FATbit launched Yo!Rent online rental software to help offline rental businesses in adapting the digital and scaling to the online world. Yo!Rent has helped 500+ businesses in 70+ countries innovate from traditional business perspectives and create purposeful online rental stores and marketplaces. Even during the pandemic, Yo!Rent assisted entrepreneurs in taking the digital route for business agility and staying profitable.
Be it car rental, RV rental, equipment rental, dress rental or more, Yo!Rent provides business owners with the capabilities to materialize their unique rental business ideas. However, with advancements in technology and growth of the eCommerce industry, several other online rental softwares have also entered the market.
With diversification of solutions, it has become difficult for rental business owners to select the best rental software for their requirements. Here in this article, we have mentioned some reasons for which both entrepreneurs and rental business owners select Yo!Rent.
“The product is at the top, it is better than prestashops or wordpress cms, the team is reactive from start to finish, we are satisfied with the service.”JC Lease
“We evaluated Arcadier, Jungleworks, Sharetribe. You really understood and studied all the needs that we will use for the rental equipment business.” FAINDaMAQ
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Why Select Yo!Rent? One Decision for the Operational Excellence you Deserve
There are several reported reasons for which not only us, but industrial experts also recommend Yo!Rent online rental software. Based on major business perspectives and requirements, we have mentioned some reasons below.
1. The Most Feature-packed Solution for all Business Scenarios
In a true sense, Yo!Rent is the most feature-packed rental solution with rent-centric features dedicatedly developed to facilitate rental operations. These features encompass the various processes and operations involved in the rental business workflow and streamline management for the business owner.
Let’s consider the top rental business cases that you can think of, for example, security management, which is indeed important in a rental business. Yo!Rent has a rental security management module that allows business owners to manage rental securities on their online platform itself with much more efficiency. Business owners can use this rental security to reimburse product damages or levy various charges.
Another example is managing late returns, which is a situation that many offline rental businesses face. On Yo!Rent, business owners can define per day late return charges and improve their order fulfillment rate without causing any pending order delays.
Other rental business use cases that Yo!Rent attends to are; product inspection on return, bulk order scenarios, selling rental add-ons, and levying vendor terms and conditions.
For a better understanding of Yo!Rent features, check out the graphic given below:
Click Image to View All Features
2. Built With Industry-specific Approach
To develop Yo!Rent, our experts took a look at the most lucrative business niches in the rental industry. Some of these niches are heavy equipment rental, car rental, outdoor gear rental, furniture rental, fashion rental and more.
Based on the aforementioned niches, Yo!Rent was built with an industry-specific approach, categorized into three base industry variants with industry specific-designs and features. These variants are equipment rental, vehicle rental and dress rental.
With the help of these three Yo!Rent variants, business owners can launch their own online rental stores and marketplaces in various rental niches. For supporting a multiple category rental store, Yo!Rent also has a multi-niche variant where business owners can rent out cars, heavy equipment, furniture and more on a single platform.
Rental niches analyzed by Yo!Rent team:
|Online Rental Niche
|Construction Equipment Rental
Have a Rental Business Idea in Mind? Materialize it with Yo!Rent
3. Readymade Self-hosted Software with One-time Cost
In the past few years, several SaaS solutions with monthly recurring costs have entered the market. However, are they really that helpful or cost-effective for entrepreneurs? Let’s discuss.
The majority of SaaS solutions come with a limited number of transactions and users. Not to mention, they also levy a transaction charge on your each and every transaction. For this reason, they are not cost effective in the long run. For better understanding, take a look at the following example:
|Exemplary Cost Calculation of a SaaS Solution
|Let’s suppose the subscription fee is $100 per month
|Transaction charges = 5%
|Total monthly transactions = $2000
|Total monthly cost of the SaaS solution = Subscription fee + transaction charges = $100 + (5% of $2000) = $200
|Based on the above cost estimation, this SaaS software will cost up to $2400 for the first year with double the recurring fee than stated. This amount will also keep on increasing with your business growth. More sales means more commission you pay to the SaaS solution provider.
However, unlike SaaS solutions, Yo!Rent is available at a one-time cost with zero transaction charges and no limitations. This means as your business will grow, instead of asking you a higher commission with monthly recurring, Yo!Rent will cost you the same as it did when you originally opted for the solution.
Another benefit of choosing Yo!Rent is that it comes with a self-hosting option, in which rental business owners get complete control on their digital infrastructure. They can either set up the rental software on their own server or choose a hosting service provider of their choice. However, with SaaS solutions, you don’t get this option.
