Why use Online Rental Software?
We crave recreation, be it watching a game of football or taking a bike ride down the black canyon trail. Outdoor recreation is a priority for 140 million Americans, who spend a $646 billion yearly on it. In fact, Americans spend as much on internet access ($54 billion) as they do on snow sports ($53 billion). These outdoor lovers crave all sorts of sports like mountain biking, skiing, hockey, golf, dirt biking, and boating. These lovers are a diversified set of people of all ages, shapes, sizes, genders and income levels. For the sports rental industry to cater to this diverse customer base they need an efficient online rental software by their side.
Here are 5 ways in which online rental software helps the sports rental industry achieve higher revenues.
Let the Team Play
Having the best player on the field is not much help if the rest of the team doesn’t play. Similarly, a sports rental store needs a team of equipment that they can send into the field with the confidence that each rental item will do its part in ensuring revenue. Renting out the same equipment while neglecting the rest leads to unnecessary wear and tear, missed opportunities and storage costs. With online rental software, you can easily distribute and optimize the time that each equipment spends in the field.
An online rental software keeps updated records of your inventory and equipment. It stores everything you need to know about your team of sports equipment – the specs, location, availability, and condition. It also maintains a record of the usage of all your equipment so you know when one item is overworked while the other is being neglected. This reliable database of equipment combined with a quick and easy way to lookup inventory; making the rental software perfect for ensuring that you make the most out of your equipment.
Track the Fitness of Sports Equipment
Each time sports equipment is sent into the field, it needs to be ready to perform under the many conditions the risky thrill seeker or outdoor enthusiast subjects it to. Making sure that sports equipment is safe to use and in working condition are among the primary responsibilities of the rental store. Renting out defective equipment can be disastrous to both the reputation and finances of a sports rental store. For example, imagine if the faulty mountain bike your store rented out broke down mid-descent!
An efficient online rental software tracks the maintenance of your sports equipment and notifies you when maintenance is overdue. You can also set recurring services against equipment that needs weekly/monthly/yearly maintenance. Software having a service triage feature allows you to automatically check returned equipment into maintenance. Proven rental software gives sports rental stores a clear view of their equipment maintenance and helps them stay on top of everything. This reduces the risk of renting out faulty equipment and ensures that rental stores continue to enjoy a stellar reputation.
Gather a Crowd!
Online rental software doesn’t just help you manage the inventory of your rental store but it also helps you market your products to a larger, more diversified customer base. Around 81% of shoppers research items online before they visit a store. Rental stores for sports goods can attract more customers by using the automatically generated online web store within the online rental software.
The online storefront not only expands your business reach but also enables you to provide customers with a more convenient way to rent out equipment. This enables your customers to easily book, search and compare sports equipment from a time and place of their comfort. This increases your rental sales and gives you an excellent platform to showcase your products and services to your customer. Rental software also allows you to have a dedicated customer portal. Using this portal, your customers can keep track of the items they have rented and also access any support documents, guidelines or route suggestions that they need.
Get Rid of the Under-Performers
Sometimes we have to cut down the sports equipment items that just aren’t bringing in the expected revenue or have lived out their usefulness. Online rental software helps you make this decision by providing you with valuable insights about your equipment inventory. Reporting tools baked right in the software give you information on the maintenance cost and revenue generated by each of your sports equipment. This enables you to identify which equipment is costing you more than the returns it brings in, or which one is just not in demand anymore.
Online rental software also lets you track the depreciation rate of your equipment allowing you to know when it is still profitable to sell your old equipment.
Get More of Your Star Players!
In addition to letting you know when it’s time to retire or sell some of your rental equipment, the rental software also helps you in deciding when you need to restock or purchase new equipment. Regular reports and monthly alerts on your best-performing equipment helps you to quickly determine if it’s time to get more of the equipment that is generating revenue for you. Reports generated by the rental software also provide insights on the renting patterns of your customers, like which items are high in demand and which items are normally rented out together. Such insights equip you with the knowledge you need to grow your business and prepare for the seasonal surges in demand.
Keep it fun, simple and profitable with equipment rental software that handles all the boring logistics for you. Avoid the frustration to maintain and track your inventory of sports equipment. Use the reporting tools of the software to make sure your business strategy is on point and increase your customer reach by having an online web store. Online rental software is one automated solution that every sports rental business needs in order to compete in the outdoor recreational industry!
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