“Amazon was responsible for 37.6% of US eCommerce spending in 2023 — a figure which is expected to rise by another 11.7% in 2024.”
Statista
If you’re looking for event rental software, you might be contemplating which features are must-haves for efficiency in your warehouse. But have you considered how your rental software can impact your customers?
Take Amazon, for instance. By focusing on customer satisfaction and convenience, Amazon evolved from a simple online bookstore into a global retail leader. This trend towards online shopping presents a significant opportunity for rental businesses to secure more customers!
In this blog, we’ll discuss what the rental industry can learn from Amazon’s approach and explore key features to look for in event rental software and whether you need an online shop for your rental business.
Why Was Amazon a Massive Success?
In two decades, Amazon, which started as a small online bookstore, became a retail giant and household name. This remarkable transformation was driven by its relentless focus on customer satisfaction, innovative use of technology, and ability to scale operations effectively.
So, what sets Amazon apart from other online retailers, and what can rental businesses learn from them?
1. Amazon Prioritizes Customer Service
If you’re running a business, you’ve probably been told about the importance of great customer service more times than you can count. But it’s one of those truths that can’t be overstated.
Every role at Amazon focuses on improving the customer’s day. This is what we call being ‘customer-centric.’ When you order something from Amazon, you expect:
- Fast delivery
- A large selection
- Competitive prices
- A no-hassle return policy
They’ve set these high standards in the online shopping world, and now customers expect the same from other businesses.
2. Amazon is Efficient — Because of Technology
Amazon invests in bold, cutting-edge technology that increases efficiency for its front and back-end teams. For example, Amazon Monitron, a machine learning system with sensors, helps detect equipment issues early, reducing unplanned downtime by 69 percent.
But Amazon’s innovation doesn’t stop there. The company has continuously invested in automation, artificial intelligence, and big data analytics. These technologies enable Amazon to deliver packages faster, manage vast amounts of stock efficiently, and maintain high customer satisfaction.
3. Amazon is Convenient
One of Amazon’s biggest selling points is the convenience it offers shoppers. It’s super easy to click, buy, and receive your order almost before you can second-guess your impulse buy. But how do they make it look so easy?
Much of this magic happens through their smartly designed online marketplace, which intuitively connects users to exactly what they need—and maybe a few things they didn’t know they needed. And let’s not forget the mobile experience. Amazon’s mobile app lets you shop from anywhere, track your packages in real-time, and manage your purchases with just a few taps.
So, when we talk about convenience, Amazon isn’t just playing the game — they’re setting the rules.
Applying Amazon’s Practices to Rental Businesses
Now that you know why Amazon became a corporate giant, we can dive into how you can apply their practices to your own business! Adopting Amazon’s best practices for your rental business may not help you take over the rental industry overnight, but doing so will maximize your business’s growth potential.
So, how does Amazon’s business strategy translate to the rental industry?
Customer Service
Ensure that every aspect of your customer’s experience with your business is smooth and hiccup-free. Your customer service should be consistently excellent, and it should make each customer feel that their time is valued and respected. To do this, we recommend using software to automate simple tasks like email communications and streamline your back-end workload.
Create Efficient Processes
Efficient inventory management and streamlined operations let Amazon meet customer demands quickly and efficiently. Rental businesses should definitely emulate this. This means implementing inventory best practices and prioritizing processes that are efficient and make sense for your team.
Invest in Technology
Amazon’s reliance on technology for efficiency provides a clear blueprint for rental businesses. Rental software has stepped in to perform a similar service for businesses.
Rental software is designed to perform the following services that make running a rental business easier and more efficient:
- Simplify inventory tracking
- Automate order processing
- Organize delivery routing
- Streamline payment processing
Partner with an Online Marketplace
Believe it or not, there are online marketplaces that are entering the rental game, aiming to give customers the same easy experience they get when shopping on Amazon.
Here’s how it works:
- Users search for what they want to rent and add it to their virtual cart
- The marketplace takes care of contacting local vendors and securing invoices.
Here are two marketplaces to check out:
- Reventals – This marketplace is geared toward event rentals and works with local vendors to connect them with customers seeking high-quality items for their events.
