We’re excited to announce Yo!Rent V3, the new version of our versatile rental solution to launch online rental businesses in various niches. The first version of Yo!Rent was itself capable of facilitating a digital transition of numerous business processes that were once done manually. It empowered entrepreneurs to carry out complex rental operations online with a complete administrative setup. Since its launch, Yo!Rent has catered to 70+ countries in America, Europe and the Gulf region. However, with Yo!Rent V3’s design, functionality and conversion upgrades, the solution has just got more enhanced than before.
In our extensive market research to be a better fit to help our clients, the team behind Yo!Rent delved into numerous rental niches. After deep data analysis, we identified that most of the rental niches fall under three main categories:
Equipment (such as heavy equipment, outdoor equipment, party supplies, farm equipment, sports & adventure and furniture)
Automobile (such as car, bikes, boats, trucks and RVs)
Dress (such as designer dresses, luxury outfits, costumes and bridal wear)
To recondition and enhance the solution effectively for the aforementioned categories, our team conducted gap assessments between the existing software and desired outcome. Keeping the major roadblocks of the rental value chain in hindsight, we integrated a plethora of new rent-centric features to deliver the agility required in the market.
Equipment Inspection: Inability to inspect equipment and return faulty equipment has been a major problem for rental business customers. However, this is no longer an issue with Yo!Rent V3 that provides customers with the option to inspect equipment, report any damages and accept or return the equipment before the beginning of the rental period.
Agreement Management and eSign: Different vendors and product owners have different terms and conditions. To enforce those, Yo!Rent supports an agreement management and eSign feature, using which vendors can upload custom agreements and get them eSigned directly on the rental marketplace.
Map View for Seller and Product: Customers find it highly convenient to view and filter the listings displayed over a map as it helps them select the listing in their closest proximity. The GPS-enabled map view of Yo!Rent V3 ensures that customers are able to see the most accurate and updated product listings.
Advanced Search Module: Every customer has his/her own preference. The multiple filters and search settings of Yo!Rent help customers search listings as per their preference. The search options vary from niche to niche. However, Yo!Rent V3 also provides business owners with the option to create custom filters.
Rental Add-Ons: It happens quite a lot that customers have to purchase complimentary services and products (such as car wash for rented cars, ink cartridges for rented printers) from an external source after making the payment. This functionality ensures that customers don’t have to go anywhere else and can purchase add ons at a one-time payment from the marketplace itself.
Cancellation and Return Module: Rental businesses suffer substantial losses if a customer cancels a booking during the processing or delivery stage. To recover those losses, Yo!Rent V3 allows business owners to create free and paid cancellation slots with varying terms and cancellation fees.
Product Comparison: Making a fine selection among different options is not a simple task for customers. Browsing multiple webpages and going back and forth to make a comparison is not time saving either. However, with the product comparison feature of Yo!Rent V3, rental businesses can eliminate this problem by providing a detailed product comparison of up to 4 different products on a single tab.
Multi-Lingual & Multi-Currency: Immigrants and tourists comprise a wide majority of rental business consumers, especially in niches like adventure gear rental and automobile rental. With Yo!Rent V3, rental businesses can provide them with multilingual and multi-currency functionality to simplify marketplace navigation. Moreover, this functionality enables global operations in case you ever want to expand your business overseas.
User-Friendly CMS: Adding and updating content is often a struggle for online businesses. The content management system of Yo!Rent V3 enables them to update any content with utmost ease. You can create new web pages, add blogs, slider images, menu items and do much more on your marketplace all without the knowledge of coding.
Promotional Banners: Product launches, sales promotions and other marketing operations are best represented with promotional banners that help you get your business in the limelight and update customers on any special offers you want to sell.
Featured Products Section: Improve the bookings of a particular product throughfeatured listings. In Yo!Rent V3 featured products section, rental businesses can not only increase their bookings but also generate extra revenue with paid featured listings.
Individual Vendor Storefronts: Each and every vendor on a marketplace wishes to boost his/her sales. Provide them with the opportunity to get all the attractions with their individual storefront. This option also makes it more convenient for customers to browse through the product range of individual vendors.
Location-based Product Sorting: Finding products in the closest proximity is quite significant for customers in rental niches like car, bike and RV rental. Thus, to help them out, Yo!Rent V3 has both map view and location-based product sorting options.
