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Construction Equipment Rental: The rise of Multi-Channel Selling
Companies around the world are waking up to new market demands for increased business speed and increased simplicity in the use of online services. Ignoring the digital practice is the same as losing, there is an underlying message to the market, but those companies that do not take this modern call seriously risk getting off the train. Changes in digital technology are extremely rapid. The benefits of digital transformation include new ways to communicate with customers, improved efficiency, increased transparency, revenue growth & cost savings along with increased opportunities to use information and data.
As more investments are put into sustainable and renewable energy, the construction equipment renting industry is also adapting and finding new ways to provide the utmost amount of flexibility. According to recent research, the global construction equipment rental market size was accounted at US$ 91.34 billion in 2019 and expected to reach over US$ 136.1 billion by 2027, expanding at a compound annual growth rate (CAGR) of around 4.78% during the period 2020 to 2027. A recent independent study conducted by – Climate Neutral Group, CE Delft, and SGS Search, shows that by sharing equipment and reusing building materials, the rental industry is contributing to avoid carbon CO2 emissions. Depending on specific user practice renting construction equipment leads to emissions reductions of at least 30% to 50% over the full lifecycle of the product.
When it comes to procuring construction equipment, one needs heavy down payments, which means not every construction business can opt for the purchase option. Renting construction equipment not only saves the cost of buying new equipment but also avoids extra ownership and operating costs such as licensing, tax, insurance, interest on storage cost, and loan amount among others.
As all business models evolve with time, either due to market changes either due to technology advancement, the construction equipment renting market is also resulting in the emergence of new exciting trends. Online presence is considered an important part of the overall strategy of equipment rental companies. Many companies are aware of this current shift to the Internet as the main medium. However, only a few companies understand how to react appropriately to this development.
Here are a few reasons why online marketplaces are crucial for rental companies looking to grow and take advantage of competitors in the digital area:
- Online marketplaces are proven to be a useful addition to other sales channels. For niche shops, in particular, it’s possible to achieve greater brand awareness without investing a lot of money in marketing. Suppliers can benefit from the enormous reach that they can achieve through this distribution channel. By listing products, they can win many new customers right away, that is, without search engine optimization or advertising on Google Ads or Facebook. It is also possible to develop further potential customers on an international level, as the large marketplaces are present all around the world.
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- Online marketplaces are designed to be easy to use. Without having much technical skill, you can list and start selling on marketplaces. They give you the possibility to set up a storefront in minutes and then enjoy the full benefits of payment processing, advertising, and even distribution and shipping channels in a fraction of the time of sourcing and registering for these tools on your own. Everything from sales to marketing and customer service is handled on the same platform through a single dashboard.
- While physical retail stores were affected due to the pandemic, e-commerce and marketplaces were flourishing. One of their biggest advantages is the large volume of traffic and immediate access to many potential buyers. Online marketplaces enabled online providers to reach a very large target audience without having to worry about problems in shipping logistics or customer service + being available 24/7/365 increases the number of orders.
- Marketplaces invest heavily in their infrastructure and security and are best protected against cybercrimes, hackers, and/or outrages. Retails don’t need to worry about server maintenance, updates or other technical issues as the marketplace provider is in charge of the hosting. Additionally, the overall digital experience is more advanced on a marketplace platform versus owned website. Marketplace website is faster, more optimized and the customer has more payment options to choose from. They also provide customers with a better mobile experience and/or even apps.
- Providers can keep a track of their inventory in real-time and inform their customers/vendors about their stock availably. In a Salesforce research study, State of the Connected Customer, nearly two-thirds (65%) of business buyers say that they’d likely switch brands if a company didn’t make an effort to personalize communications with their business. Eighty percent of business buyers expect real-time communication. When you active your commerce on a marketplace you also benefit from its marketing and brand-building. Consumers tend to trust marketplaces, which automatically helps your business have a built-in established level of trust.
Whatever the future vision of a company may be, it needs to undergo a digital transformation so that the company has the opportunity to grow and be able to compete. It is also necessary for a company to have information technology that supports its goals. Xorlogics is specialized in helping companies develop digital solutions in line with their business policy and thus achieve increased results. One of their recent successful projects is Rentaga, a rental marketplace for heavy construction equipment. Not only just big rental houses but also smaller independent rental companies can register on Rentaga. Contractors have a better opportunity to find what they’re looking for and have a great online experience. Contractors/users can look at the collection of different supplier’s equipment, compare prices and features on one marketplace and rent them in one go. They also have the option to pick up from a store or get delivered to their desired address.
Sources:
- Construction Equipment Rental Market (By Product Type: Material Handling Machinery, Earth Moving Machinery, Concrete and Road Construction Machinery) – Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 – 2027
- Carbon Footprint of Construction Equipment
- Renting equipment reduces carbon emissions
- Connecting you to the best Rental Companies!