Entrepreneurs are showing a huge interest in car renting marketplace development since the demand is phenomenal. But some entrepreneurs are not aware of the end-users needs and the problems they are facing to rent a car in peer to peer manner. If you are one of them, then this blog post may help you out.
I’m going to share the must-have features which should be available in any of peer to peer car rental marketplace. These features may help you get more customers by providing a better experience and stand out from the crowd to become a successful one in the competition.
Peer to peer car rental marketplace
It is also known as people car sharing and the process whereby existing car owners make their vehicles available for others to rent for a short period of time and earn some money out of it.
It removes an intermediary who connects consumers to product or service providers. This serves as the lower cost, enables faster transactions, and makes convenient for both the providers and users.
The business model of car rental marketplace
Choosing the right business model helps to make good revenue and business growth.
In the car rental marketplace, it is the most common feature that the commission-based on fixed or percentage of the transaction value to be cut from the amount paid by the renters. Website owners can charge a nominal fee for every booking from the car owner and the renter.
Another simplest way to earn revenue is featured listing. Car owners who want to get more bookings can brand their listing on the homepage of the website. It helps them to earn more revenue by highlighting the product in top search results. It attracted most of the users and helps to drive more bookings.
It is an essential business model that makes steady monthly revenue by charging car owners a recurring fee. It is most helpful that allows paying a fixed amount of money on fixed time intervals like a monthly or yearly basis. Subscription is a reliable model that doesn’t charge a commission on car owners for every single rental they are getting. This model will lead to higher revenues and customer retention in the marketplace.
Must-have features in car rental platform
Advanced search filters
It is one of the most essential features that help users to search the rental cars according to their preferences, needs like location and date. This feature makes them convenient to process the bookings faster and easier too.
Guests can make a secure payment through Stripe that helps them complete transactions quickly in a hassle-free manner. Its friendly approach provides more reliability for the users and it is widely accepted in many countries.
Calendar & seasonal pricing
This feature helps to set pricing for a particular day or season. It can be done by choosing the specific days in the calendar and setting up the different pricing in the session price. The seasonal pricing option enables car owners to maximize their revenues at a short interval.
This feature helps to edit, view or upload listings according to the car types, descriptions, price without hassle so that the customers can able to search, filter according to their convenience. Anyone without technical skills can easily manage the dashboard in an easier way.
This is an essential feature that helps to collect and verify all the required documents like driving license, insurance, and vehicle-related documents. It has been one of the most trusted concerns for both the car owners and renters which will avoid illegal problems.
Messaging helps to communicate with car owners and renters during the booking process. It is also helping the user to track the previous conversations.
It helps to keep track of all reservations and control the process. With just a click, you can modify any booking details related to the booking date, time and related to reservations.
Tech stack needed
Technology has the greatest impact on how our product works and how it will perform in the future. The tech stack also influences the scalability of the product and also dealt with the investment of money and time.
Choosing the right tech stack will lead you to the successful path,
Front end interface -ReactJS
Back end interface -ExpressJS
What users see as a visual interface is the result of the powerful involvement of backend technologies. Frameworks like expressJS, GraphQL, Sequelize will handle the heavy load easily.
It is a js run time environment that allows you to run an application and it is light, scalable and cross-platform to execute code. It uses an event-driven I/O model which makes it extremely efficient
The data storage platform should be efficient, scalable and easy to maintain. The main thing you have to be clear is whether it is a non-structured query because of easy use and can store data.
It is open-source, reliable, compatible with all major hosting providers, cost-effective and easy to manage. Many online businesses are leveraging the data security and strong transactional support offered by MySQL to secure online transactions, enhance customer interactions.
In this blog, I hope you had a better understanding of the peer to peer car renting marketplaces and the features necessary to build such marketplaces. There is really a huge demand in the car rental market. If you choose the right business model and tech stack to build, it will help you to scale up the marketplace globally. Still have queries on this? feel free to contact our experts at email@example.com
Thanks for your time reading this one.