Why is there a need for audio-visual equipment rental software?
Consumers are continuously searching online for everything they require. A recent study concluded that with the recent boom in the eCommerce sector, the number of online shoppers and digital buyers has increased to 2.14 billion people worldwide. In 2016, 209.6 million people in the US alone were online shoppers who compared prices, browsed products, and bought items online at least once.
It is expected that this figure is going to reach 230.5 million in 2021. Nowadays, consumers search and order through online applications are increasing. For example, they could order headphones from Amazon or find the nearest restaurant to eat at. With every necessity and luxury available online, it is easier for consumers to shop at their convenience. Similar is the case with renting audio-visual equipment online.
Web-based rental solutions are becoming popular for various reasons. Shoppers use the internet to explore price options, look at reviews, research competitors, view customer stories, and much more. Gone are the days when consumers just ‘ran into’ rental shops on their way home to fulfill their needs. The advent of online shopping has greatly impacted consumer behavior and their choices. An online presence today gives them accessibility at their convenience. This is exactly why an online presence of your rental business is imperative now more than ever
The audiovisual industry is brimming with equipment like HD cameras, lighting kits, mics, audio kits, different lenses, etc. The audiovisual industry usually rents expensive equipment rather than purchase it as it is more cost-effective. This is where your AV rental software can come into play for renting out AV equipment online. You can streamline your rental process such as arranging the shipping of AV equipment or making online payments. You can also quote rental opportunities and state specifications of each piece of equipment. You have an extraordinary opportunity to increase performance and efficiency.
AV equipment rental is a big business and is ripe for an online marketplace that connects the renters to its customers – more productively and efficiently.
Here are 8 reasons your AV equipment rental business needs to go online:
1. Increase discoverability and outreach
Studies show that around 70-80% of people conduct online research about a company before they decide to visit it, especially if it is a small business. Even if your rental business repeats business with existing old clients, it is always important to increase reach and gauge new potential customers for the business to expand and thrive.
A well-established, online platform for your rental business increases the discoverability and reach to appear first on customers’ search results An attractive and engaging online storefront/website gives your business the credibility and trust that is needed to build strong and loyal customer relationships. The fact that customers online can’t actually ‘see’ or ‘feel’ the product implies that the only way to make them trust you and buy from you is active engagement. An insightful, visually appealing, and engaging storefront ensures better customer conversion and retention rates.
Having an online presence like a website results in generating organic leads for your business. The data generated by your online presence like social media posts and page visits can be analyzed to establish better-targeted marketing strategies that might help your business grow in the longer run.
2. Know your customers to improve retention
With an online AV and production rental business, you cannot only track and manage hundreds of audiovisual equipment but also improve customer loyalty and satisfaction. You can create profiles of your loyal customers where you can record their history of renting the equipment. Your customers are going to rent say an audio kit and cameras for a certain period. They will rent again when satisfied with rental services. The key to increasing the satisfaction levels of your current customers is to keep them happy. You can create special discounts and coupons for them. This will keep your business moving smoothly.
They are not wrong when they say loyal customers are far more precious than new ones. The online rental software lets you achieve your customer-focused goal conveniently and effectively. It can be done by simplifying rental processes including levels of access, reserving equipment online, giving proper communication channels, and online payment options.
3. Instant is the new success metric
AV equipment rental business is an industry that is always on the move. You need to be able to access all your rental data from any location and device – whether you are in the warehouse or somewhere else. Instant access should be the priority. By going online with your AV equipment rental business, you will be able to instantly see the status of your equipment, what’s due for service or repair, what is back on the shelf, and what is in stock. Hundreds of rental businesses in the AV industry have made the shift to streamline every stage of the rental cycle.
Make the entire rental cycle smooth and efficient with equipment rental solution
Your customers certainly don’t need a 25-minute call to rent a piece of equipment, particularly, when they rented it many times before. Recurring orders and predictable tasks can be handled instantly.