To sum up, SaaS solutions only provide best value to solopreneurs not expecting more than a few transactions per month. For proper business growth, a self-hosted solution with one-time cost is not only cost-effective in the long run but also the need of the business from growth and stability point of view. Otherwise, even if you start your rental business with a SaaS solution, within a few months or a year, you will be required to purchase a full-time self-hosted rental solution.
4. Fully Scalable Software that Helps Businesses in Every Stage
We talked about business growth in the previous point, it is true that Yo!Rent is not a never-ending investment for business owners. However, there are also some other reasons due to which Yo!Rent is fully scalable and helpful for your business in every growth stage.
To begin with, Yo!Rent comes with unlimited listings, transactions, user profiles and admin accounts. Due to this, it is able to support online rental operations from startup to enterprise level without the need to upgrade to a different package as required in SaaS.
As your business grows, you can add as many products as you want as well as user profiles. With business growth, it also becomes difficult to manage rental operations but with the help of Yo!Rent’s unlimited sub-admin accounts, you can create multiple admins for streamlined management.
A Yo!Rent admin can further assign 90+ authorities and control settings to sub-admin accounts. This means at an enterprise level, you can set up dedicated teams for user management, order management, shipping management, payment management and more.
Along with business growth, sales volume also grows. There can be some scenarios where a customer wants to place bulk or complex rental orders, like it happens in B2B dealings. To cater and scale to such large-scale B2B business operations, Yo!Rent has special B2B rental features like bulk volume discounts, request for quote and agreement eSign & management.
5. Fully Customizable Rental Solution with Feature Extension
As stated above, Yo!Rent has a wide range of features to streamline rental operations and help entrepreneurs in launching full-fledged rental businesses. Still, in case, if an entrepreneur requires additional features, or customizations in the software, our solution is fully customizable to support your requirements.
Moreover, we understand that it is not easy to onboard a new solution, or you may prefer working on your old business tools over the new ones. For this reason, Yo!Rent also supports popular third-party integrations like Google Analytics, Google Maps, MailChimp, AfterShip, Paypal and more.
To see how Yo!Rent catered to custom requirements of several rental businesses check out the following case studies:
Aloklub: Spain’s first-ever P2P adventure gear business that required Yo!Rent’s professional expertise and advanced next-gen solution to materialize its online marketplace concept.
View Case Study
Kouture Studios: A party supplies rental marketplace platform that required event management and multi-vendor support features to enhance the overall renting experience for its customers.
View Case Study
eWheelers: A renting and selling platform for electric scooters with custom APIs and dedicatedly developed OEM Panel. The client also required quick payments and easy bookings on the platform.
View Case Study
6. Supports Rental as Well as Sales Operations
In the eWheelers case study, we can see that the client has built a platform with both sales and rental capabilities. That is because Yo!Rent does not restrain the business model for an entrepreneur. Along with renting out products, the business owners can also sell them on the same platform. This flexibility is required on a rental platform for many reasons.
The first one being the use case where a rental product is also in high sales demand. By turning on both ‘rent now’ and ‘buy’ buttons on a description page, you can capitalize on the opportunity and increase profit. Secondly, whenever a customer wants to buy an already rented product, he only needs to go to his orders and click the buy button.
In a rental business, sometimes the business owner also needs to clear the old inventory to buy new products. Instead of finding buyers offline or discarding the old inventory, the business owner can start a clearance sale with the sales features of Yo!Rent on the online platform itself.
Thus, while Yo!Rent already provides many revenue streams like rental fee, rental commission, rental add-ons, display ads and subscription packages, the selling features on the solution act as an essential revenue stream that expand the value proposition of the business.
Want a Sales and Rental Hybrid Platform?
7. Public Demos for Complete Informed Decision
Yo!Rent’s all demos are publicly available and free to explore for everyone. We have kept our demos public for multiple reasons. The first one amongst them is that we want to keep Yo!Rent transparent.
As a rental solution, we have introduced some unique and highly-impressive rent-centric features in the software and it might not be possible to understand the functioning of them all in a one-to-one personal demo. Thus, to understand how a function works for your needs, interested business owners can check the solution themselves and see if it is compatible for their business.
Another reason we keep Yo!Rent demos public is to maintain trust amongst our customer base. To explore our demos, we do not ask for any personal information. This ensures security to business owners who then don’t need to worry about their data being shared with third-party firms or receiving spam calls.
To know more reasons about why we have kept Yo!Rent demos public, feel free to check out this blog.
For rental business ideas like heavy equipment rental, vehicle rental or fashion rental, Yo!Rent is a next-gen online rental software in the true sense. However, we would also recommend you to evaluate all your options and view software demos to fully understand their functionalities. If Yo!Rent is your choice then you can reach out to our experts today and discuss your requirements. We usually reply shortly within a period of 48 hours.