How To Start an online Rental Business – Understanding The Business Model And Website Features
Web-based rental platforms like Just dial, IndiaMart, Tivago, Shulekha etc. let the rental & services rate compare become the subject of dialogue within the rental services.
The idea of renting out goods and services could seem odd initially, but the success of all the aforementioned platforms have proven the potential that this emerging marketplace.
In this post, firstfloppy.com would really like to teach aspiring entrepreneurs who want to launch an identical business by explaining the method they have to follow to create a rental & services marketplace.
Read on and learn what online rental features you would like to think about to form a superior website and app to hire out IT rental, patient care, Furniture on rent, Home Appliances, Professionals, Transport, packers & movers, web developer, watchman, housekeeping, designer, weddings, prom or other dress collections.
? How online rental business works?
? Revenue generation from a web rental portal
? Top Online Rental Marketplaces
? Online rental business website features
Business Model of Rental Business
An online rental portal is quite just a rental & compare company. it's also a technology company that's reinventing the rental based company. The business model is predicated on strategic partnerships with multiple vendors and agencies to offer their customer.
As a rental website owner, you'll hire out items for up to yearly subscription charge.
Online Rental Business Revenue Model
Besides making money from renting clothes, your rental & Services Rate compare can generate revenue from the subsequent channels:
? Commissions: Get a little commission from every rental transaction on your website.
? Advertising: Make advertising on website or app a neighbourhood of your long-term monetization plan
? Featured or Sponsored Listing: Allow firstfloppy.com owners to feature their offerings on homepage & other highlighted sections of the web site in exchange for a little fee.
? Subscriptions: Create an annual subscription model where users purchase a subscription in exchange for perks like relaxation in delivery fees, cashback rental on successfully registering themselves.
In addition, you'll also upgrade your online rental platform by adding a selling feature thereto. Allow fashion brands to sell their products on your website, and it'll function another source of revenue within the sort of commissions from those sales.
Top Online Rental Marketplaces
Just Dial
India Mart
Sulekha
Urban Company
Most of those rental websites cater to a selected geographic area. So, it might be wrong to think about them as a competitor to your rental portal, unless they operate within the same market that you simply are targeting.
Now that we've understood the business model and have a thought about the highest online rental & services marketplaces, let’s determine more about the specified website features.
Note: If you're getting to build a multi-vendor rental & services website powered by firstfloppy.com then confirm it's the foremost – if not all – features listed during this post. Let’s begin!
Rental & Services Rate Compare Website Features
As mentioned earlier during this post, your rental & services platform is more of a technology business, thus, its website should be loaded with interesting features.
Let’s start with the homepage and highlight the weather which will make it highly conversion-focused and interesting.
Homepage
The homepage should specialise in two important things that customers care about i.e. discovering and renting & services. The homepage should even have a segment and use the white space carefully. It shouldn't be lengthy and only contains the foremost important sections. Here are the foremost prominent ones:
Banner: you would like to feature a pinch of innovation on the homepage banner by adding two conversion elements. One should take visitors to How It Works page while the opposite should start the dress booking process instantly. Don’t forget to use a picture and an internet site message for the banner area to form it more attractive.
Most popular services: Some Rental and Services would be popular amongst customers. These should be displayed on the homepage during a slider to urge visitor’s attention. the perfect place for this section would be the below-the-fold area. additionally to pictures, the section should also display:
? Company name
? Vendor name
? Rental price
? Compare vendor price
? Add to favourites option
Segments: The homepage should feature another eye-catching section that introduces the visitor to different segments. this could be within the sort of a fanatical page and display lists of services. you'll also add filters during a side panel to get location-wise services.
In addition, thereto, you'll offer a reduction on the primary purchase to encourage users to shop for from your website or app and boost conversions.
Make sure that they get to understand about it by displaying a pop-up that highlights the discount & registration link when a user lands on the homepage of your rental website.
A large number of e-commerce stores are following this strategy to extend user registrations and establish communication through call albeit the visitor doesn’t place an order.
Now, let’s take a step ahead and discuss how a website’s inner pages should be designed.
Rental & Services Rate Compare Pages
Item pages of your website should be an idea for e-commerce stores also as users. they ought to be highly informational with zero clutter.
From renting process to image reviews, everything has got to be organized while keeping the user experience in mind. it might be best if you cover the dress page one section at a time.
Rental Form: the method of reserving services should be quick. Users should be asked about necessary information like Location, items, delivery date and at the top of the shape, there should be the ‘View deal’ button. the subsequent value-added options also can be featured within the section:
? Stylist notes: Details a few products being in trend
? Choose the services: Requirement wise
? Product details: Technical details about the merchandise
? Share buttons: Share product on social networks
Product Images: Like most online search dealing in Laptop, Desktop, Printer, Server, Networking, AMC, Patient Care, Professional, Home Appliances on rent, Furniture on rent, Professionals, Web Developer, Digital Marketing, CA/CS, Lawyers, Car on rent, Packer & Movers, Physiotherapy reception, Security Guards, Housekeeping more services … your website should contain high-quality images clicked professionally. But you shouldn’t stop there. Besides the merchandise images, it should even have an area to display customers’ photos who previously rented them.
