How does innovation happen in rental sharing business?
It is when you discover a solution to the challenges of the existing system and convert to a workable solution. Also, having a different business plan disrupting the traditional rental or market places brings innovation.
An entrepreneur should be aware of long term success, which is possible only by innovative ideas, technologies, and products. A unique idea makes you stand out.
So, here are a few innovative ideas for your rental sharing business.
I. Provision to book other facilities through a single application
Suppose you decide to have a low-budget photo shoot. You would book photographers, venue and set a date to have the shoot. It would be a tedious process to book everything individually and following up. Plus, you need to make sure the venue is ready for your photo shoot.
What if your rental sharing business proposes to users to book other required amenities like apparel, electronic equipment, furniture along with the event booking? Sameways, provision to rent a car or bike along with booking hotel rooms.
II. Providing advanced search filter
Search filters are for refining the results and finding suitable content at a faster pace.
To make it more convenient, keeping advanced filters helps in eliminating undesirable results. Filtering the search results by location, date of availability, amenities, offers, and rating are primarily used in all the booking sites.
III. Providing good offers compared to your competitors
Offers and freebies attract many new customers to your rental sharing business and make your loyal customers jump in joy. Giving a good discount during the weekend and seasonal times would retain more customers in your marketplace.
Airbnb email and SMS discount and offers to users based upon their search history. Also, they offer $15 off for guest referral and $200 for host referral.
More discounts attract many customers, resulting in increased bookings, more return in sales and brand recognition. It can be possible through the email campaigns. Here, you get affordable email marketing software that gives you the best opportunity to grow your business across the world.
IV. Events near me – Explore new events near you
When you travel or go on a solo vacation to a new city, the first thing we do is Google about the place’s history, live events, and sightseeing places near where you live.
Instead of using Google, giving all this information in the booking platform would be a time-saving feature for the user.
V. Customer Service
Keeping your customers happy is the utmost priority than anything else. Keep in mind that it is through them your rental sharing business grows. Be there for them during a dire situation like locked out of the house, losing keys, breakdown of car/bike or other inevitable causes.
People get stressed up in a messy situation. Giving support during tough times would increase their trust and builds a bond. Solving their queries through phone or messenger is helpful.
After service, sending a personalized welcome and thank you notes is a sweet gesture.
VI. Making use of Artificial Intelligence
We all know how AI is redefining our interaction with technology. With the help of Deep learning algorithm, the search feature enhanced to give better search result, aligning to the perspective of the user.
According to the search given by the user, the algorithm ranks the listing accordingly. Addition to the search query, the algorithm uses the user’s data such as past bookings, the listings clicked on, and the amount of time you stay on a page.
All these points are few examples compared to the real-world challenges in our rental sharing business.
RentALL is a customizable and ready-made Airbnb Clone Script which is suited to support niche rental marketplace platforms and enable entrepreneurs to innovate.
Innovate to create a helpful community, equal sharing of resources and also a profit out of it. So, let’s welcome new changes!