Self-Service in Rentals: Unlocking New Growth Opportunities

Self-Service in Rentals

We hosted a webinar on self-service rental solutions and the growth opportunities they offer for the rental industry. Here, we summarize the key insights and provide access to the webinar recording.

On October 31, 2024, we organized a webinar focused on self-service rentals and the opportunities they open up for rental businesses. Industry experts, including Åsgeir Helland (CEO of Sharefox), Alex Grängfors (Co-founder of Inlet), and Per Eirik Espeland (Founder and CEO of Verktøyskuret), shared their experiences on how self-service solutions can transform rental services. Below, we highlight the main topics and insights from the webinar, which you can also watch in the recording provided.

Self-Service Rentals in Practice

Self-service in rentals creates new opportunities for both established and emerging rental companies by empowering customers to handle the rental process independently. During the webinar, Åsgeir Helland shared valuable insights on how technological solutions allow customers to check availability, book, pay, collect, and return equipment autonomously. This creates a more efficient, customer-focused process while allowing businesses to concentrate on quality control, maintenance, and customer support.

Key Components of a Self-Service Rental Model:

1. Online Booking: Customers can check availability, book, and pay online.
2. ID Verification: Tools like BankID/MidtID provide security for both customers and businesses.
3. Secure Payments: Options include prepayments, subscriptions, or deposit reservations. Systems with card storage allow businesses to charge additional fees if needed, such as for extended rentals or damages, enhancing financial security. Invoice payment is also an option.
4. Rental Terms and Conditions: Clear guidelines ensure customers understand usage and return requirements.
5. Pre- and Post-Check: Digital checklists managed through apps track inventory. Damages are documented with photos, which can be shared with customers or insurance providers. Photos with customer signatures before and after rental ensure thorough documentation.

Implementation Across Industries

Self-service solutions are adaptable for various rental sectors, including:

• Sports Equipment: Online booking with pick-up and drop-off at different depots, digital access control for depot entry.
• Storage Units: Customers book online, verify identity with BankID, make payments via subscription, and access storage via digital locks.
• Tool Rentals: Self-service depots with online booking, prepayments with deposits, BankID verification, and digital access controls.
• Trailer Rentals: Online booking, BankID verification, payment with deposit, automated trailer allocation, and digital lock systems for access.

Self-service rental reduces the need for manual handling, improves financial control, and enhances the customer journey while enabling 24/7 service in an increasingly digitalized market.

The Future of Digital Lock Technology

Inlet is an integration platform that connects digital lock systems with booking systems for a seamless rental experience. By integrating Sharefox with Inlet, customers can book and access rental items entirely on their own. During the webinar, Alex Grängfors discussed self-service rental opportunities and the possibilities unlocked by digital locks and new access management systems.

Key Features of Inlet’s Integration:

• Streamlined access through integrated digital locks, booking systems, payment solutions, and communication tools.
• Automated processes reduce the need for physical handling while creating a user-friendly customer experience.
• Customizable solutions for businesses with existing lock systems.

Verktøyskuret: A Journey to 24/7 Self-Service Rentals

Verktøyskuret, founded by Per Erik Espeland, has seen consistent growth in its customer base, with a focus on local markets, customer service, and a reliable 24/7 operation. Espeland launched a self-service rental model using Sharefox and Inlet, aiming to create a largely autonomous service.

Customer Journey at Verktøyskuret:

• Online Booking and Payment: Customers select products, verify with BankID, and complete payments online.
• Access via SMS: After booking, customers receive an SMS with a unique code for their rental period.
• Rental Details via Email: Customers receive an email with a guide to the process, location directions, and locker details.
• Return Process: Customers document the equipment condition before and after use with photos.
• Late Returns: A buffer period accommodates delays, but penalties apply for extended rentals.

Low-Risk Solutions for Self-Service Rentals

Using self-service lockers is a low-risk way to pilot the concept, requiring minimal investment. Enhanced security measures like video surveillance, BankID verification, digital tracking, and prepayment deposits minimize risks and ensure smooth operations.

Self-Service Rentals: A New Era of Growth

Self-service rental solutions revolutionize the industry by offering flexible, 24/7 accessible services while reducing administrative costs and increasing customer satisfaction. For companies aiming to expand their offerings and meet customer demands for convenience, platforms like Sharefox and Inlet provide the perfect solutions.

Ready to take the next step?
Contact us today for a consultation on how self-service rentals can transform your business!