Vehicle or Car rental is presently one of the booming industries. With the evergreen travel industry and yearly holiday seasons on the rise, this trend is unlikely to see a decline. As per market research, the global vehicle rental business market stands to a whooping amount of approx. USD 586 billion in 2016 and is expected to grow USD 125 billion by 2022. However, from a rental owner’s point of view, managing and sustaining a business at ground level is more than just the stellar statistics.
The development and growth of any rental business are primarily dependent on how they add value to their customers. Delivering impeccable service to the customers across every aspect of the rental process is the key to be established as a premium brand and generating revenue.
The Challenges for Vehicle Rental Business
Vehicle rental business is a part of a more significant travel industry that demands unmatched experience and perfection. To distinguish your rental company, you got to be extraordinary in managing every segment of the business. This point includes delivering exceptional quality that genuinely deserves attention. However, this is not a cakewalk. Like every other business, the vehicle rental business faces a series of troubles and challenges. Some of the hurdles that vehicles rental business faces are:
1. Customer Service
Customer service tends to remain the prime reason behind the success of any rental business. For a vehicle rental business delivering superior customer service is a significant challenge. From managing complaints to providing information on bookings, payments, and long waiting lines on the reservation desk, always keep the rental business owners on their toes.
2. Customer Experience
Whether you’re a new start-up or a well-established business, the user experience still plays a crucial role in making your customers happy. Being a conventional rental business, the rental process is always hefty and time-consuming for customers; these long waiting hours in line certainly can deteriorate user experience and create a negative impact on customers.
3. Fleet Tracking and Management
Tracking and managing fleet can be a pain for rental business owners. There are times when new or existing vehicles cannot be put into services due to incapacity to manage fleet efficiently. This issue can cause valuable inventory to remain unused in parking lots. For car rental business owners, it is critical to have cars available for rent when a customer shows up. Thus, fleet management continues to add woes, putting more pressure on companies to operate leanly.
4. Pricing and Usage
One of the most critical factors that set apart your business over the competitor is pricing. In a vehicle rental business, rental prices are entirely dependent on fuel pricing, maintenance, and service charges. Since there is a constant demand for oil, vehicle rental business bear the brunt of increasing fuel prices, which in turn causes rental prices to go up. This price difference eventually leads to dissatisfaction amongst customers and pushes them to explore for more affordable options.
Technology plays a more significant role in reducing the upheaval in the reservation process. With limited budget and exposure to greater competition, vehicle rental businesses face the downside of losing more customers due to the complicated rental process in a deficit of technology that can offer a seamless experience to customers.
How Vehicle Rental Software Boost Business Growth?
Reservety is rental software that has been developed, keeping the limitations and barriers of rental business owners in mind. For a vehicle rental business, Reservety can prove to be a boon that can make the rental process smooth and hassle-free, which is otherwise cumbersome. Whether you manage a car rental business or any other vehicle rental business, having Reservety by your side can unlock the new door of success for your business. Here is what Vehicle Rental software like Reservety can do for you:
1. Makes Bookings Easy
The biggest threat for vehicle rental business is losing customers in the wake of long waiting hours and unnecessary paperwork involved in the vehicle rental process. Reservety brings a fresh lease of life for rental business owners by eliminating paperwork and handing over a hassle-free booking experience to customers by skipping the desk long waiting hours.
2. Track and Manage Inventory Effortlessly
The vehicle rental business has a close relationship between demand and supply. The rental company needs to manage fleet size efficiently, so they don’t risk losing customers when the claim arises. This process can be mindboggling, but Reservety can do it with ease. With just a few clicks, you will be able to keep up your fleet size on active mode.
3. Improves Customer-Experience
A lengthy booking and rental process can evoke dissatisfaction among customers. No one wants to spend time waiting for vehicles in the queue. Reservety can be a gamechanger for your rental business by seamlessly making the reservation and booking process as easy as pie. With vehicle rental software like Reservety, customers are likely to book vehicles in a matter of few clicks.
4. Create Inspiring Promotions
Pricing remains a significant factor which can let your customer choose your competitor over you. With Reservety, you can create special pricing for a broad range of customers or a targeted group of customers. You can also create promotions for specific events. This element is highly effective in augmenting customer loyalty and delight.
5. Offer Reliable Customer Service
Customer service tends to remain at the heart of many successful businesses. The vehicle rental business heavily relies on communication between the support team and customers. This process can be helpful but can be frustrating for customers who always want to save time. With Reservety, you can manage your customers’ complaints, queries, feedback in one go from your dashboard. Thus, it can reduce response time, which means smiles on the face of your customers.
Technology can play a significant role in making life more comfortable and stress-free. Taking a leap and deploying vehicle rental software like Reservety utterly changes the way your business performs and operates. This change will not only evolve your rental company but also opens up new possibilities for your business and your customers.