4. Customize your webstore per business model
Now is not the time for geographically restricted brick-and-mortar storefronts which limit convenience, pricing, and reach in terms of customers. An online equipment rental store has stepped in stirring a revolution by allowing businesses to lower their overheads. We don’t directly go to stores anymore. Let’s face it. We all search for everything online first. An online AV rental business allows you to show equipment availability, present your inventory in a user-friendly manner, and enhance your digital presence.
With an online storefront, you can enable your customers to filter their results, choose to pick the order, or get it shipped. They can define the rental period and pay for that period online. You can also define your business policies and rental agreements. All this not only empowers your customers to book orders smoothly but simplifies the entire process for you. No need to train your staff on how to use the app. Make it easy for them.
Read More: Tips to Help You Build a Successful Rental Website
5. The AV rental software essentials
The AV rental industry is one of the most well-established and complex business sectors globally. Usually, the equipment is rented out in packages with a mix of different AV equipment which is hard to track individually. However, with efficient AV equipment rental software, you can know if any upcoming orders require special arrangements for a particular event using project planning features. For example, many equipment construction projects require multiple kinds of equipment as part of a bundle. AV businesses usually arrange a combination of equipment bundles like mics, lightbulbs, lamps, etc. for special client projects in advance using the project planning features which saves them a lot of time and cost.
Additionally, AV rental software offers team integrations and collaborations that allow multiple people to work on projects and collaborate on tasks that streamline the complex operations of an AV rental business. Some cloud-based rental software allow external integrations and CRM servers which means you can interact with customers and other rental businesses directly through the software. Since the server is cloud-based, you can store and access your important data in a single place.
6. Know your equipment status at all times
You can depend on the system to tell you exactly about item availability and return due for an item. This way you can easily draft a plan and know whether the right video kit is going out the door. This enables you to practice good inventory control. You can act quickly as you can view the status of all your products in a centralized place, using any device from any location.
An online audiovisual equipment rental software solution allows you to see the calendar to view all the orders and quotes in one place. Be confident that the right accessories go with the right equipment, drill down into individual products to resolve shortfalls, and view all stock levels to effortlessly plan. In short, it is one centralized place for everything.
7. Streamline AV equipment tracking with barcodes
Sending out AV equipment for an event takes a lot of planning and timely preparation. Each item requires a proper tracking channel to streamline rental orders. Manually tracking items can often get confusing and cause misplacement or loss of equipment. Additionally, the order requires some last-minute changes which cause a lot of disruptions and tracking problems especially if each item is tracked manually. At times items do not get reported while being checked out which can cause huge losses to the business due to the mishandling of rental equipment or mixing up individual invoices.
An efficient AV equipment rental software, you can use features like barcode tracking to keep an updated record of where an individual item is at a particular time. While checking out, a simple barcode scan can automatically update the check-out status and invoice of equipment preventing losses and mishandling of equipment
Read More: Equipment Tracking Best Practices To Boost Your Rental Business
8. Reserve equipment and secure payments online
With online equipment rental software, you can enable customers to reserve audiovisual equipment online and also make online payments. By browsing through your inventory, they can immediately decide which equipment to book. Customers can define the rental duration easily. This way, you will also leave a good impression on your customers by giving them a great online rental experience at the beginning.
Increase customer satisfaction by offering online booking and payment options.
People find it quite convenient and easy to make online payments. With online rental software, you can give your customers the ability to make payments online. AV equipment rental software integrates with apps like Stripe, PayPal, Square, and Authorize.net to allow your customers to make payments online.
Gone are the days when your customers had to call different companies to compare prices. They can simply go to your website and navigate your entire inventory of AV equipment. Then enter a single request to receive quotes. You can create fantastic first impressions by sending engaging proposals and quotes to your clients. You can easily customize the document layouts for each stage of the rental cycle whether it is a rental agreement, invoice or quote.
How EZRentOut benefits your AV equipment rental business
EZRentOut makes managing your AV equipment rentals online a whole lot easier. You just need to tag all your inventory to enable secure sale orders and smooth rentals every time a customer rents out equipment or even consumes an inventory item. With your inventory sorted out in the best manner, you can showcase your product catalog efficiently on your webstore or retail store. This way your customers can find what they need easily online.