- BigRentz – This marketplace is geared toward equipment rentals.
Why partner with an online marketplace?
Now, let’s discuss why partnering with one of these marketplaces is a smart move.
First, it brings in more customers. These platforms have a ready-made audience of people looking to rent stuff, so you can tap into that demand without having to build it all from scratch.
Second, it gives your customers that Amazon-like experience they’ve come to love. Many corporate buyers prefer marketplaces where they can manage all their events in one place without creating accounts with every vendor.
Top Rental Software Features for Online Shops and Website Builders
As you shop for event rental software for your rental business, keep an eye out for these essential features when it comes to online shops and website integration:
Online payments — without a third-party integration.
Look for software that lets customers pay directly on your site without involving third-party processors like Stripe. This makes it easier for customers to pay without your manual involvement in the process.
WordPress Integration
If you already have a website running on WordPress, rental software that offers a WordPress plugin can be a game-changer. Many event rental software options offer WordPress plugins, but here are a few things to look into before you choose one:
- Choose a plugin that syncs your data and inventory directly into WordPress, which will significantly speed up your page loads.
- Look for a plugin that pulls information from your inventory management software rather than needing manual updates on both ends.
- Your WordPress plugin should support SEO optimization. This means that your rental software solution must play nice with tools like Yoast SEO and other plugins.
Simple Website Builder
For those who aren’t as comfortable with digital tools, some rental software solutions offer base website builders. These are ready to use right out of the box with minimal setup required. They provide a straightforward way to build a professional-looking website that can start attracting customers and taking bookings almost immediately.
Online Shop for Rental Businesses
Integration between your online shop and inventory tracking is crucial. Choose event rental software that provides real-time syncing with your inventory system. This integration ensures that your website always displays up-to-date availability, preventing overbookings and helping manage your resources more efficiently.
Autobooking
This tool allows customers to book items directly from your website. The system automatically updates availability and sends instant confirmations, reducing manual work and improving the overall booking experience, making it faster and more reliable.
Are Online Shops for Rental Businesses Essential?
If you’re asking yourself, “Do people want to rent equipment online?” let us point you to some fun statistics:
- 97% of customers search online for local services and businesses.
- 70-80% of customers research a company online before they make a purchase or visit the business in person.
- 82% of smartphone owners use them to search for local businesses.
- The number of customers ordering online to pick up in-store increased 208% during the COVID-19 pandemic.
- 62% of customers say that they shop online more now than they did pre-pandemic.
The days of calling and emailing to put in orders are coming to an end as a new generation of consumers are entering the marketplace; a generation that is, admittedly, kind of spoiled by the convenience offered by marketplaces like Amazon.
When You Can’t Beat ‘Em, Join ‘Em!
It’s Amazon’s world, we’re just living in it.
Just kidding! But when it comes to running a business in the digital age of convenience, struggling will only make you (and your profits) sink. Learn from businesses like Amazon and embrace the fact that you live in a time of untapped potential. Use it to your advantage, and your business will flourish.
Other blogs you may find helpful
The Ultimate Guide to Pricing Rental Inventory in 2023
All about Tents | 20 FAQ’s on Tent Rentals
The Importance of Equipment and Party Rental Contracts in 2023
Frequently Asked Questions
Amazon is renowned for its customer-centric approach, efficient use of technology, and convenience. It offers a seamless shopping experience with fast delivery, a vast selection, and an easy return policy, setting high standards in online retail.
An online customer portal is a digital platform where customers can manage their interactions with a business. It typically allows for tracking orders, modifying bookings, making payments, and accessing support, enhancing convenience and autonomy in the customer experience.
A website acts as the online presence of a business, showcasing its products, services, and information to everyone. In contrast, a customer portal is a more personalized and interactive part of the website, designed specifically for customers to manage their interactions with the business. Usually, customers must log into their account in a customer portal and they can use it to track orders, make payments, and contact the business.
Competing directly with Amazon can be challenging for small businesses. However, adopting strategies such as focusing on customer service, leveraging technology, and partnering with online marketplaces can help businesses offer a similar level of convenience and efficiency.