Inventory Management: Yo!Rent V3 allows vendors to easily upload product listings and agreements. The marketplace owner can enable or disable those listings anytime and carry out various operations such as set volume discounts, rental duration discount, special sales price and even optimize SEO for each listed product.
Reviews Management: Product reviews on an online business are not only important as a trust-building element but are also the most genuine source of information for customers. Yo!Rent V3 allows businesses to manage reviews, delete spam reviews and provide approval before publishing them.
Import/Export: Rental businesses with digitized inventory management can directly import their entire product catalog on Yo!Rent V3 with the help of a CSV document. Bulk import and export features on Yo!Rent also make it easier for existing online rental businesses to migrate from and to any other platform totally hassle-free.
Order Management: Efficiency at managing rental orders is crucial for any rental business. Yo!Rent V3 assists rental businesses in managing their orders with individual order IDs. The marketplace owner or vendor can also view product cancellations and process refund/return requests directly through the platform. Furthermore, the owner can also keep payment and refund status on his fingertips.
Tax Management: There are different types of taxes applicable to different products. On an online rental platform, it is necessary to apply the correct tax on a product for invoicing. Yo!Rent V3 simplifies tax management for each and every rental product with the help of custom tax categories that can be used to automate tax collection at the time of checkout. To do so, you are required to create a tax category, set fixed or percentage tax and assign the category to a product at the time of uploading a listing and you’re done.
User Management: Preparing customer segments, marketing campaigns and retargeting users is easy with dedicated user profiles for customers. These profiles also assist the business owner in recording essential information like address, contact number, preferred payment method, card numbers, etc. Yo!Rent V3 has all such features to assist rental business owners in end-to-end user management. The admin can even suspend or delete a user account anytime.
Product Catalog: Business owners often feel the need for a well-established product catalog setup. An online catalog is even more useful for a business as it enables eCommerce business operations, assists in product management and can be optimized for SEO and marketing. Furthermore, features like tags and custom filters further improve navigation for customers.
Shipping Management: Shipping status queries and other shipment related queries are very common on eCommerce stores. To provide customers with a satisfying shipping experience, Yo!Rent V3 has a shipment module that allows rental business owners to track shipment, create custom shipment labels and add third-party shipment companies on their online platform.
RFQ Management: Various online rental businesses find it difficult to provide a fixed rental cost for a product. This is simply due to the complexity of the order or product. To resolve this issue, Yo!Rent V3 supports an RFQ module that rental businesses can enable on product level and provide a general price quote to the customer. This RFQ module can be also used for price negotiations.
Tiered Pricing: Several vendors such as machinery, heavy equipment and automobile owners only prefer to rent out their equipment for weeks and months. With the help of Yo!Rent V3, rental marketplace owners can fulfill the needs of all vendors by providing them tiered: daily, weekly or monthly pricing options.
Abandoned Cart Management: Customers on online platforms often abandon their carts and bounce off from the eCommerce site without completing the checkout process. To retarget such customers and reduce the cart abandonment rate, Yo!Rent has advanced abandoned cart management options like discount notifications, reminders and abandoned cart search on product, user and seller level.
Rewards & Discounts: It becomes easier to increase conversions by offering customers some sort of discounts and promotional offers. Some customers also look out for rewards or loyalty points before making a purchase. With Yo!Rent V3, rental business owners can launch various types of rewards and promotional discounts.
Invoicing Module: Invoicing on an online rental platform is far different from a regular eCommerce store. This is because of the varying rental durations and prices of different rental products present in a single cart. Yo!Rent V3 has all such algorithms and attributes that are needed to prepare an accurate invoicing for rental products.
Messaging Module: Many times customers aren’t sure about the specifications of a product and have doubts or queries that they want to clear before renting it out. For such scenarios, Yo!Rent has an in-built messaging module using which customers can directly contact the vendor and clear their queries to make an informed decision.
Blog and Social Media Integration: Blogging and social media sharing buttons assist business owners reach out to more customers and provide them with actionable information. With the help of these two options, rental businesses can increase online presence, sell products and promote their overall business.
GDPR Compliant: Since 2016, every eCommerce site operating in European markets is required to be GDPR compliant. This compliance protects the personal data and privacy of internet users. Yo!Rent V3 is 100% GDPR compliant to launch a safe and secure online rental store.
Price Surge Module: The price surge module of Yo!Rent V3 allows rental business owners to increase the rental fees of high-demand products for a certain period of time. The smart algorithms of Yo!Rent V3 also make it possible to automate the price surge as per the increase in consumer demand and relax it when the demand falls.
