As we have explored in our previous blog, the rental economy is taking off as a viable solution for consumers that prioritize access over ownership of goods and services. Recent generations, particularly Millenials and Gen Z, have been facing social and political scenarios that lead them towards a more conscious way of consuming.
Customers are finding themselves navigating short-term needs for products and not wanting to spend a lot of money on them. Additionally, consumers are also increasingly aware of how businesses can become more environment-friendly and help tackle challenges like global warming and overconsumption. In fact, a 2022 study shows that:
“The circular economy is not directed toward lowering consumption or the sufficiency of consumption. Instead, it aims to make value-creation green or responsible by emphasizing efficient exchange and resource usage. This is why nearly 85% of the circular economy is aimed at economic prosperity and environmental quality.”
Electronic equipment, along with vehicles and construction equipment, is found to be among the most rented items in recent years. Transparency Market Research states that “rapid growth in migration of human population for education, employment, and business is the prime factor responsible for the growth of the electronic products rental market”, along with “continuous growth in the overall rental industry across the globe”.
Whether you own an electronics rental business or plan on doing so in the near future, here are a few ideas to keep in mind.
Go digital now!
Modern consumers have very specific expectations. They expect a fast, personalized service, as well as a short resolution time to their needs or issues. An online presence is the best way to access customers in a timely, convenient manner. According to Statista, 67% of consumers prefer making bookings online because of its convenience and saved time. Furthermore, 54% feel that they can find better deals online in terms of selection and price. Going digital is currently the best option to appeal to a new generation of consumers and keep a healthy flow of revenue.
Think about inventory and services
Going through your equipment and what services are needed to keep it intact and available is an essential step to save time on both parts: you as business owner as well as your customers. Prepare all details of your inventory in advance, including description, images and pricing. Do not neglect extra resources such as transportation and cleaning that will help you keep your equipment safe and ready to use again. Navigating these details will help you keep your inventory in place and ready for your next client as soon as possible, allowing for higher rotation of your products and thus helping increase revenue.
Search for the right tool
Hosting your rental business online shouldn’t be a burdensome add-on for your business. Instead, it should be an extension that helps you create a smoother and superior experience for both you and your clients. Your platform of choice should help you cover your operations from A to Z, including management of inventory and clients, personalization of bookings, addition of extra services as needed, and others. The more flexibility and timeliness you provide your customer base with, the better. This new generation is ready to reinvent consumer habits, you just have to provide them with the right resources.
In case you’re thinking about migrating your rental business online, Flecto might just be what you’re looking for. As the platform that makes businesses thrive in the circular economy, Flecto unlocks your rental operations by centralizing everything you need in a single platform.
Haider, M.; Shannon, R.; Moschis, G.P. Sustainable Consumption Research and the Role of Marketing: A Review of the Literature (1976–2021). Sustainability 2022,14,3999. https://doi.org/ 10.3390/su14073999