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Why not make some extra cash by renting out clothes, jewellery and bikes that you've grown out of? It's a great way to give others a chance to use items that they might need or want for a fraction of the price.
To help you overcome this we have designed a complete guide on how you can get started with your own booking marketplace..
Rental Marketplace Checklist
According to Statistica,the renting construction equipment rental market is expected to experience significant growth in the next few years with a forecasted market value of about $140 billion U.S. dollars by 2027
What is interesting to note is, rental equipments aren’t the only thing fast gaining popularity -in fact theonline clothing rental marketvaluation was aroundUS$ 1,861 millionin 2021 . In today's world where prices are high and utility is low, renting is a viable option that is both economical and environmentally friendly.If you're looking to start a rental business, a quick glance at this guide how yoy can get started.
Decide the platform which you are going to use to build your marketplace
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
Custom platform is created keeping specific needs of users in mind.
Understand the variations available in the marketplace
Who Comes First Buyers or Sellers? Easy tips to add sellers
Marketplaces are built on the premise of buyers and sellers transacting with each other. But when you start, you have none of those. So how do you convince sellers to join a platform without buyers and vice versa?This problem is referred to as the chicken and egg problem of online marketplaces. Read Here to gain an in-depth insight. Ensure excellent service providers Build a community
Key Takeaways
Components | Rent The Runway | Gear Flow |
---|---|---|
Type | A Clothing Rental Brand | An online equipment rental marketplace that rents out construction equipment. |
Revenue Generating Process | Rent the Runway offers one-time rental or subscription plans to users who wish to borrow expensive designer goods at an affordable price. | GearFlow follows the standard stratergy of charging its vendors a cetain commission fee for the sale of each product, forgoing the usual practice of selling ads on websites. |
Customer Benefits | Customers get to try out dresses from high-end designers at a fraction of the original price | Gear flow allows customers to avail equipment that wasn’t typically marketed or avaiable. |
Advertisement Strategy | Rent the Runway uses a mixed strategy of social media posting and word-of-mouth to bring in loyal customers. | Gear flow too uses tradition word-of- mouth strategy to add customers. |
Synopsis | It’s unique concept and pricing strategy allowed this business to flourish. | A B2b marketplace that benefits users looking for equipments on hire. |
If you are looking to grow your business, here are a few option for you to try
Transform your WordPress site into a seamless multivendor platform with MultiVendorX. Get a 15-minute free consultation today!