How to Manage your AV Rental Business like a PRO?
Audio visual rental business is the heart and soul of any type of event. Since audio visuals have a great impact on the people that come around it, it is literally impossible to replace it with something else. In this regard, technology not only does assist to improve the performance of audio visual equipment but also transform the entire rental supply and distribution chain for entrepreneurs. From, AV rental business owner point of view management of the equipment and keeping the entire business productive is the biggest challenge.
Drilling down the AV rental business further, we would explore more about the hindrances in managing the rental business. And, how technology can further make everything simpler and hassle free. Here are the things we will cover as we move forward.
Challenges to AV Rental Business Management
Managing an AV rental business is not a bed of roses as it may seem. Whether it be striking a balance between equipment rental and resource management or taking care of financial health and customers. There is a good amount of time incurred in every task of keeping the entire audiovisual rental business on track. Moreover, there are numerous other impediments in processing the rentals on a day to day basis. Some of the growing challenges the AV rental industry faces are:
1. Equipment Pricing Calculation
Equipment Pricing has a more significant role to play in the bigger picture of a successful AV rental venture. Pricing calculation of equipment gets more complicated with the addition of product bundles and more significant value order.
It could be a tripod that goes with the cameras or speakers with a sound system.
Plus, the already complex things get even more complicated with the addition of discounts, service charges, taxes, insurance, and security deposits. Typically, these all charges are even more complicated as a whole individually. Hence, conducting such a calculation manually is almost equivalent to an arduous task.
While managing several departments, it is close to impossible to synchronize every aspect on the line and ensure the same level of productivity and efficiency range from equipment management to team performance, and also customer satisfaction that is of foremost importance for a business.
Here technology could substitute hard work to cater to the rental customers and make it more inclusive and flexible.
With the assistance of subtle technology, a substantial part of the tasks can not only make automated but can be accomplished with more accuracy and refinement.
However, moving on to such technology would only be possible for AV rental operators by venturing out to adopt the new and future digital business model.
2. Moving to Online AV Rental Business Model
Whether it is to reach new potential customers, developing more prominence for AV rental business, or developing an automated solution that cultivates positive outcomes for the AV rental business, Endeavoring to adopt the online AV rental business model could reap significant benefits for the company and prepare it for what future has to offer.
The online AV rental business model is far more suitable than a traditional rental business model. It is found to suit the changing lifestyle and habits of people worldwide.
Developing an online presence is a critical aspect in this regard to be able to easily accessible to people beyond geographical boundaries. Not only does it save time, but encourage people to rent AV systems right from the comfort of their home.
Along with it, there are other benefits as well. Take a look!
- Instant Document Generation
- No Manual Process
- Easy Inventory Management and Monitoring
- Supply Chain Management
- Productivity Improvement
- Payment Acceptance with Option to accept upfront and partial pay
- Showcasing Inventory effortlessly
- Customer accessibility with Digital Marketing Growth Channels
- Quick Pricing Updates
- Discount, Coupon, Offers Generation
- Customer Management and Interaction
- Growth and Profit Monitoring
How to Choose the Right Ecommerce Solution?
Now, when you are convinced that an eCommerce solution can make your bread and butter business into a stellar one, you might be figuring out what the best eCommerce platform for renting your AV equipment is?
Are these platforms easy to use?
Do they offer the same level of effectiveness and productivity in your AV rental business?
Undoubtedly, these questions would pop-up in your mind and are relevant to shape the future of your business. And, determining the answer to them would push you one step closer to your dream goal of pioneering the AV rental industry.
Among the most popular used eCommerce solutions are Magento, Prestashop, and Woocommerce. Of course, Reservety is utterly unusual in this league with solutions that will outsmart all of these existing platforms in features, mainly because of the exhaustive list of features making it an eCommerce and an AV Rental Software at the same time. And, let you dominate the AV rental market in full throttle.