These images are often fetched from reviews and would help the purchasers see how a very looks. Implementing such competitive features will add more value to your Rental & services.
Review system: The rating and review system should be implemented during a way that users can easily discover relevant reviews. Here are a couple of belongings you can implement to deliver a satisfying user experience:
? Filters like services, Rate
? Details like vendors, Experience’s, and Qualification
? Review and photo sliders
Recommendations Section: Sometimes, only one service isn't enough. That’s why your website and app should add a ‘You can also like’ section slightly below the merchandise details.
From Rental & Services to implementation, everything should be right with dress recommendation feature.
Up-renting (like upselling): A Rental & Services needs accessories to finish the design and you'll give your users the choice to urge them employing a ‘Complete the look’ section on the segment page that means supplementary accessories.
Navigation
On the most navigation bar, there should be tabs for main product categories love it Rental, Patient Care, Professionals, Furniture on rent, Housekeeping, Security Guards, Home Appliances on rent, Professional Cleaner, Web Developer & Digital Marketing, to steer users to the chosen product category page. aside from that, the subsequent tabs also can be showed to make the section easier:
? Subscription
? Best View Deal
? Interested
Let’s discuss how the page tabs listed above should be designed and understand their unique features, starting with the Subscription tab.
Subscription: This page deserves a special mention because it carries the service that's at the apex of a website’s revenue generation strategy. so as to accomplish the feat of creating your customers rent from you on a day to day, you would like to return up with some engaging subscription plans.
Here may be a list of sections that improve engagement on the subscription page:
? Banner with service introduction
? Brand associations
? FAQs
Note: For all web designers performing on rental & services websites and apps, our recommendation is to plan & craft this page meticulously.
Designers: Under this tab, list the designers related to your rental & services marketplace. Designers should have a fanatical page that features an introduction about them followed by their products and their availability for rent & services.
Vendors: Under this section, list the vendors that act as physical addresses for a brand. Clicking on any vendors will take users to the respective store’s page, which should feature the following:
? Services
? Location
? Rate
? Contact info
? Best view Deals
It is recommended that you simply use a reliable third-party solution for booking functionality. this may reduce the web site building cost and supply a secure and tested payment gateway to your customers.
Checkout Process
The details required to rent & services were gathered within the beginning. Now, it's time to furnish the cardboard with shipping details. Unlike most e-commerce stores, your rental website shouldn’t divide the entire process into different sections and wrap it all abreast of one page. Don’t forget to stress the safety of the payment gateway.
Additionally, you'll enable a feature that permits your customers to select up the order from nearby locations rather than getting them delivered.
User Account
Through their account, registered vendors and repair provider should be ready to view and manage every detail associated with their orders, profile, and rewards. It should have dedicated sections for:
? Upcoming order – View and modify your orders.
? Order history – View history of your orders.
? Profile – Update your profile
? Credits – View referral credit available
? Invites – Send invites to earn credits
? Assessment – Submit personal details to urge style assessment.
? My Appointments – Appointment details with vendors
Basically, users should be ready to manage every aspect of their activities on your website and app through their respective accounts.
Help Section
Features of a dress rental website are often overwhelming for people that use e-commerce websites regularly. Hence, to simplify things for users your team should plan and deliver an in-depth Help section. Major highlights of the assistance section include:
? How It Works page
? FAQs
? Contact Us page
? Section to ask a replacement question
Detailed search filters, intuitive contact forms, and links to other helpful resources should enable your website’s Help section to answer every query associated with the website’s features and functionalities.
Incorporating the features discussed thus far will assist you in building a perfect rental website. But why stop there? Take it A level further with the subsequent recommendations.
Quality Assurance
Quality assurance may be a challenging aspect of each e-commerce business. But since the products are reused things become tougher for rental marketplaces.
Such concerns got to be addressed proactively to make sure smooth sailing for your online rental business.
Here are some steps you'll absorb this regard:
? Conduct a radical quality check before renting a product
Request an Item Option
There is an opportunity that your target market already has a web rental marketplace and perhaps new ones will emerge with time. And so as to face out from the competition, you would like to supply something unique.
Request an Item is one such feature. Its purpose is straightforward, if customers don’t find the dress or accessories they're trying to find, they will request for it on your marketplace. within the long-term, this feature also will assist you to expand your product categories without spending extensive efforts on marketing research.
Login Relaxation
Not every visitor are going to be comfortable with registering directly. Many e-commerce stores let their visitors ‘like’ products and even add them to cart without registration. This feature can increase the time customers spend on your website or app and improve conversions and must be taken into consideration when www.firstfoppy.com
Optimized Checkout Pages
Every e-commerce owner hates cart abandonment. Optimized checkout pages can play a pivotal role in minimizing cart abandonment rate. In an attempt to shut the deal on one page, don't clutter the checkout section. Take inspiration from other e-commerce stores and implement a design that's a best-fit for your business.
Conclusion
The rental model has its positives, especially when it involves variety and savings. Incorporate the features and proposals mentioned during this post and make your own advanced online rental & services Rate Compare platform today. confirm it's flexible in order that changes and enhancements are often made.