Equipment rental business trends 2018

Are you interested in starting an online equipment rental business in 2018? Read our article to know more about current industry trends to succeed in the rental business.

Investment in rental equipment online business is projected to increase by 4 % in 2018. The February forecast projected U.S. equipment rental revenue of $48.9 billion and an average annual growth rate of 4.6 percent to reach $56 billion in 2020.

About equipment rental business

Equipment rental business is advanced and scalable rental business offered with equipment rental software. With the efficiency of equipment rental software, you can build and manage your own ecommerce platform for renting all kinds of equipment tools.

Rental marketplace solutions such as Airbnb clone script can offer a platform to build an online equipment rental website. With the same business logic of Airbnb, you can develop a marketplace for types of equipment to rent for a specific period of time.

Key features of online equipment rental business

The following features will help you to learn about online capabilities to develop better user experience.

Features

• Ability to browse inventory and reserve equipment online is the major concern for customers
  
• Online payment submission is the preferred payment method, when renting out equipment online.
  
• Rental customers look for signing rental agreements online, which requires electronic signature software.
  

Online rental reservation capabilities

Offer the ability to reserve the equipment online. Nearly ¾ of customers told that online reservation capabilities positively impacts on overall rental experience. More customers expect the ability to reserve their equipment online and rental businesses that don’t offer the ability to risk falling behind the competition.

Both browsing and reserving rental equipment inventory marks the beginning of customer experience.

Digital rental agreements

Renters must sign off on rental agreement /contract before acquiring their equipment.

• Listing details of equipment rented
  
• Scheduling duration of rental
  
• Setting price per day for each piece of equipment and security deposits
  
• Defining penalties for late returns
  
• Setting parameters for delivery and drop off
  

Ability to generate agreements online and give customers a means to electronically sign them is the second most impactful online equipment rental feature.

Online secured payments improve equipment rental experience

The ability to make payments online is the third most crucial capability for online equipment renting marketplace.

Customer’s most preferred online rental features address primary stages of the rental customer journey

• Renter browses inventory and reserves equipment
  
• Rental agreement gets digitally signed
  
• Finally, renters submit for payment
  

Your newly built equipment rental software must include the above-mentioned industry trends. We help you to develop your own equipment rental software, share your business ideas with our technical team and get a free quote for your rental software.