An online marketplace basically acts as an online store where multiple merchants can sell goods or services to customers. Due to increased demand only when there is a need for people to buy products.
In recent decades, it has changed the whole business model. People prefer to rent the products rather than buy them. This has also brought a lot of business opportunities to the owners with online rental marketplaces these days.
Here, let me tell you the two ways to create or develop your own online rental application for your rental business. If you are thinking of starting a rental marketplace, there are basically 2 options to kick start your rental application.
- Develop a rental marketplace from scratch.
- Start with a ready to launch platform.
Both models generate equal revenue the difference is cost and time. In the first type, you have appointed a team of developers to create an application according to your requirements. This takes time and costs more than you think.
But Type 2 is more flexible since it is pre-developed; you can easily modify it according to your requirements. One such service is available with us to know more. Keep reading this article to know the full P2P rental marketplace.
How SpotnStay Software Features Help to Launch P2P Rental Marketplace?
P2P Renting Marketplace
In recent years, a number of Internet-enabled peer-to-peer marketplaces have emerged to rent their facility for the short-term as rental of goods at a valuable price. The people who have cars are starting to rent their cars to earn extra money while they are not using their cars.
Airbnb is one of the famous rental online applications that allow consumers to rent their living space to others for short periods. And some other online application allows you to rent your apparel and accessories.
There are many similar applications that allow users to rent their appliances. This acts like a business model where the service provider rents their things to the needed people for a certain duration and the rented person will be paying the service provider.
peer-to-peer rental marketplaces thus alter its motive to invest in assets that are traditionally a source of dedicated supply for one individual. The website owner (Admin) is the medium through which the renter and customer connect with each other.
The renter would want to rent it out to earn a few bucks of money in a short period. On the other side the person who is in need of that product, with this the customers can easily access the product through the website.
The peer to peer rental platform owner or admin charges a fixed percentage of the fee as commission for every rental product individual. Here, let me tell you the adds on value of peer to peer, rental website admin, as listed below
- A platform where your renters and rentee can rent their products easily.
- Earn a commission on each product that is rented from his/her application.
- Run Advertisements of the third-party on your application to generate revenue.
Renting not only generates revenue for product owners and renters, but it is also a sustainable way of reckless purchase of the product. Instead of buying, renting is the big relief for the ownership and the need to carve out a space to store the item.
Because people nowadays love to live a spacious lifestyle. So they rent their rarely used item or spare one to reduce the space at the same time they can earn extra pocket money. So this reduces the space especially for items that are rarely used.
Things to be considered while building a peer to peer renting marketplace management app
- Come Up with a variety of revenue models – This is one of the important things that should be considered while developing a P2P rental business. You have to come up with different types of revenue models that generate more profits in your rental business. Then choose the type of revenue model that exactly suits your business.
- Boost your rental sales – Your application should be built in such a way it boosts your rental business easily. It can be done by showing the suggestions to your customer’s similar products. Your customers won’t be aware of all the products in the market. This will help them to choose additional products as well as boost your sales.
- Attractive UX design – User Experience plays a major role in your rental business. It is how a person feels when interfacing with your application. Building your application with the great UX design will allow you to gain your customer loyalty and help you to get more potential customers quickly in a short period of time.
Everyone starts to build a P2P platform and ends up with some common commercial rental market place alike other players in the market. Here, we SpotnStay develop your application with advanced niche features that perfectly make your P2P rental business more unique.
Once the people find your application as the interesting and user-friendly one they will start to place their bookings frequently. One such solution is available with us. Keep reading to know more about SpotnStay and how it fulfills and gives you an exact P2P rental software.
SpotnStay peer to peer rental marketplace app
SpotnStay is a modern software solution for all the rental business. Here, you will be benefited by a pre-developed application with all niche features that gradually enhance your rental business from the first booking.
There is plenty of rental software similar to us but mostly they provide you with a mass-market which means they contain a wide range of functionality. You may find many of those functionalities as unnecessary and useless.
And there is no point in paying for extra features that are not useful for your rental business application. Here, let me tell you how our software SpotnStay aids to generate revenue in your rental business. Keep reading to know more about it.
How does SpotnStay equipment rental Marketplace generate revenue?
Listing an item or product is not free right? The product owner is charged a commission fee for listing their products and renting their products in your application. Besides, the commission on the booking fee.
There are few sources of generating revenue from the peer to peer renting marketplace as listed below
- Featured Listing – If some other wants to list their tools in your application you can charge them accordingly. The product owners can get their products listed on the homepage itself and in turn, the platform owner can earn money from the listings of other products.
- On-Page Advertisement – Banner ads or on-page advertisements help to promote the products on-site. By allowing the third-party ads on your application allows you to earn extra money for regular periods.
- Membership/subscription Fee – This is another source for recurring revenue, where vendors have to pay you the monthly or weekly subscription fees. Or they can subscribe to the membership fee annually.
P2P product renting functionality
- Smooth workflow – Speeds up your orders and multi-payment processing with smooth workflow. This will also give a professional look at your rental business. Here, you are able to connect with your customers through emails for constant updates in your business rental updates.
- Recently rented – This will make your customers look at their rented history. This will aid them to quickly rent the same product more quickly again if they are in need. Recently rented features help them to track their rental history with full details.
- Flexible price tags – When you fix a price for a product at $8 per day you can also increase it by $46 per month. You can also fix a high amount if the person rents it frequently. Fixing prices has become easy with just a few taps on your dashboard.
- Categorized product listing – The customers come to our application to rent their needed product so it should be in an organized manner. Here, in our software, you can easily organize it in a correct low as listed below
- Product Images
- Product name
- Price per day
- Price per month
- Overview of the rental products – This will show you the availability of the tools. It will also give you instant notification once there is no stock in your inventory. So that you will be well aware of it with it. And customers will also be notified once it is available in stock.
A well-developed rental software will give you a strong point to your rental business application and it will totally change your workflow and generate more revenue. It will improve your work performance and allow you to compete with others.
By now, you would have got a good understanding of your p2p rental business application. Do you have any doubts? Feel free to contact us today at [email protected] or by filling out the form. Within a short period, our expert will contact you. Make it happen now.