Running a rental business can be a handful
From managing inventory, processing orders, maintaining customer satisfaction and making sure nothing goes wrong. But here’s the good part: Automation can be your new best friend. It not only does the wrk faster and efficiently but also smarter. From reduced operational costs to improving customer satisfaction, automation has the potential to help you and your business achieve un-attainable goals. Let’s read about top 10 ways automation can transform your rental business.
24/7 Bookings:
With bookings coming in round-the-clock, automated bookings allow rental businesses to accept, manage, and confirm reservations without any manual intervention. For example let’s take a scenario where, a customer is scrolling through your website at midnight and decides to rent-out an item for the weekend. Without automation, you would miss out on that sort of opportunity. With an online booking system, you can ensure your business never sleeps and also make your business available for customers 24/7, and book whenever its convenient for them.
Cost Savings with Automation:
By introducing automation into your business, you are not only cutting down on cost and expenses but also can make sure to have enough time for yourself to focus on what really matters - growing the business and improving customer experience. According to a research study by McKinsey - It shows that businesses that integrate automation can reduce operational costs by up to 30%, imagine what can be done with those savings!
Availability Management (No more Double Booking issues):
Automated real-time availability management ensures that your rental inventory is always up-to-date, preventing double bookings and missing opportunities. For a clear understanding, imagine this - a customer arrives to pick-up a rented equipment, only for them to find out it’s already been rented out. Which ultimately is not great for business right? By integrating an automated system, you will easily be able to solve these kinds of problems by giving real-time updates on your inventory status making your business a reliable source. Also studies even show hat real-time inventory systems can increase customer retention by upto 20%.
Easy Order Management:
Order management can get ugly really quick, especially when you’re handling multiple bookings daily. This is where automation excels compared to manual methods - It tracks orders, sends confirmations, and also allows last minute changes - all without slowing you down. Based on a case study by Rentec Direct, Businesses that automated their order management see upto 40% reduction in processing time. Which on the other hand means more orders are being handled with the same resources and also increased customer satisfaction.
Real-Time Inventory Tracking:
Have you ever heard of the phrase ‘Trying to find a needle in a haystack’, it is that hard to manually track your rental business’s inventory because it’s time-consuming and error prone. With automation, you get live updates on what’s in stock, what’s rented out, what’s under maintenance, and what’s due for return. This way you will be able to plan smarter and make impactful decisions. Accurate inventory data helps your budget better and analyse demand. According to Accenture, 61% of businesses using automated inventory management systems experience fewer stockout and reduced holding costs.
Using Customer Data (Tailor-made Suggestions):
Using business data to improve your business is very crucial for a rental business. Especially using customer’s data is fundamental to learn more about your customers and their wants & needs. Automated systems puts together essential datas like a customer’s contact details, and rental history which is extremely important for a rental business owner as it enables them to tailor marketing campaigns for a more personalised approach. Lets say for example, if someone rents a bike from your rental fleet - you can send them personalized offers for accessories or gears like helmets, jackets etc. This kind of approach towards customers increases trust between you and the customer which in-return gives repeated business and loyal customers. According to Salesforce - personalized marketing can boost the sales by upto 20%.
Simple Booking Confirmations:
When it comes to rental businesses, customers would really like to know what their rental’s status is. Automating booking confirmations does not only reduce the probability of misunderstandings, but also gives a sense of trust about your business and makes it look professional. These automated systems send confirmations via email, SMS, or notifications to confirm their bookings. Also studies show 78% of customers prefer receiving booking confirmations.
Enhancing Customer Experience:
Honestly, the rental sector is very competitive because there are other businesses offering the same or similar kinds of services and products. So in-order to differentiate yourself from others, you will need to offer a smooth customer journey - from browsing to booking to returning the item. Business that integrate automation to their operations report 30% boost in customer satisfaction. Why? Because, customers definitely enjoy the ease of quick bookings and timely updates which reduces the confusion to zero. One important thing to always remember is happy customers equals to customer retention and loyal customers who keep coming back for more.
Effortless Scalability:
What would any business owner want for their business? It most definitely would be to grow their business to the next level. Expanding your business operations could be a really hard one to crack, especially if you’re stuck with manual methods and approaches. This is where integrating automated systems with your business helps you scale your business easily. From opening a new location to adding new products, automation helps you keep everything in order and also makes the process seamless. For instance, take RentMyEquipment - After implementing automation, they saw a 50% growth in just their first year. With streamlined operations and reduced catch points, scaling your rental business becomes effortless with automation.
Building a Sustainable Business (A Green Approach):
Is automation only beneficial for your business or is it beneficial for the planet? It is beneficial for both your business and the planet at the same time. How? Here’s how - by reducing paperwork, using energy in an optimal manner and by streamlining inventory management and operations, You are reducing your carbon footprint. We are currently in an era where people are more eco-conscious and are also showing commitment to sustainability, by adapting automation you can set your business apart from competition.
Real-world Examples about Businesses that Incorporated Automation:
Rental companies like Fat Llama and Zoomcar are redefining the way rental industry functions with the help of automation methods. Fat Llama makes peer-to-peer rentals super simple with automated systems, while Zoomcar allows you to rent a car with real-time tracking and self-service options which is as easy as ordering a pizza.
These businesses do not just adopt automation in their everyday process and operations, but they have embraced it, and the results that they show speak for themselves.
Some consider automation methods as just a tool to boost their business function, but an important point to remember is it’s not just a tool - it’s a strategy. While automation takes care of your business by streamlining processes, reducing costs and showing improvements in customer satisfaction. It also gives you the freedom to focus on what’s most important for a business - Growing it!
From offering 24/7 booking options to scaling operations in a easier way, the advantages that automation offers to you and your business is very significant to be ignored. So why are you still waiting? As we can see the future of rental businesses is automation and it can most definitely yours to claim.