Rental business trends and opportunities to watch out in 2018
Rental businesses are going through the same tech disruptions as retail industry. Flexibility and mobility are the highlights of rental industry trends. This is because businesses want to set themselves free from the clutches of geographical restrictions. People want to book, order, and pay online, right away. And for this, rental businesses need to offer them all that by enabling digital commerce. If a rental business wants to stay ahead in the buzzing competition and gain a significant advantage over competitors, then it needs to evolve. It needs to utilize cloud computing in the form of cloud apps.
Cloud apps are one of the core success factors of the industrial revolution. A rental business can certainly tap into both growing customer base and an increase in exposure by using a cloud-based app. The sky is pretty much the limit for expanding your reach. According to RightScale, 95% of surveyed organizations are using some kind of cloud infrastructure to power their businesses. That is mainly because cloud computing fits in the latest business trends. Rental businesses whether startups or large corporations use it in some capacity or the other to streamline their data storage, backup, existing processes, application deployment and others.
Cloud-based applications are gaining more momentum. A cloud app is certainly a perfect combination of security and mobility. You can easily streamline your business practices and give customers what they want. For example, they want to make a reservation anytime they want and gain access to their account online. They might want to manage their current equipment rentals like calling them off rent at their convenience. Rental companies that offer all this are bound to remain ahead in the market.
How does a cloud app fit in rental business trends and opportunities?
1. Innovation and integration
The industrial revolution is shifting the balance from in-store to online selling for rental businesses. One of the business trends includes having innovation and integration open to your business. You can tailor your online model that works for your business by implementing a cloud-based rental software. You can fit into a digital marketplace which is actually the only shopping place for many businesses and consumers. Car rentals are a good example where all data is exchanged with the company’s back-end ERP system. The online presence is further amplified by integrating third-party apps as well.
All the financials, scheduling, servicing, and rental contracts need to come out as an effortless part of the experience. Thanks to all the integration and innovation that is possible today. Your online platforms can connect to all aspects of equipment rental management and ERP. Cloud app offers real-time data related to availability, sale contract, order requirement, pricing and the likes. Apart from this, customers are also able to not only manage their rental transactions. In fact, they can perform updates, prepare invoices, communicate via a mobile device, app or browser.
You can attract customers from the beginning itself by treating your rental business as an online commodity. Think through your customer’s mind. They want ease and speed that comes with an online or mobile shopping experience using a cloud app. Even you can handle your rentals using any digital device, from any location just like your customers.
2. Call for mobility and flexibility
A cloud-based application can be accessed from any device that connects to the internet. You don’t have to be in front of your desk or computer in order to access all your data. You are free of any geographical limitations. You can simply have access from anywhere and at any time using any of your favorite mobile devices, with an internet connection. Mobility is one of the favorite business trends out there. Such accessibility allows a rental company to make quick and well-informed decisions on the basis of real-time data. For instance, if one of the stores has the excessive and unrented equipment, the managers can simply move that equipment to another store.
Cloud computing gives you the much-needed mobility
A cloud-based rental software is also quite flexible. You can increase the storage capacity of data and alter bandwidth demands on the basis of company’s circumstances in order to prevent crashing. This particularly comes in handy when there are seasonal curves or upswing in your rentals. Every business has certain periods which are quite busy.
Secondly, you can also configure a rich array of rental options that can be tailored quickly to meet customer-specific needs and new trends. Moreover, you have the ability to control the availability of all your products across multiple locations. This helps you to deliver service and products with accuracy and speed.
3. Data-driven rental dashboards
A graphical equipment rental dashboard that a cloud app comes with can transform how rental businesses work! Managing rental business in a global, service-focused market is not easy. However, there is huge a reward and opportunity if you can turn a dime to fulfill customer needs. Success depends on how well you manage data and dashboards allow you to do just that. Yes, data is the key to continuous growth.
All information about the products from initial purchase through their service, maintenance, and rental to final sale is constantly updated. This data is available to all departments across all locations. Planners are able to immediately see what is available, when and where. They can directly work from the dashboard to generate work orders, rental quotes, and orders.
The company managers can drill into any detail they require for their products like parts, service, equipment, maintenance requirements and location. They can even check whether a part required for Customer X will be available at the right time from a rental that is in possession of Customer Y. Therefore, there is no need to purchase additional inventory. Accordingly, you can organize, schedule and dispatch the products.
4. Less paper and more automation
Paperless booking, ordering, and billing is the most cost-effective trend and a cloud-based app is a perfect solution. People just want to purchase outright. A cloud app gives a rental business an online ordering system. The entire catalog of your products can be made available online along with parts catalogs and operator manuals. It is easier for customers to make booking electronically rather than by calling companies. Moreover, customers are more interested in electronic bills which cut costs for them.
Streamline your rental processes with cloud app
Then there is an interactive chat functionality available round to the clock that offers an opportunity for customers to directly communicate with a company personnel. Electronic signature capability can also be integrated with the system which can operate on any mobile device which can help incorporate customer signature into the transaction record. The rental option is basically about making everything easy and more cost-effective for customers. Mobile app access to your services is only going to leverage this ‘easy’ factor.
Do you know more about rental business trends? Share them with us!
EZRentOut is an online rental software that helps thousands of businesses manage rental orders, track equipment, improve customer satisfaction, and streamline processes all over the world. It is an easy-to-use cloud app that blends in with the recent business trends with no upgrade required.
For more assistance, drop us an email at support@ezo.io.