The Best eCommerce Solutions for AV Rental Businesses are:
1. Magento Rental Booking Plugin
Magento is a fully-fledged eCommerce solution by Adobe Corporation that is fully customizable, flexible, and offers seamless ability to integrate third-party tools. With the multiple tools in hand, you can easily create a rich user experience for your rental customers. However, there are some downsides to it as well. One of them is customizing Magento, which requires hiring a Magento developer to add features specific to your requirements and needs of AV rental business. Apart from this, Magento extensions are costly and are going to be hard on your pocket.
2. PrestaShop Rental Booking Plugin
PrestaShop is another well-known open-source eCommerce solution that is used to create and develop a shopping cart solution. It is ultimately fermium, which means you can easily download and customize to your need. Although the platform is quite powerful, intuitive, and easy to use, you always have to keep the maintenance mode on to keep track of bugs and errors. Moreover, there are also expenses to add customized features to your cart.
3. Woocommerce Rental Booking Plugin
Woocommerce is another spectacular platform that can be harnessed to develop a rental solution. The most amazing part is that it allows you to add more features with third-party plugins that are completely free, and some are paid too. But, you can imagine having every sort of tool and highlights on your rental platform.
It would be not fair to say, Reservety is a booking and rental software based on WordPress / Woocommerce. All in all, it is a complete eCommerce solution with the full functional capability to customize and manage AV rental business equipment. It offers you both the front end performance with the beautiful rental website, shopping cart, and also the powerful booking, inventory management, payment, and other critical part associated with the supervision of a rental business.
Benefits of Using Ecommerce Model for AV rental Business
While the traditional business model has its shortcomings, the new eCommerce model aids in overcoming all those issues to lead to more sophisticated and robust performance and excellent results. Some of the absolute benefits of using eCommerce for AV rental are.
With everything automated, you can anticipate more productivity and performance across your entire rental department. Whether it is documentation, payment, supply chain, return or order management, and customer management, everything is accomplished with high precision.
To improve the performance of your AV rental business, a great deal of emphasis has to be laid on getting most of your inventory. By doing the things with similar sort of approach won’t be availing you desired results, Here an eCommerce solution combined with a booking system can not only provide you hassle-free booking but much needed time for yourself. You can easily monitor inventory and utilise the existing inventory more efficiently.
Managing payment of equipment and charges associated with it is itself an overwhelming element. Some taxes need to be calculated, deposits, security and service charges, insurance, and numerous charges as well that combined to form the order value. With the presence of technology, all these charges are calculated and displayed within moments and save your valuable time and efforts to keep the customers happy.
Technology, at its best, allows you to up-sell items for rental and increases your revenue by offering relevant recommendations to your customers. The most amazing part, you don’t convince them to rent the equipment.
Display Equipment Effortlessly:
No more uneasy customers, with eCommerce platforms you can display entire equipment flawlessly without the need to spend time doing it manually. Customers just visit your store, navigate to your products, and book the equipment they require. And all only without any interaction and conversation.
Cost of Leveraging the Ecommerce Model for AV Rental
While the manual business model for AV rental is cost-effective but tedious. But the e-commerce model is a little expensive but is effortless, simpler, and user friendly. However, the cost to develop and put it to use for customers is quite high at first. You need to develop a highly responsive, engaging, and simple to use platform for the customers where they can easily book products without any issues. Another cost associated with developing the platform is:
- A substantial amount of money has to spend on hosting, maintaining, and development of the eCommerce solution
- To offer member-based privileges, you have to develop a member-based system where members can be accepted, approved, and monitored. Having a member-based system allows you to offer personalized pricing and discounts to members.
- To perform every task related to booking, you would need a specific rental plugin that would cost you thousands of dollars. Plus, more money to maintain and develop it. So, all in all, it will be a tough battle to fight as a small business entrepreneur.
However, Reservety is a low cost and highly useful eCommerce solution as well as product rental or booking plugin for AV rental business. So, you can avail of the most benefits of the technology at a fraction of cost.
Leveraging technology to scale your AV rental business is undoubtedly an exquisite move. So, it should be tapped with careful planning and maintaining the healthy balance of finance and resources.