Should You Rent Products Instead of Selling Them

Should You Rent Products Instead of Selling Them?

There has been a growing movement towards consumers renting and not buying certain types of merchandise. Renting houses and cars has long been a common occurrence, but new types of products are now making an impact in the rental market.

The success of the online shop, Rent the Runway has encouraged the renting of pricey, trendy clothing that tends to go out of style faster than people can afford. It makes sense that with technology and styles constantly changing, and or limited space to house items, consumers may not want to invest in items that don’t have a long life.

Wedding, Kids & Tech Items All Have Rental Potential

Men have long rented tuxedos for weddings, so it would only make sense that a bride could rent her wedding dress. For most women, it means getting the couture dress of their dreams, for a fraction of the price (you really do only wear it once).

Think of all the money that goes in purchasing items for a new baby, from a crib to a high chair to a stroller, these are all fairly high ticket items that only have a life span of a few years (depending how many kids you have).

What about the cost of cell phones? How often have you paid $800 for the latest phone only to find out a new version will be out within the year. If the average life span of a cell phone for an early adopter (the person who always has to have the latest and greatest the second it comes out) is only a year, even if you rented your cell phone for $50 a month, you would still be saving money ($600 for a year rental versus an $800 flat fee).

Ideal Rental Products

Apartment furniture
Dorm/college furniture
Wedding jewelry
Wedding dresses
Flower girl dresses
Prom dresses
Kids bikes
Baby/kids clothing
Baby equipment
Boats/snow mobiles / ATVs
Lawn tractors/snow blowers
Big screen TVs / gaming systems
Laptops / tablets
Smart phones
Trampolines

So think of what you sell and if there is any way it can lend itself to the rental market, providing that it is still profitable for you. It does haven’t to be your main business, but a side aspect to the business for those who want it.

My Quick Tip of the Week: Do you sell products online that are suited for a couple’s wedding registry? Zola.com is the leading online wedding registry (projecting sales of $40 million for 2015) and they allow couples to add products to their Zola wedding registry from any online site. So, you can encourage customers to add your products to their Zola wedding registry, simply by using the “Add to Zola” button available at their website. You can also apply to sell on Zola, just email vendors@zola.com.

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A 20+ year marketing professional, small business consultant, ebook author & blogger, my advice has been featured in the NY Times, Success Magazine, American Express, Yahoo Finance, Go Banking Rates, Big Commerce, Business2Community to name a few – so this is professional advice you can trust! Read more about my services, products and marketing plans.

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