The online rental industry is at a nascent stage in India with only a handful of brands offering quality services within the organized market.
However, the reach and popularity of the online renting businesses is increasing with each progressing day simply because the consumers find renting commodities online to be much more feasible, cost effective and convenient.
Not only this is time saving but also cuts down on the efforts of visiting numerous shops and showrooms before consumers zero down on a particular product that fits their bills and fulfill the requirement.
Thanks to the technology today, the consumers can easily access the websites on their smartphones or laptops and explore the entire range of products, services, cost and quality of the product at just one click. Due to the persistent growth in the online rental industry, it has become an intriguing segment which is starting to the catch the eye of budding entrepreneurs. Startups in this sector today are finding more and more innovative ways to sublet atypical things online including clothes, gadgets, furniture, automobiles, and much more.
Although the demand for brands providing commodities on rent over the internet is increasing, there are a number of things that the up-and-coming entrepreneurs must keep in mind before starting their entrepreneurial journey.
- Conducting a Market Research- Each and every entrepreneur must have a good knowledge about their target market. It is vital to study the market because that is the only way to get the perfect idea about the consumer needs and demands, and the strategies that the brand’s major competitors must be engaged with. The results of this study will help the entrepreneurs develop a suitable and efficient business plan.
- Designing a Business Plan- The business plan that entrepreneurs design is paramount, as the complete venture relies on the plan. The plan must be extensive, and every step that will be involved in starting the online rental business will be included in it. An extensive plan is preferred as it comes in handy in the future by acting as a guideline in times of distress.
- The inventory management- No one can guarantee the success of a business before a said-period-of-time. Therefore, it is advised to avail limited inventory or equipments that the business requires. Once there is a considerable rate of success for the business, more of inventory can be acquired so as to ensure that inventory idle time is reduced.
- Creating Responsive Webstore– For a successful online rental business, a dynamic user interface based website is prima facie critical to improve customer experience. The entrepreneurs must ensure their website has a professional yet attractive outlook and at the same time, the consumers can surf through the various sections effortlessly.
- Content Management- When it comes to renting commodities online, it is the consumers who have the upper hand because the choice of where to rent is expansive. They can literally choose from any site in the world, after all. In order to ensure that the consumers acquire products from one’s brand, the entrepreneurs should have a blog which is updated regularly with content relevant to the consumers. Posts revolving around the brand’s products or those which highlight its unique factors are highly recommended.
- Customer Delight - It is necessary to consider and decide the services which a brand will be providing to its consumers beforehand, so that only those services are mentioned on the website. No service should be promised to the consumer which the brand cannot provide, as it can lead to negative feedback and can harm the brand’s reputation. One service that should not be neglected is the option of providing feedbacks or inputs. This not only helps the brands to improvise their products, but also makes the consumers feel heard.
- Social Media Presence- In the present times where social media is considered a major tool for promotions, it is essential to have great presence on social media platforms. Customer interactions, answering questions in an open and public way, offering sneak-peeks into future products that will be available soon, developments in the brand and so on are a great way to indulge the existing pool of consumers as well as attracting potential ones.
Building an online brand is dependent on a lot other factors. The major part is not developing the idea, but executing the idea in real business environment. However, it is necessary to contemplate these decisions carefully, as most online rental startups are promoted through their content and for their services, for e.g. 72 hour delivery, which requires a well maintained inventory in addition to forecasting a demand for their product in advance.