With the advancement of technology, especially digital technology, the criteria for value creation has changed. Today, customers want everything to be available online and that’s where multitudes of businesses are also capitalizing, i.e, towards establishing reliable online channels including ecommerce. But for rental businesses, there exists the problem of finding a suitable software to support their online rental operations. While too many software solutions already exist for sales models, it is difficult to say the same for rental businesses.
To solve this problem, the eCommerce solutions expert, FATbit Technologies launched the online rental solution Yo!Rent. Now, enhanced with its latest versions Yo!Rent V3 and Yo!Rent SV, the solution comes with everything rental business owners could ask for.
What is Yo!Rent?
YoRent is a self-hosted white label rental solution dedicated to helping entrepreneurs launch full-fledged rental stores and marketplaces. Developed after thousands of hours in R&D, Yo!Rent comes with built-in technologies to help rental business owners deal with multiple use cases and overcome day-to-day challenges, including complex invoicing, rental agreements and product maintenance.
Another important area where Yo!Rent drives maximum value to business owners is via automation. For a proper explanation, automation helps business owners increase productivity and reduce the overall operational costs. Yo!Rent achieves this by providing the right set of tools at immediate disposal of the business to automate processes and manage work more effectively. Some major processes that Yo!Rent automates are inventory, invoicing, order management, returns management and customer support.
Enhanced Workflows of Yo!Rent
To conduct any online business operations, business owners require simpler workflows that customers can easily adapt. With transparent workflows, the skepticism of online purchasing also decreases in consumers and it helps in establishing trust.
Keeping this in mind, Yo!Rent supports simple, fast and reliable workflows that ensure ease of use to customers along with ensuring safe operations to business owners.
Multi-vendor Workflow on Yo!Rent V3
- Product owners sign up on the platform and upload product listings
- Customers browse those listings and select a product
- To book a product, customers enter the rental date and pay the rental fee along with security amount
- The product owner delivers the product via the select delivery method
- On return of the product, the product owners inspects it for any damages and reports the same to the marketplace owner
- The marketplace owner reimburses any damages from the customer’s security amount and returns the rest to the customer
- On reaching a minimum threshold limit set by the marketplace owner, product owners can withdraw earnings from the marketplace to their bank account
Single-vendor Workflow on Yo!Rent SV
- Customers browse the listings uploaded by store owner
- They enter the rental dates and add the product to their cart
- To place an order, customers pay the rental fee and submit a security deposit
- The store owner delivers the product via the selected delivery method
- On return of the product, the store owner inspects for it any damages and reimburses them with the customer’s security deposit
- The remaining security deposit is returned to the customer
Supported Revenue Streams
For faster revenue generation, having multiple revenue streams has become essential for all brands. Not only do they allow revenue diversification to businesses but also assist in competing in highly fragmented markets and minimize sales loss. Keeping all these aspects in mind, Yo!Rent supports multiple revenue streams.
Marketplace Revenue Streams
- Rental commission: Earnings from rental orders placed on the platform
- Subscription packages: Recurring revenue from rentals of certain products such as automobiles, furniture, etc.
- Featured Listings: Revenue from selling featured listing spaces to product owners and vendors
- Rental Add-ons: Revenue from selling complementary products and services
- Display Ads: Revenue from displaying third-party advertisements on the marketplace
- Affiliates: Revenue from affiliates
Single-Vendor Rental Store Revenue Streams
On a single-vendor rental store, the business owner enjoys almost similar revenue streams as on a marketplace but with some difference. Two main differences are in featured listings and rental commission. Instead of a rental commission, the store owner directly receives all the rental fees and because of the single vendor business model, the owner does not get the option of featured listings.
- Rental fee
- Subscription packages
- Rental Addo-ons
- Display ads
- Affiliates
Salient Features of Yo!Rent
What makes Yo!Rent truly unique from other ecommerce platforms and rental platforms, is its vast range of problem solving features. Below, we have listed some of Yo!Rent’s primary features along with the problems they help business owners resolve:
- Rental Security Management: Collecting rental security via online business models looks very difficult. However, Yo!Rent not only allows the option to collect rental security, but helps in managing it for reimbursing product damages and levying other charges.
- Document Verification: Lending equipment to trustable customers only is a big part of ensuring product safety. Yo!Rent allows business owners to collect all necessary documents required for verifying identity, address, operator’s license (in heavy equipment industry), insurance, etc.
- Request for Quote: Due to the quantity and varying rental durations of products, certain orders can be very large and complex. For taking those orders and giving manual quotations, Yo!Rent has a Request for Quote module as well.
- Advanced Booking Calendar: Taking accurate rental date inputs is a challenge in online business models. Yo!Rent’s booking calendar assists business owners in taking rental date inputs, displaying product availability, automating invoicing and preventing double bookings.
