The process of warehousing is an essential part of the retail supply chain. Now the warehousing concept has been widespread to use for personal uses as well and they are called personal storage units.
In the last five years, leasing out warehouses and storage units has an annualized revenue increase of 2.7%. And it is still going to increase with an estimated revenue value of $23.5 billion in the years to come.
Now, you know how important it is to start an online warehouse rental business. To learn more about how an internet-based warehouse rental system works, keep reading.
How starting an online warehouse rental business could help you?
During this pandemic, there are a lot of businesses transforming themselves into online entities. And people seem to be preferring doorstep delivery. Combining these two, the first bell to ring for any online-based business is warehousing.
These online businesses will want someplace to store their products or services before they dispatch them to their customers’ residences.
Therefore, according to the stats and the new thought-provoking scenario we just discussed, this is the right time for you to think about starting an online warehouse rental business.
3 main parts of the internet-based warehouse rental business:
1. Warehouse management:
The strategic method of running a warehouse is by having a mode or a tool to achieve operational excellence. A warehouse manager has to think of the equipment, the inventory allocation, the staff and training, safety and security of the goods and services. That is when any person who wants to rent out the warehouse would consider it.
2. Warehouse management systems:
The warehouse management system (WMS) eases the business operations of the owner. The software has to be built using the latest technology to cover all the on-trend bases when the app comes into the market. You can even outsource to develop the software for this warehouse rental business.
3. Warehouse rental operations:
The warehouse rental business operations mainly revolve around renting out space, managing the renters’ data, and booking dates. Having an online warehouse operation might increase the productivity of the staff and eases out your difficulty in running a traditionally maintained warehouse business.
3 steps to run a successful online warehouse rental business:
1. Business model:
It is essential to figure out the apt business model for running such an online warehouse rental business. I would strongly recommend an aggregator model. An aggregator model is all about connecting two or more people – one with having the resources to satisfy the other in need.
An aggregator model works around both the web panel and the app. The admin panel could be a web solution, whereas the space owners and the space renters could have both a web panel and an app solution.
2. Revenue model:
The revenue model of the online warehouse rental business could be on a commission basis as it compliments the aggregator business model. You (the admin of the business) could be receiving commission from both the warehouse rental owners and the renters.
3. Features to consider for the online warehouse rental marketplace:
These are the set of features that would work wonders when it comes to the customers and the admin (you).
Features for warehouse renters:
1. Hourly Booking:
The space renter has to give the number of hours with the exact time while making a booking.
The space renters can wishlist the warehouse spaces they like for future bookings.
3. Advanced search filters:
This feature allows warehouse renters to find an apt warehouse efficiently.
4. Instant booking and Request to book:
The space renters can book a warehouse either instantly or they could request the owner to approve their booking. Increases booking feasibility.
Features for warehouse owners:
1. Managing space availability:
The warehouse owners can list their warehouse rentable based on specific hours or only specific days.
2. Earnings receiving options:
The warehouse owners can add their bank account details to receive earnings from the admin.
3. Set unique pricing:
The warehouse owners can fix prices based on the warehouse-type, benefits, time basis, etc.
Features for the admin:
1. Review management:
The admin can manage the reviews given by the warehouse renter to the warehouse owner. You can delete or edit it on your accord. This helps to avoid fake reviews.
2. Manage users:
The admin can manage both the space owners’ and renters’ information when they sign up for their warehouse rental marketplace. You can ban the users if there was something amiss with their account activity.
3. Reservation Management:
The admin can monitor and control the warehouse reservations made in the marketplace. The admin can manage the reservations, take a look at the booking dates and process any refunds if the renter is eligible.
When it comes to running any online rental business, you have to get a proper tech assist to help you with putting your business on the market. We introduced RentALL Space, a 100% customizable and scalable marketplace.
The RentALL Space can be of extreme benefit to expand your business globally and also manage it efficiently through a simple-to-use dashboard.
We are always ears to our customers. Our strength is mutual understanding and actively collaborating to satisfy the needs of our customers.