Size Charts and Other Files: Customers might need additional help in renting out a product especially in niches like dress rental and adventure gear rental. With the help of size charts and other supportive documents, rental businesses can assist customers in finding the right product for themselves and promote sales.
Multicart Checkout: Customers often tend to add rental products from different vendors into their cart. However, without multicart checkout functionality, they have to go through the checkout process again and again which deteriorates their shopping experience. To resolve this issue, Yo!Rent features multicart checkout, which allows customers to rent out products from multiple vendors at a single checkout.
Multiple Payment Options: Another reason behind increasing cart abandonment rate is unavailability of the preferred payment methods. Yo!Rent V3 is pre-integrated with 20+ payment portals to provide your customers with their preferred payment methods and decrease your cart abandonment rate.
Multiple Sign-up Options: Signing up by entering email address and other personal details is a lengthy and tedious procedure. To make this process more user friendly, Yo!Rent V3 supports multiple sign-up options such as sign-up via mobile number, Google, Facebook and Instagram.
PPC Module: Pay-per-click (PPC) model is one of the most successful earning models of online businesses. Yo!Rent also supports a PPC module, under which vendors pay the marketplace owner for ad placement in terms of number of clicks. This acts as an additional revenue stream for marketplace owners.
eWallet Management: Storing customer credit in eWallet is significantly advantageous for online rental businesses for various reasons. For example, customers with credit in their wallet are more likely to shop in future and it can also be used to deduct fines and any reimbursements. Yo!Rent V3 has a complete administrative setup for eWallet management.
Reports and Analytics: Reports are essential to generate business plans, marketing campaigns, analyse sales, conduct performance reviews and more. Yo!Rent V3 records all business related attributes such as rental reports, traffic insights, top rented products, top searched products, latest orders, non-performing products, buyer/seller reports, advertisers report, product inventory report, and many more to provide business owners with accurate actionable insights that they can use to drive growth.
Encapsulating rental business problems on a large scale, Yo!Rent also comes pre-integrated with popular third-party applications that streamline rental business operations. These APIs enhance the overall functionality of the platform and allow businesses to do more with a single software.
Tactful Designs with Industry-Specific UI Elements
Built with niche-specific designs in mind, Yo!Rent V3 tactfully applies color psychology to provide business owners with three different solutions, which are equipment rental, automobile rental and fashion rental. These solutions are balanced with rigorously planned layouts (including homepage elements and product displays) to cater a wide range of rental market niches. Due to its expertly crafted design, Yo!Rent automobile solution was also awarded as one of the world’s best car rental software of 2022 by the global media giant ‘Digital’.
Word From Yo!Rent’s Marketing Team
“The expansion of the rental economy was succeeded by a rapid emergence of several rental businesses. These businesses required a solid solution to make online operations feasible in their specific niches. Yo!Rent was already powerful enough to build and deploy several types of online rental businesses, but we wanted to advance it to a level where it gained resilience to all forthcoming market challenges.
To achieve our goal, we divided the key functionalities of the solution into various microsegments and came up with more features. We spent hours analysing and figuring out possible solutions to most invasive rental business problems. In the end, we were able to make Yo!Rent more rent-centric than ever.”
Take your Rental Business to the Next Level with Yo!Rent
With agility and versatility in its arsenal, Yo!Rent V3 unlocks the door of endless potential for numerous rental businesses. Using this new version of our rental software, entrepreneurs from diverse business domains (excluding real estate) can launch a multi-vendor rental business. Rental businesses running their brick and mortar stores can also take a digital route and gain online exposure to become a recognized brand with Yo!Rent V3.
With the inclusion of a wide range of rent-specific features and fascinating designs, we aim to assist entrepreneurs from diverse corners of the world in launching a stable and scalable online rental business. With the expansion of the rental economy and its rapid proliferation across borders, Yo!Rent V3 is one of the most technologically advanced solutions that you can find on the market. For more information, you can contact our industry experts or even book a free one-on-one personalized demo.
Abhishek Kataria is a business consultant at FATbit Technologies. He assists entrepreneurs and business owners in developing viable digital touchpoints and marketplaces. Abhishek is curious about exploring and analyzing new business trends and has a keen eye for the latest developments in the eCommerce sector. Apart from consulting, you can find him practicing French and exploring his creativity in Photoshop.