Is your rental business operating across multiple locations? While stock management across multiple locations can offer many benefits such as a larger customer base and market, it also comes with a unique set of challenges.
One key challenge is maintaining optimal stock levels of rental inventory at all your locations. It is necessary to increase stock levels when a business is growing into different markets. However, carrying too much stock ties up capital or running short on inventory means losing on sales and customers. A balanced inventory level helps you meet demand while also controlling costs for the business.
Rapid urbanization,a globally expanding construction sector, and strict regulations about public hygiene/sanitation are instrumental in the rapid growth of the portable sanitation and toilet business.
Efficiently delivered, managed, and installed portable sanitation facilities are an essential part of outdoor activities. From large-scale outdoor events to smaller personal gatherings, and projects such as a construction site, portable toilets and sanitation stalls provide an easy and hygienic solution.
Depending on the nature of the event/job, your portable toilet and sanitation rental business can get an order for different types of installations. These can be primarily divided into:
Trying out a new sport is a great lifestyle choice but not always an affordable one. A family going on a ski vacation for example, needs a lot of expensive gear including skis, poles, and appropriate clothes/safety equipment. Likewise biking, sailing, or camping can be expensive if people opt to buy the required equipment. Meanwhile, sports equipment rental software provides a more economical alternative for renting out equipment for short-term use.
Setting optimal pricing strategies for your rentals is critical for business success. Charging excessively high prices means you risk diverting sales to competitors and losing out on customers. However, setting prices too low can mean slimmer profit margins or even difficulty in covering your production costs. In both cases, you risk the financial health of your business.
Online shopping has been steadily on the rise and customers are increasingly relying on online resources to make their regular rental and purchase decisions. As trends towards more and more consumers starting their customer journey online, it is important to establish a strong digital presence to gain a competitive advantage while significantly increasing the customer base.
Offering your customers convenient, secure, digital payment solutions is a great way to enhance sales and strengthen your business. Integrated payment solutions play a key role in streamlining payment processes at your busy rental business.
Rental asset management systems have a major impact on the way rental companies do business, create value, and collaborate with other entities. Keeping track of reservations and rental gear is a part of everyday logistics for rental businesses.
Inventory items are one of the most important, and expensive, investments for a rental company. For a rental business, accurate inventory management is key to seamless workflows. Without adequate inventory stock, companies can lose customers and ultimately sales revenue.
As the full impact of COVID-19 hit businesses across the world in 2020, rental businesses were no exception. Small and medium-sized rental businesses faced new and unique challenges including store shutdowns, supply chain disruptions, changing market needs, and a shift to remote operations – all while ensuring the safety of employees and customers.
The American Rental Association (ARA) forecast a 13 percent decline in equipment and event rental revenue in 2020 compared to 2019, dropping to $48.7 billion in the United States. However, they predict modest growth in 2021, ticking up 0.3 percent to $48.9 billion, before accelerating recovery kicks in with growth of 9.2 percent in 2022, 6.8 percent in 2023 and 4.8 percent in 2024 to reach $59.7 billion.
2020 has been a challenging year for most businesses. The COVID-19 pandemic has impacted all businesses and rental businesses are no exception. Whether or not you have met your sales target for the year, the holiday season is a great time to boost business. With online shopping on the rise, you can optimize your rental business website for the upcoming holiday season and amplify sales.