Last Updated: July 8, 2022
Both rental businesses and multi-vendor marketplace businesses operate on low investment. In terms of rental businesses, repurchasing of inventory is rarely required. The business owner generates revenue by renting out the same inventory again and again. The more the owner rents out a product, the more its profit-margin. And in a rental business, the profit margin is ever increasing until the product can no longer be rented out.
On the other hand, multi-vendor marketplaces are already asset-light. They do not require the marketplace owner to own any of the inventory. Different product owners or vendors sign up on the platform instead and rent out their products. While the vendors earn through a rental fee, the marketplace owner earns money through rental commission and many other sources.
Now, in a multi-vendor rental marketplace, the business owner can earn via both rental commission and rental fee. Apart from businesses, normal citizens, especially the environmentally aware younger generation prefers to rent out things and is a potentially huge market in the peer-to-peer (P2P) business model.
Yo!Rent is a rental eCommerce solution that, along with P2P rental marketplaces, can also be used to launch B2B and B2C rental marketplaces. Before moving on to how Yo!Rent can help you launch your rental marketplace business, let’s take a look at some of the popular online rental marketplaces, their business model and revenue streams.
As per a Report by Nielsen, 68% of global respondents are willing to share or rent out personal items and around two-thirds are likely to use products and services from others. Capitalizing on this opportunity, below are some businesses that generated millions in revenue in the past decade:
A multi-vendor rental marketplace operates on the following workflow. Note that the following workflow is only for representational purposes and businesses often have to introduce some changes to accommodate the workflow for their business.
The most important way any marketplace owner makes money from the website is through commission revenue model. Whenever a transaction happens on the website, the marketplace owner receives a small cut of the entire transaction as rental commission. However, there also some other revenue generation models via which the owner of a multi-vendor rental marketplace can earn money:
|Revenue Channels of a Multi-vendor Rental Marketplace|
|• Display Ads||• Featured Listings|
|• Monthly Subscriptions||• Rental Add-ons|
|• Service Fees||• PPC Campaigns|
Facilitating rental operations involves a lot many variables such as the rental dates, rental duration, product availability, security amount, etc. Regular eCommerce solutions are not built to work with all these variables. Although various plugins are available to make those solutions support rental operations, even after their integration, the solutions lack important features and do not work quite as efficiently as dedicated rental software.
Yo!Rent is one such dedicated online rental software that has been built accounting all processes involved in rental operations. It is capable of handling complex orders, accepting accurate rental dates, automating invoicing and recovering late return or late cancellation charges.
Some of its core features that streamline rental marketplace operations are:
|Rental Business Type||Rental Add-on Products/Services|
|Car Rental||Body cover, child seats, driver, miles|
|Equipment Rental||Equipment operator, attachment heads, signal lights, protective gear|
|Fashion Rental||Ties, hats, fashion jewelry, dry cleaning|
|RV Rental||Trailer, bike mount, grocery, grill guard|
Some examples of common rental conditions are:
|Rental Business Type||Rental Conditions|
|Car Rental||No smoking, no pets, no off-roading, daily kilometers, etc.|
|Fashion Rental||Compulsory iron before return, do not wash policy, no brooches, etc.|
|Truck Rental||Loading capacity, parking policy, livestock prohibition, restricted zones|
|Furniture Rental||No pets, indoor use, weight capacity|
(The product comparison feature is more important on a rental store than on a sales store as the rented equipment is often not new. The same equipment is rented out again and again and used by multiple customers)
See below to find the complete feature list of Yo!Rent.
|Late Fee Module||Pre-integrated APIs||Price Surge (Special Price) Module||20+ Payment Gateways||Tax Management|
|Multilingual and Multicurrency||Bulk Image Upload||Twilio SMS API||Product Inspection||Map Listing View|
|Rental Return Module||URL Rewriting||Sitemap Upload||Personalized Homepage||Pickup from & Shipping to Filter|
|Product Reviews||Products Catalog||Duration Discounts||Advanced Search Functionality||Product Comparison|
|Seller Subscription||Import/Export in Admin||New Reports||GDPR Compliance||Add-on Services with Rental Products|
|Hourly & Daily Rentals||Messaging||Order Cancellation Module||Limited Payment Methods||Theme Color & Font Management|
|RFQ Module||Shipping Management||Discount Coupons||Real Time Inventory Management||Industry Specific Solutions (Design & Functionalities)|
|Rental & Sale Orders Segregation||Rent & Sell Option||Affiliates Management||Rental Agreement & eSigning||Tiered Pricing (Daily, Weekly & Monthly)|
The biggest advantage of launching your multi-vendor rental marketplace with Yo!Rent is the customization. Marketplace operations are more comprehensive and inclusive than single vendor operations and thus come with various unprecedented feature requirements. To match such requirements, entrepreneurs can easily customize Yo!Rent by getting in touch with our experts.
Being more complex, multi-vendor rental marketplace platforms also require rigorous administration. For this purpose, Yo!Rent supports multiple sub-admin accounts where a business owner can set up an entire team for administration and also assign various access and edit rights to different team members.
In order to provide a seamless experience on all the devices, Yo!Rent has been completely optimized for different screen sizes. The responsive and user friendly design offers smooth cross browser compatibility.
Yo!Rent allows the product owners to rent and sell their items on the same platform. The functionality has been added to provide maximum customer satisfaction. When the customer rent’s a product from a rental section, in case they liked it, they will need to go to some other marketplace to buy it. Now this is where the purchasing module comes to help.
Yo!Rent does not have a limit on the number of listings, transactions and profiles. This makes the solution fully scalable to support startup to enterprise level operations. Yo!Rent is capable of handling your online rental operations at all stages of growth without ever making you feel the need to migrate to another solution because of scalability issues.
Yo!Rent comes with a lifetime usage license that provides business owners with lifetime ownership of the software at a one-time cost.
Along with the comprehensive and robust functionality, Yo!Rent also comes with 12 months of free technical support to tackle bugs and errors.
Below are some of the rental ecommerce marketplaces built with Yo!Rent. The list includes the different niche based rental marketplaces.
|GearFlow||Heavy Equipment Rental||USA||https://gearflow.com/|
|FAINDaMAQ||Heavy Equipment Rental||Mexico||https://www.faindamaq.mx/|
|Upabuild||Construction Equipment Rental||Philippines||https://upabuild.com/|
|Machinfo||Heavy Equipment Rental||Vietnam||https://machinfo.com/|
|Rent My Wardrobe||Fashion Rental||Ireland||https://rentmywardrobe.ie/|
All you have to do is follow these 4 simple steps:
Multi-vendor rental marketplaces are not only one of the most asset-light businesses but also unique when compared to regular sales eCommerce sites. This also means that rental marketplaces require some distinctive features to facilitate and simplify rental operations. Yo!Rent is inclusive of all such features with many more. Yo!Rent is easy to set up, is fully customizable, highly scalable and comes with one year of free technical support.
To know how Yo!Rent can help you with your multi-vendor rental marketplace idea, feel free to book a one-on-one personalized demo.
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