses, multi-vendor heavy equipment rental business is a promising business idea in present and coming years. To begin with, you can start by defining a business model comprising target audiences and locations, revenue streams, and market research.
Subsequently, you can move forward with a technology solution like YoRent (www.yo-rent.com/equipment-rental-software.html) that offers a seamless user experience to vendors and customers as well. Once you are done with platform development, you can start on-boarding vendors and customers across the platform. You will require to invest a few dollars in marketing the business in an efficient manner. Since you are planning from the root level, it can take you 6-8 months in establishing authority in the market.
To find out more, you can contact with me!