Learn how to create a rental marketplace platform with our simple guide. Our tips will help you get started and grow your business.
Be it renting a house or heavy construction equipment, the online rental industry has made its entry into almost every sector of the market. Renting things online has multiple benefits such as ease of access, easy renewals, and saving time and money. The online rental industry was valued at $19 billion in 2017 and is projected to reach around 60 billion by 2023.
This can be a perfect opportunity for those who wish to enter the online rental business by building a stable and agile online rental marketplace. In this article, we will be discussing the step-by-step approach to building an online rental marketplace.
Step by Step Guide to Building an Ecommerce Rental Marketplace
Here are some key points that you should prioritize before entering the eCommerce rental market.
1. Conducting Market Analysis
It is important to know about your key competitors and the features that customers find helpful while renting a product. A comprehensive market study will help in defining the business objectives and creating a unique selling point for your marketplace.
Additionally, here are a few aspects that should be analyzed:-
- Identifying target customers
- The current state of the industry
- Competitor analysis
- Revenue projections
See Also: How to Build an Online Marketplace Website
2. Choosing Revenue Streams
Some eCommerce rental marketplaces offer premium listing services to their renters and rentees, some display advertisements while some follow hybrid and complex revenue channels to yield profits. Some common and effective revenue practices for eCommerce rental marketplace are:-
- Advertisements: Being a rental marketplace owner you can reserve space for third-party advertisements from relevant businesses to earn money.
- Subscriptions: In this revenue model, marketplace owners charge membership fees from both stakeholders to access the platform. The subscription fee depends upon the traffic and time span availed for the services.
- Sponsored Listings: Rental eCommerce marketplaces charge fees for the product owners to promote their products on top with matching search results. This helps product owners in enhancing their visibility on the platform in exchange for pre-decided fees.
- Commissions: A one-time commission fee from the product owners can be charged after every successful lead is generated. This is the most common revenue model for rental marketplaces as the fee is justified on the basis of leads generated.
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The renting industry is booming in the world.
Many aspiring entrepreneurs are jumping into the rental industry.
Renting industry gives itself multiple opportunities for aspiring entrepreneurs to start multiple businesses.If you want to get benefits from this growing market then it is indeed the right time for you to start an online rental marketplace solution.Go through this link to see the Online Rental Industry ReportYou can launch your own renting marketplace platform from scratch and by using the ready-made marketplace software solution.Cost is also one of the biggest business challenges for marketplace founders.Custom development from scratch may affect the overall cost to build an online marketplace.
And it's also a time-consuming task.
You may wait for several months to launch your online rental marketplace.At the same time, the ready-made solution solves these lengthy & hectic processes.
With a ready-made solution, you can save a lot of investment and start your rental marketplace platform within a few hours.So I would suggest you to choose the YoRent, ready-made rental marketplace software that is specialized for developing an online rental store with features to both rent & sell.Visit https://www.fatbit.com/fab/launch-multi-vendor-rental-ecommerce-marketplace-with-yorent/ to know more detailed info.
