Think about going to a library to get your favorite book. First, you have to travel to the library destination and then chances are very low either it will be available or not. But having a book rental membership allows you people to get the right book at a short period of time at your doorstep. Sounds great right?
Yea, one such solution is available with us readily in SpotnStay. If you’re an entrepreneur who is interested to start a rental business then our suggestion is to quickly start your own book rental business.
- Because the global book rental market is expected to grow at a CAGR of 20.74% during the period 2017-2021.
The rental business is one of the trends that has been rising day by day with good revenue growth. This blog is all about the book rental business and how our software application allows you to gain high revenue with more revenue streams. let’s get into the book rental business.
What Is The Need For Book Rental Management Software?
Every year there are 90,000 fresh titles printed everywhere. Think about the paper that we are wasting or recycling or throwing it into trash cans. The survey shows that nearly 60% of students all around the world use to take a xerox of their textbooks. This can be reduced by renting the old books to the others who are in need of it.
Here in the modern world where several books renting options come handy. There is much application where you can rent your books and get paid for it on a regular interval period. To make the process simple, renting can be limited by the coverage currently with no registration charges, or by providing more valuable offers and discounts for books.
This gradually saves 80% of the cost you spend on a book. The value proposition of the book rental business is to provide a book at the lowest price for a certain period of time as a rental. This is one of the convenient ways to buy the book at affordable prices in a short time. It not only saves money but it acts as a sustainable solution.
SpotnStay book rental management software
Nowadays, most of the customers get fed up due to unwanted features in an application. Additional features that don’t suit your business model will be a loss of revenue in your rental business. So, it must have a good required list of features that boost your rental revenue by bringing visibility.
One such solution is available in the SpotnStay online book rental library. Our book rental system helps you as an admin to manage your book rental business with a few touches on the screen. The book rental software from SpotnStay is the complete software that is readily available with advanced features.
This allows you to kickstart your book rental business within a few days itself. Our pre-developed application is more flexible so that it can be restructured according to your business requirements. We have experienced a group of developers so it won’t take a long process. If you need any other new features to be added it can also be done quickly.
You won’t need a book rental manager when you adopt with our book rental software, it reduces the cost of a book rental manager, increases profitability, and accuracy. It also reduces your rental business stress. Since it is fully digital everything will be instantly updated to you.
Book rental made simple with SpotnStay online book rental startup key-features
Our software made the rental process more simple and efficient than before by the advanced key-features. By using our software you as an admin are able to track the rented books in real-time with full-details of the rentee as well as the charges recoverable from customers. The key features of your book rental business are listed as below
- Store inventory management – With this feature, you’re as an admin allowed to manage your rental store inventory easily across single or multiple locations. It also allows you to stay up to date with accuracy in your rental inventory. You can manage all the book rates and control pricing. This feature let you manage all your rental processes.
- Quick placing the rental – With the help of social media integration, the rentee can quickly start with your book rental application service. This provides a smooth and consistent rental booking experience on the book rental that enhances visibility in your region. This feature lets you increase the customer’s loyalty.
- Book tracking and monitoring – This feature allows the admin and the renter to track the rentee and the rented books in real-time easily. The admin can also track and monitor all the users and their full details which will be displayed on the dashboard. This feature also reminds the renter about the return date.
- Seamless payments – When it comes to the rental business, payment should be more easily and securely to make the rentee comfortable. Our payment feature makes the customer’s payment easier than before. The integrated payment gateway enables all the payment methods which are convenient for both the end players.
- Book review and feedback – This is one of the important things to be considered in the book rental business. Because this lets the other rentee know about the book conditions and other feedback about the service. This also allows the renter to understand the rentee and improve their rental service performance.
SpotnStay book rental business possible revenue generation streams
With an innovative book rental business model, you can redesign your rental business easily that allows you to gain more revenue. Here, I have listed a few of the categories that can be organized by using our application software and that lets you rent different kinds of books in one application.
- Textbooks on rent,
- New/used books at a considerably cheap price (physical formats),
- Old books (in a good condition) from students,
- Books for Tutors, textbook solutions, and community Q&A,
- Fiction, non-fiction, storybooks,
- Children’s playbooks,
The above mentioned are the few of the things you can rent and let the other people use your application as a rental platform. With this, you will be gaining commission costs for each rental. These books categorize will let you gain more profit and place your brand in the market soon.
- Book club subscription – You as an admin can cost your rentee subscription fees for extra discounts and offers on each rental. This allows you to gain extra revenue in your rental business monthly or yearly according to the subscription period.
- Book Renter’s membership – If the third party wants to list their books in your rental application, then you can cost them as host membership fees for listing their books in your book rental application.
- Book Listing fees – You can bill the renter according to their listing categories, as per the number of lists they have been listed in your application. In addition to the renter’s subscription fee, this will also let you some add-on revenue in your rental business.
- Advertisement Banner fees – With the above-mentioned revenue model, you can also extra money with this ad banner. Then, you can allow the third party’s advertisements in your application, they will be paying at a regular interval of period.
Rather than the above-mentioned revenue models, you can also invite the book clubs to get a tie-up with your rental service for the better offers and for new release books. You can also tie-up with the library, schools, and tuition center by promoting their service in your application and giving them add-on offers on each sale.
If you would have traveled till now along with me, you might acquire the knowledge of the online book rental business. By launching your book rental service, people can make use of it as a platform to earn and rent their books. Still, why are you waiting? contact us today at [email protected] or by filling the below form and we will catch you soon.