- Late Returns Management: Late product returns in a rental business reduce the order fulfillment rate and result in lost business opportunities. Yo!Rent allows business owners to set varying late return periods along with penalties to encourage timely returns and recover lost opportunity costs.
- Late Cancellation Management: Similar to late returns, late cancellations result in the loss of order processing costs. These costs include labor costs, packaging material costs, payment processing costs, shipment costs and reverse shipment costs. Yo!Rent allows business owners to set and define tiered late cancellation penalties to recover order processing costs.
- Product Inspection: In online rental business operations, it is not possible for customers to inspect and view the rental products before placing an order. Thus, to resolve this problem, Yo!Rent allows customers to inspect the rental products after delivery and ask for refund or return in case of any damages. Also, in case of minor damages, the customers can simply report them on the platform and keep the order.
- Rental Duration Discount: In B2B rental operations specifically, the rental duration can be very long and for such long bookings, the customers also expect a discount. Yo!Rent allows business owners to set and define hierarchical rental duration discounts along with other promos.
- Rental Buffer Period: Timely maintenance of products is essential in a rental business for ensuring quality service to customers. However, there is also a need to sync the maintenance period with automated inventory. For this purpose, Yo!Rent comes with a rental buffer period module that allows the business owner to set a custom maintenance period. After the rental buffer period is over, all products are automatically added back to the inventory.
- Multilingual and Multi-currency Support: In rental niches such as car rental and outdoor gear rental, where the tourist population constitutes a huge portion of the target audience, providing a multilingual option immensely enhances the overall customer experience. Along with multilingual support, Yo!Rent also comes with multi-currency support to ensure you are effectively able to target the tourist population.
Benefits of Using YoRent
Along with having unique and captivating features for rental businesses, Yo!Rent has a plethora of benefits that we find very impressive. Some of them have been listed below for reference.
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Self-Hosted Solution
Yo!Rent is a self-hosted solution. Rental business owners can either host Yo!Rent on their own private servers or even select a hosting service provider of their choice. The best part of having control over the hosting server is that you get complete control over the software. Moreover, there are less risks of being targeted by cyber criminals and business owners can also select faster or more secure servers as per business requirements.
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Reduces the Overall Time-to-Market (TTM)
Being a readymade solution with all essential and advanced features to conduct endless rental operations, it only takes 3-4 days with Yo!Rent to create and launch a fully-functional rental store. With such fast time-to-market, Yo!Rent provides business owners with the competitive edge they need to stay ahead in the market and also the first-mover advantage.
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Available at a One-time Cost
Unlike the majority of the rental software available in the market that come at recurrent pricing, Yo!Rent is available at a one-time cost. Due to this, it remains highly cost effective in the long run as rental business owners are able to recover their investment amount. On the other hand, the costs for recurring software only keep increasing with time.
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Complete Access to Full Features
Moreover, with Yo!Rent, business owners get complete access to full features right from the beginning. This implies there’s no need for them to pay extra for package upgrades or unlocking features. Likewise, with full features, business owners can more confidently enter the competitive market from the beginning and provide better value to customers in comparison to other startups.
- Fully Scalable
As everything is unlocked from the beginning in Yo!Rent and with its unlimited listings, transactions and user profiles, Yo!Rent is a fully scalable business software. Right from the startup stage till the time you reach enterprise level, Yo!Rent can support all stages of business growth without requiring you to migrate.
Yo!Rent Demo
To provide a better idea of how Yo!Rent will work for your business domain, Yo!Rent’s full-fledged industry-specific demos are available on its official website. These demos are fully explorable and load instantly. Interested business owners can review and verify every feature for their use.
Available demos:
1. Yo!Rent V3 (Multi-Vendor Rental Marketplace Software)
- Equipment
- Fashion
- Automobile
- Multi-category
2. Yo!Rent SV (Rental Store Software/Website Builder)
- Equipment
- Fashion
Click here to browse Yo!Rent rental software Instant Demos
Apart from these instant demos, you can also book personal one-on-one demo sessions with Yo!Rent experts to get a better understanding of how Yo!Rent can help you simplify your business and grow.
Yo!Rent Reviews
For a proper evaluation, we went through the ratings given by trusted software review sites. From those ratings, Yo!Rent also seems to be a reliable rental software that has already helped numerous entrepreneurs launch successful rental stores.
- Capterra: 5
- Software Advice: 5
- G2: 4.6
- Crozdesk: 4.5
- SoftwareSuggest: 4.5
Conclusion
Making a move towards digital transformation is a much needed business innovation step today. YoRent simplifies this step for rental business owners by streamlining online rental workflows and providing rent-centric features to deal with daily use cases. In terms of benefits, Yo!Rent again emerges as a solid package with full scalability and one-time cost. Furthermore, its user reviews confirm the reliability of the software in launching and managing powerful rental stores.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
