by Nisma Shakil, Content Marketer at EZRentOut
The new normal has altered the way every business operates. Customers not only prefer to buy online but also expect an attractive e-shopping experience. The rise in customer preference has necessitated small businesses to redesign their business model, evaluate growth opportunities and consider going online.
Need for rental software
According to a salesforce survey, 51% have increased their investment in software to maintain customer service. Without a doubt, the equipment rental software industry grew by $266.78 billion in 2021 and is expected to grow further in the coming years. The long-term benefits of rental software for small businesses include the following:
- Streamline operations: All-in-one rental software can help automate business processes and save resources to focus on other important tasks
- Cost savings and improved profits: Automation reduces equipment downtime and maintenance costs, resulting in cost savings and increased profits.
- Increased customer satisfaction: The software keeps customer history and highlights top customers based on revenue so that you can offer loyalty discounts for a long-term relationship.
Here’s how small businesses can automate processes with rental software in 2022:
1. Adopt a hybrid model for team collaboration.
The new normal has also introduced work-from-home culture. During Covid-19, the majority of employees, if not all, worked from home and prefer to do so in the future. It is difficult to connect and collaborate when all of the employees work remotely.
The rental software can help maintain real-time data availability for all employees so distance hindrances can be minimized. Users can be added to the system with simple login credentials and access the data whenever needed.
Let’s say an employee requires inventory status to purchase stock. They can quickly access the inventory details segregated by locations and extract data on how many inventory items are available or whether the inventory count has fallen below a certain threshold and requires immediate replenishment.
Another important aspect that small businesses can benefit from is creating users and assigning tasks. In the software, you can create multiple users and save their information, such as their role, department, and responsibilities, as well as restrict access based on their roles.
This can become a working model for remote employees where they can access the software and perform tasks assigned to them. Any employee assigned the task of servicing assets, for example, can work on it and mark it as completed once the service is complete.
2. Access the rental software from anywhere.
The rental software is one download away and works like any other app. You can use it on your phone, tablet, or laptop beneficial for small businesses without physical offices and employees who work remotely.
The owners can set alerts for important tasks and the software duly notifies them to keep them informed. Every item delivered or returned can easily be notified with an email alert.
Senior management can also communicate and resolve urgent issues quickly. Let’s say the owner’s signature is required on the delivery receipt before it is sent to customers. To avoid delivery delays, the team can set up an alert for this urgent task, and the owner can respond quickly.
In order to save time and streamline processes, the software also allows owners to sign receipts electronically and submit them to the system for users to receive and send.
3. Provide both physical and online shopping experience.
Combining brick-and-mortar stores and e-commerce sites provide your customers with a wider range of shopping options and convenience on the go.
Customers can book available items online and pick from the store at their own convenience or they can view product specifications in the physical store and order online once they’ve made their final decision.
Extending to an online store can help you reach a wider audience. This is due to the fact that the online store is accessible at all times and is not bound by any restrictions. Anyone, at any time and from any location, can visit the store and shop online.
Small businesses can also personalize the customer experience in the online store. You can keep track of your customers’ purchase history and target them with relevant products. You can also give discounts or promotional offers to encourage repeat purchases.
4. Insightful data customized to your business needs.
The rental software includes a dashboard view that summarizes all of the important statistics and reports needed to make day-to-day decisions. You can choose to add important metrics such as stock availability, top ten customers by revenue, or cost incurred for maintenance.
Every small business is unique in its operations. Each has its own set of procedures, with the goal of streamlining operations to maximize profits. You can create custom reports based on your needs with the software and keep track of the metrics that matter to your business.
Small businesses must keep track of these metrics in order to assess their performance and take appropriate action before their operations deteriorate.
With changing customer preferences and technological advancements, it is critical for small businesses to focus on the need for time, such as investing in rental software that automates processes remotely and provides a personalized online store, in order to survive and succeed in business without being hampered by Covid-19 or other issues.
Nisma Shakil is currently a Content Marketer at EZRentOut, the leading equipment rental software company, where she particularly enjoys writing about technological advancements, and trends and actively contributes to similar guest posting opportunities. She also enjoys capturing scenic beauty, sunset at beaches, and movie times with family.