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How to Create a Rental Marketplace Platform

How to Create a Rental Marketplace Platform

Be it renting a house or heavy construction equipment, the online rental industry has made its entry into almost every sector of the market. Renting things online has multiple benefits such as ease of access, easy renewals, and saving time and money. The online rental industry was valued at $19 billion in 2017 and is projected to reach around 60 billion by 2023.

This can be a perfect opportunity for those who wish to enter the online rental business by building a stable and agile online rental marketplace. In this article, we will be discussing the step-by-step approach to building an online rental marketplace.

Step by Step Guide to Building an Ecommerce Rental Marketplace

Here are some key points that you should prioritize before entering the eCommerce rental market.

1. Conducting Market Analysis

It is important to know about your key competitors and the features that customers find helpful while renting a product. A comprehensive market study will help in defining the business objectives and creating a unique selling point for your marketplace. 

Additionally, here are a few aspects that should be analyzed:-

See Also: How to Build an Online Marketplace Website

2. Choosing Revenue Streams

Some eCommerce rental marketplaces offer premium listing services to their renters and rentees, some display advertisements while some follow hybrid and complex revenue channels to yield profits. Some common and effective revenue practices for eCommerce rental marketplace are:- 

3. Finalizing Features for the Marketplace

Some other user-friendly features that an eCommerce rental marketplace should have include push notifications, a search bar, user reviews, video tours, etc. 

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4. Selecting Development Approach

Selecting a development approach for your rental platform can be confusing. To decide whether you need a readymade solution or a custom-built platform, you should check your requirements to validate the development methodology.

a) Readymade Solution

If your requirement is a readymade solution, then you can go with readymade eCommerce marketplace solutions available on the web. Availing of a readymade solution for building a rental marketplace saves you a lot of time and technical effort. 

Software like YoRent is the best suitable option to create a single vendor and multivendor rental marketplace platform where you can start your own online rental business. It comes with a variety of modules such as document verification, Tiered pricing, product inspection, and many more.

It’s a completely white-label rental software for entrepreneurs who are looking for a scalable, secure, and fully customizable solution for their rental business. Apart from that, you can start both renting & selling business with YoRent rental software.

b) Custom Development

Building a custom solution for rental eCommerce marketplace can provide you with personalized features and source code for the web application. This development approach makes your platform unique but the development costs are very high as you need to hire skilled developers to develop and maintain the product.

See Also: Top 10 Construction Equipment Rental Software

Final Words

Dedicated and ready-made software to launch a rental marketplace will be a more effective solution to materialize your business idea without any technical expertise. Additionally, the ready-made rental software also allows customizing as per business requirements. The online rental marketplace requires complex features to maintain the user flow.

While building an eCommerce rental marketplace, you should keep the essential features as a priority and add other features once the platform reaches its real potential. As a marketplace owner, it is important to keep the platform secure and prevent users from online fraud.

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