Even Though I am from an on-demand app development firm making custom apps for app-based rental booking startups, I have always thought about the areas that can come under online rental. Online rental started with space sharing & hotel rooms and now slowly it is gaining ground in other areas like cars and bikes. There is no doubt about the future prospects of online rental startup ideas in general.
But what I found late was that there is one sector for which online rental has inexplicable potential. It is nothing but electronics and gadgets; we cannot think of a world without electronic gadgets; they are part of our lives; not to mention the numerous benefits and comforts it gives to all of us. Unlike cars and bikes or furniture, electronic gadgets are used by people from all walks of life.
For personal improvement and country’s economic growth, having quick and affordable access to electronic gadgets will make a difference. But, owning these gadgets is not practical for everyone since the cost of it is not less, at least for some gadgets. To democratize electronic gadgets and make its access affordable, I was contemplating the idea of online electronic gadgets rental apps for startups. Before going deep inside it, let me explain to you why app-based electronic gadgets rental startup will be an instant hit.
Why Must you Launch an Online Electronics and Gadgets Rental Startup?
- College students are migrating to different places for education and they are in need of sophisticated gadgets. Getting it as a rental is easy for them. This scenario is true across the world.
- A youngster who is living in places other than his hometown for an extended period needs electronic items and he looks to rent them online rather than buying.
- Tier 2 & 3 cities are improving faster and families in these regions opt for online rentals to improve their lifestyle.
- Electronic gadgets are depreciating assets and hence people nowadays who are conscious about wealth creation want to spend less in it.
- The overall rental market will make a revenue of $350 billion by 2025 as said by a leading firm.
If you are contemplating entering entrepreneurship, then I strongly recommend you to consider the online app-based gadget rental booking idea. We will aid you by giving a complete app solution for it. SpotnStay is our solution and it is built from scratch with Airbnb as reference. Airbnb is a top-notch online rental app and we thought that building a similar app for gadget rental is the best we can do.
What type of business model to choose for your gadgets rental startup?
Based on the work we do at our firm, two types of business model is possible with the online gadgets rental idea.
- First is the online marketplace where electronic gadget owners shall list their items online and renters use the online platform to connect with gadget owners. For every transaction you can deduct a fee. There are multiple revenue streams using this online marketplace model. Apart from commission, you can allow premium account creation where renters will get special privileges.
- Second model is to own a slew of electronic gadgets and rent them online. Here you get paid in the form of rental fee. The capital required for this model is quite high but you can earn more and is sustainable in the long run. This type of model has been present for many years but making it app-based improves efficiency drastically.
SpotnStay solution can be customized and tweaked for any of the above models. It is up to you to decide on the type of idea. I’ll explain the function of the SpotnStay app hereafter as an online rental marketplace.
Our advice to you for launching your online rental startup for electronic gadgets
List the electronic gadgets in the customer app based on its requirement and potential for usage. Avoid listing items that are getting poor usage and sitting idle for a long time. The latest machine learning tech in SpotnStay app can display items as per demand.
Have a robust in-app chat for the renter and lister so as to immediately message regarding maintenance, and repairs. Have a provision for renters to send images to listers.
Similar to Airbnb, gadget rental is mostly used by customers from web apps and hence it should be foolproof and give great user experience. SpotnStay online rental app creates a hassle-free experience for both listers and renters.
SpotnStay customer web app for electronic rental
Some of the features we have included in our custom web app are:
Multiple product rental: Users need not stop with one rental and can pick as many items and get them on rental. They have a separate panel to track the start and end date of the rentals.
Anytime cancellation: Users can cancel the rental anytime but this is subjected to the conditions laid down by the gadget owner.
Use first, pay later: this option improves customer trust and can acquire more users in a short span of time.
Apart from it, our SpotnStay has features like refundable security deposit, swap items, extend the rental time, instant rental approval, and many more. I have just listed a glimpse of how SpotnStay will be like.
I hope this idea excites you. Seeing the future prospects, it is better you start with this idea without any doubts. SpotnStay is a genuine pre-made solution for your new startup and you will be impressed if you get to know more about it. Kindly, send an email to [email protected] for any questions.
Looking forward to becoming your new tech partner!