Rental Marketplace Checklist
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Build with right platform & features
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Manage your Vendors
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Generate Revenue
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Grow with the right strategy
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Launch Your Marketplace
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.
Fun Fact:
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Renters insurance is relatively cheap. That’s because you only pay for personal items and not the structure.
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While renting equipments you get access to latest and well maintained equipments
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Rvs are home on wheels. Renting RVs can half your vacation costs.
Select Your Platform
Decide the platform which you are going to use to build your marketplace
CMS Platform Recommend
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
- Get ready-made infrastructure from the provider
- Add any feature compatible with WordPress
- With many developers, you save time
- The Support team's got your back
- Save cost on development
Custom Platform
Custom platform is created keeping specific needs of users in mind.
- Personalize your platform
- Added feature equals to added cost
- Customisation takes time
- Create a unique platform
- Not ideal for future customisation
Top Rental Marketplace Features
Know Your Vendors
Understand the variations available in the marketplace
Solve the Chicken and Egg Problem
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
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Ensure excellent service providers
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Build a community
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Find an enterprise client
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Be the single-player
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Promise to find buyers for your suppliers
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Create a super niche and leverage
Marketplace Monetization Strategy
Study of Important Marketplace Module
Key Takeaways
Components | Rent The Runway | Gear Flow |
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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. |
Grow Your Marketplace
If you are looking to grow your business, here are a few option for you to try