Online marketplaces are supporting a lot of industries in recent times. However, there is one industry that requires more support as there is no real online marketplace for it. The heavy and construction equipment industry does not have a genuine online marketplace where companies can come and rent equipment. That is strange as studies have pegged that the equipment rental marketplace is worth around US$38 billion to US$50 billion.
So, if you are a digital entrepreneur and looking to start a new business venture, creating an online marketplace for heavy and construction equipment rental could be just what you are looking for. It has the potential to be a successful business as long as you know how to create value for your target audience.
Why the Traditional Equipment Rental Marketplace Requires a Change?
When a business needs heavy or construction equipment for rent, it first needs to find the right source. Most companies have a policy that requires them to get quotes from multiple suppliers and choose one that is the most cost-effective. Here are the steps involved in a traditional marketplace:
Step 1: Research Potential Equipment Rental Suppliers:
This step is the most time-consuming and tedious. It requires a business to check out directories, get in touch with associations, and also search online to find suppliers, who have or might have the equipment the business requires.
Step 2: Get in Touch with the Suppliers
After creating a list of potential suppliers, you need to get in touch with them to find out if they have the equipment you require.
Step 3: Get Quotes from Each Supplier
If a supplier says that they have the equipment you are seeking, you will have to provide them with the specifications so that they can send you a quote for equipment rental.
Step 4: Find Additional Suppliers
Some of the suppliers that you have shortlisted will not have the equipment rental available. So, to ensure you have a fair selection process, you will need to research more suppliers to send quotes. This, once again, is a time-consuming process.
As you can see, using the traditional equipment rental marketplace can be a long-drawn process that can take time. You may ask how a digital equipment rental marketplace is different.
Why Should You Open an Online Equipment Marketplace?
When you get online to find the right equipment rental marketplace software, you will find several options. However, rather than taking what you get, you should do your due diligence. You will find that IdyaFlow is one of the best platforms and it offers flexibility, security, and versatility. It can take your online marketplace to the next level. Above all, it is cost-effective, allowing budding entrepreneurs to create a robust equipment rental marketplace without worrying about the cost.
Here are some reasons to launch your marketplace without any fuss and how it can change the way businesses source equipment rental.
Improving Equipment Rental Sourcing Efficiency:
Rather than spending hours on different sites and sources to get a list of suppliers, procurement staff will visit a single platform to find all the equipment they need to rent, and it will hardly take a few clicks. The staff just has to provide the specifications and the dates and that one request will be delivered to several suppliers on the marketplace. In case, you want to urgently rent the equipment without a quote, it is possible to do that as well as you will be able to select the right supplier within no time.
After requesting a quote, if you want to provide additional information to the suppliers, the equipment rental marketplace software will allow you to use the system to directly communicate with individual suppliers. That way, it ensures there is no lag, and also the chances of miscommunication are minimal.
Easy Quote Comparison:
You can easily compare quotes that you get from different suppliers and that too without a hassle. The procurement staff will save time and effort and will be more productive as they will be able to shortlist the right supplier and get the equipment ready when the need arises.
Increased Growth Opportunities:
Most small construction companies do not have the same budget and muscle power as bigger companies. That makes it difficult for them to compete. Thankfully, that does not have to be the case with an online equipment rental marketplace. Smaller construction companies can get access to all the equipment they require at an affordable price and this enables them to compete with bigger companies on an equal footing. It also allows these companies to provide services that they could not offer before.
No Worry about Equipment Maintenance:
Heavy and construction equipment requires proper maintenance to function optimally. That can be cost-prohibitive, especially for a small company. However, when a company opts for equipment rental, it does not have to worry about maintenance as the supplier will handle it. That brings down the overall cost of the project, allowing a smaller company to be more competitive and enjoy better returns on investment.
The Bottom Line
And equipment rental marketplace can transform the construction industry in your geographical region by improving efficiency and opening more doors for companies. Just choose a user-friendly equipment rental management software that allows you to launch a minimal viable product that you can improve as your marketplace grows. Also, make sure you select the right business model for your marketplace for it to be a successful venture.