Ever wondered how much business you’ve lost over the years?
Rental businesses are used to peaks and lulls, but can often find themselves unable to meet surges in rental demand. With our new Lost Business Report, you’ll be able to see which out-of-stock items were ordered by Customers, allowing you to prepare for future demand more effectively.
Related blog: Item Reports in EZRentOut
1. What counts as Lost Business?
In EZRentOut, Lost Business refers to any attempts to rent or buy quantities of items that are unavailable or out of stock, either on your Webstore or on your EZRentOut app. It is also important to note that the report only counts the attempts of Customers that are signed in, and does not include guests.
Say you, as a signed-in Customer, try to add 10 backpacks to your Cart, even though there are only 7 available.
You’ll see the following error, and will be unable to add the items to your Cart:
Sometimes, depending on your settings, you’ll be able to add unavailable items to your Cart, but will be unable to check them out. This is flagged by an error icon, as shown below:
In both these cases, the Customer’s attempts to rent or buy the item will be logged as Lost Business. The two instances of Lost Business we just went over are highlighted in the report below:
Below, we’ll learn how to generate reports like these using EZRentOut.
2. Getting Started with Lost Business Tracking
Enable for internal Orders
To track any lost businesses through internal Orders on the app, go to Settings → Add Ons → Track Lost Business → Enabled.
Enable for Webstore
To track any lost businesses on the Webstore, go to Settings → Store Settings → Track Lost Business, and enable this option.
Please note: For this to work, go to Settings → Store Settings → Order Settings → Enforce Conflict-Free Booking of Orders, and enable this option. This is because if conflicted orders can be booked, no business will be lost. It is only when orders are conflict-free that you can ‘run out’ of a particular item.
3. Deconstructing the Lost Business Report
To access the report, enable the ‘Track Lost Business’ setting mentioned above, and go to More → Reports → Order Reports → Lost Business.
You can now run your report. You can filter out your results by choosing an Item Type, Group, Subgroup, as well as by setting the Lost Business Date:
Item Type: You can choose whether you want to run the report for Assets, Asset Stock, Inventory, Bundles. or All Asset Types.
Group: Choose the group you’d like to view Lost Business for. Of course, you can only choose a Group if you’ve chosen Assets, Asset Stock, or Inventory in Item Type.
Subgroup: This lets you pick a specific Subgroup. You can either leave the Group field blank, or select a Group that contains the Subgroup you want to run a report for.
Lost Business Date: This is where you can set the duration within which your company lost business. This can be adjusted for any past period.
And that’s all you need to know about the Lost Business Report. So run those numbers and make sure you never miss out on a rental opportunity!
Share Queries Related to Our Rental Software
EZRentOut is the leading rental software used by rental businesses all over the world. They can track items, receive online payments, and manage rental orders – all from one space!
For more assistance, drop us an email at firstname.lastname@example.org