The culture of owning furniture is diminishing as the mindset and tastes of the people change when there is a new design or a trend that sets in, hence they rent furniture. To keep up with the changing economic set-up, we as business owners have to start running our business differently.
How about launching an online furniture rental business marketplace to enhance your business visibility and operate your business at ease?
But to begin with, you must understand why furniture rental startups are booming nowadays.
Why is the online furniture rental business booming now?
The rental business basically works with more customer psychology than that of any other aspects.
- The problem of shifting from one place to another could be eliminated when we rent furniture, if at all the renter shifts again – no heavy packing and moving will be involved.
- Ease of renting according to the space that renter moves into.
- The furniture owner can use circulate the old furniture and make money out of it.
- More choices available when it comes to renting and the users can adapt to their lifestyle.
- The demand for renting out furniture for offices, educational institutions, and other multifunctional purposes is always present.
And the most important point to note is that your target audience is constantly on move and cannot afford to purchase a new set of furniture every time. This gap could be extensively filled by you.
Top 5 players in the online furniture rental marketplace:
To know more about the furniture rental startups, these are the few that could be used as a trail to look forward as to what to expect while during a rental business.
How could you operate an online furniture rental marketplace?
Taking your traditional furniture rental business to the next phase using an online marketplace will enhance your business performance to an extent that just requires your supervision. Effective operations are completely based on the features that you provide to your users.
Features for Furniture Owner Web Panel / App:
- Filter-based search makes it easier to narrow down the search results. Filter based on the type of furniture, the material used to make it, price, availability, and discounts if there are any.
- Keyword-based filter options in the search bar enhance the user experience while booking an item of furniture.
Calendar integration could be added to ensure that there will be no collision in any of the bookings. The booking calendar could be synced with external calendars and accessed through other electronic devices.
Seasonal Pricing Calendar:
The furniture owner can give discounted prices and special pricing during holidays and peak seasons. He can also control whether the furniture is available or not. The owner can mention it while listing their furniture with your furniture rental marketplace and edit it further if necessary.
The furniture owner could receive their payout amount by multiple options – using a Paypal account and bank account details. These options could be feasible to receive their earnings.
Features of Furniture Renter:
The furniture renter could make payments using three options: either through cash or Paypal account, debit/credit cards – giving multiple payment options will increase the platform usage.
If the furniture renter wishes to rent the furniture for later, they can put it on the wishlist for future booking preferences.
The furniture renter can message the furniture owner even before they plan on renting the piece of furniture, just to enquire about the condition and other details to clarify themselves about the furniture they plan on renting.
The furniture availability within the area could be tracked down using Geo-location. The renter could look for the furniture based on their budget as they click on the listing to know more details.
Door delivery or Pick-up:
The furniture renter can have two options to receive the rented furniture – either the renter can pick up the furniture themselves or the furniture owner could deliver it to the renter’s doorstep.
This feature could be included for the renter to book the furniture instantly without waiting for approval of the furniture owner before renting. Instant booking ensures a comfortable booking experience.
Admin Panel Features:
Manage all the users:
You as the admin of your online furniture rental business will be in charge of both the furniture owner and renter – you can control their login and the listing information and booking details. You can oversee the start-to-end business operations using your admin panel.
You can control making payouts to the furniture owner. It can be automated to increase the efficiency in handling the payout. And also you can hold the payout to the furniture owner if needed.
The reviews given by the furniture owner and the renter to each other can be monitored by you as an admin and you can issue ratings & reviews to listings made by the furniture owners.
A Brief on the Revenue Model for your Online Furniture Rental Business:
Here in RentALL we present you with one amazing revenue model. As the admin of the marketplace, you must be knowing your earnings;
- Commission-based: You’ll be receiving a commission from the furniture owner in the name of service fee and from the furniture renter called a booking fee for every single booking that takes place on your marketplace.
Want to start your furniture rental startup with our exciting rental booking platform? Or do you want to take your already existing business online with our ready-made software solution?
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