A book is like a garden carried in the packet, the Arabian proverb says. Buying books in the stores is the difficult one when the price is going high. Instead of buying, renting a book from the owners enables learning is an easier thing for students and professionals. Suppose one person has the book in one region, then there is a need for the book in another region. An opt interface is required between the above peoples.
Technological growth with the availability of the internet opens up new places and offers the solution to buy, sell and rent a book. Offering the rent of a book not only makes the relationship between the peoples. This is also useful to make a profit with less investment. Casual book readers are also the added beneficiaries of this rental marketplace.
McKinsey’s survey reports show that the projected growth of the book rental marketplace is higher than buying preferences. The expansion of the textbook market will directly influence the rental business and increase its growth. The same report also highlights that sales of online rental book markets mobilize textbook sales by 5 to 10 percent in 2020. This is an exciting one. Now you have a question on what is the major driving force for the rental business. The answer is a suitable pricing model by the rental websites. Aspiring to launch the new rental setup, this blog will help you to deploy your idea into the market. Preliminary information about the background is important. So let’s have a quick look at it.
Why Must you Launch an Online Book Rental Startup?
The idea behind the online book rental startup comprises mainly to offer the solutions of pain points faced by the students and readers at all levels. Players involved in this market accomplished the following features textbooks on rent, books with moderate price and old books from the students to withstand in the marketplace. But for sustainability, these features are not enough and hence more people are attracted to it.
Technology offers a big solution to this. A ready-made script is one of the assets of technology to create your own startup with less investment. The best solution including the information such as title, author name and book number, readers can easily buy or sell books to people easily. The premises listed in the rental model are as follows:
- Complete price model (book price with saving information, discounts if any
- Reference number relate to the subject
- Topic list
- Categorization of books related to the topic
With the above information, students or readers can easily order the books they want. Book vendors, admin, and renter are the players participating in the online book rental marketplace. Initially, the renter starts to search the books by placing the title, author and the numbers. Then, the rental dates must be specified. After the validation of the specifications by the book vendors, the payment process is initiated.
The admin who monitors what the renter wants, how the vendors deliver the needed books, whether the renters return the books or not after the due date, earn the commission for maintenance. Now, you understand what is the basic structure of an online book rental business and how it works clearly. Creation is not sufficient for running the business. How it generates revenue for the partners is important for a successful business model. So let’s have the quick look at the revenue generation.
Revenue streams of book rental business
Traditionally, students or readers buy a book of cost around high dollars. The total revenue is gone shopping owners and the publications. Due to the drastic evolution of the online market, users prefer online instead of a direct visit. Lively presence of the customers is the location-based one. If you sell or rent the book through online means, more users took part in the setup which directly increases the revenue with less investment.
The exclusive rental model surely attracts 2X users day by day. The increase in the number of users participating globally, book shop owner or rental admin surely earn the money twice as compared with direct selling by the stores. Taken account of competitors in this market, you can gain more profit by following metrics:
- 24/7 sell, rent service to the customers
- Instant responses and delivery
- The attractive style of website
- Price model
Besides, your startup will make you revenue through the following additional channels: banner advertisement, monthly subscription model for experts & community, online tutoring service fee based on the sessions.
Why does the Book Rental readymade solution come under on-demand service?
Expansion as per user expectation is the basic thing for the sustainable growth of a business. Being it is the book rental startup, you must also adapt to the changes in the market scenario and expectations by the customer. The competitive analysis of the present book rental industry highlights some points relating to why your solution is a demand service model.
- The arrival of new entrants is at a moderate level at the book rental business. Though it is an attractive industry, a startup with a new rental surface is easy. But, the new arrival of partners and tie-ups is the time-consuming process. Hence, making a simple customizable rental solution by you considers this issue and brand your startup in whatever manner the participant needs.
- Feasible price listing in your rental solution avoids the bargaining concept among the buyers and sellers or renters.
- Interactive listing of books and grouping of books are the special demands from the customer side. The categorization provided and the listing of various kinds of books make your product familiar to the customers.
Well. Your rental solution comes up with the above mentioned on-demand facilities surely reach a great impact in the online market. You are in the mid-stage of a book rental startup. You know the need for a unique solution for your setup, revenue streams for your growth and why this is a demand service for the market. Hence, the next stage is to understand the strategies followed to boost your marketplace.
Strategies for your own Book Rental Marketplace
The mission of your startup is to serve a customer by providing a reliable way to rent books at a reasonable cost. Increase sales, offer a reliable brand to loyal customers and identify the region of targeted customers are the most promising metrics to achieve your mission.
Tie Up & Listing: Being you are an interface, you must tie-up with the more number of booksellers and listed either a normal basis or a season basis. If a renter wishes to rent a book for competitive examinations, then he directly moves on to that group and rents a book easily. This type of list preparing attracts more customers for your growth
Pricing Strategy: Competing with the traditional market, your startup patched up with offline retailers to give them a chance to earn the money. Your startup is made ready to offer refunds if book renters canceled their orders. Providing a dedicated payment module addresses this refund request is a better one.
Place & Process Order: The renter places the order through a website or a mobile app developed by you. The process is observed on two sides namely buying and returning. In the buying process, the renter initiates the requests containing the title of a book, author name, and the number through the app. Dealers tied up with your portal verifying the requests and do packaging of the books after the payment covered. During the returning process, the renter again packs the books with the given package and sends the post to the dealers by a post.
Identifying the above strategies turn to your mind to prepare a suitable framework for your startup. Now the question arises. Who can assist you in the development process?. Who can offer the solution for your doubts?. No worries. We, SpotnStay, an Airbnb like script will guide you to develop your own book rental startup with a unique rental solution. Before digging into it, you must know how SpotnStay meets the strategic plan of book rental startup.
SpotnStay Strategies to boost up
With the availability of numerous products available in the market, selecting the exclusive model that supports you is the crucial thing. No confusion. SpotnStay, our customized product based on Airbnb script is a highly innovative and exclusive solution that helps the renters to identify the book in an easier manner. Including the digital information in this format reduces the issues observed in the book rental business. As you already have come across the strategies to boost up the book rental market place in the past.
Interactive Searching: The dedicated panels in this product make the renters searching the needed books interactively with the detailed information.
Payroll: The option observed in the renter side is feasible for enabling the refund requests during the cancellation of orders. With the available payment modes, the renters can easily make the payment for the book they want.
Unique processing style: From ordering to delivery stages, the control of overall activities by the admin panel assures your brand level in the market.
Online book rental business is the prominent model nowadays and it is booming one in the next few years. Entering the market with the right startup makes you stand in top against the competitors. Contact us anytime by tapping on email@example.com. Looking forward to your new promising ideas.