Party On with Effortless Event Rental Software

One of the biggest changes in consumer behaviour in recent years is the shift from owning products to a more sustainable access economy. New rental-based business models allow both startups and established enterprises across different industries to promote the sharing and reuse of resources. These digital models enable customers to subscribe to products and services. Sharefox provides subscription modules for businesses that encourage them to dive into the circular rental economy.

The rental business model enables retail companies to provide rental services without huge investments. It allows retails to reduce consumption, attract more customers, and diversify their income. For instance, customers with short-term needs can subscribe to products, and those who are not certain of what they need can first rent and have the advantage of buying the right products later. Retails that need to maintain their competitive position must embrace a new way of satisfying users.

Barcodes are an effective way for rental businesses to control their inventory fully. You can assign barcodes to each piece of your rental equipment and scan them both when they are rented out and returned. It lets you know when an item has been rented out and when it is available, allowing you to maintain your inventory properly.

Strategic price setting is vital to increase profits. It’s advisable to assess your market, competitors, and product cost before setting prices. Using dynamic pricing is helpful. For instance, you can set a higher price during high demand periods, and to increase demand during off-peak season, rent at a lower price. Also, take advantage of discounts to record even more sales. Sharefox rental software has a flexible pricing structure that allows you to enter prices based on season or discounts.

The circular economy business model encourages individuals to embrace more sustainable product usage. It also provides several business benefits. Renting helps businesses to develop valuable relationships with their clients. It allows them to learn about the customers’ behaviour and helps them provide services that serve customers better. Additionally, customers’ buying behaviour is moving more towards access and businesses can stay competitive by providing services around renting.