The rental industry is increasing at a fast pace due to millennials’ minimalist lifestyle and changing habits. The rental economy has merit for corporate businesses, which can minimize the unused value(time for which an item remains idle) of their assets by renting them out repeatedly to different customers. For customers, it means no need for a long-term investment in an asset that might not be needed after a little while.
It makes sense then to invest in an online rental business idea. But the immediate question arises – how to get started? There are plenty of ready-made solutions available on the market that can be used to get an online rental website up and running quickly. The following review is dedicated to one such solution – Yo!Rent. Through the course of this review, we’ll take a look at every aspect of this solution, analyze its wide array of features, and try to understand its overall functionalities and capabilities in full. Without further ado, let’s get started.
What is Yo!Rent?
Yo!Rent is an online rental marketplace solution developed by FATbit Technologies. It is a fully customizable and white label solution that supports both multi-vendor and single vendor functionalities. Moreover, it comes with multi-language and multi-currency support. Yo!Rent license can be acquired with a one-time payment, after which the platform owner doesn’t have to pay any subscription or transaction charges for software usage.
|Technologies/Framework||FATbit Framework, PhP, MySQL, CSS3, HTML5, JS, JQuery, Java|
|Server Requirements||Click here|
|Supported Business Models||P2P, B2B, B2C( Supports both Single-vendor, Multi-Vendor platform functionalities)|
|Costing Type||One-time payment or Flexi Payment Option|
|Currency Support||Supports multiple currencies (Default: USD)|
|Devices Supported||Web, Android, iOS|
|Customer Type||Suitable for both SMBs and Large Business Enterprises|
With its impressive suite of features, Yo!Rent is a reliable solution for both established offline rental businesses and budding entrepreneurs wanting to make it big in the online rental industry. Yo!Rent serves a global clientele and is ideally suited to cater to the diverse rental eCommerce needs of all businesses.
Main Industries served by Yo!Rent:
- Construction Equipment Rental
- Fashion Rental
- Travel & Adventure Gear Rental
- Furniture Rental
- Textbooks Rental
- Accessory Rental
- Automobile Rental
- Music Equipment Rental
- Party supply rental
How Yo!Rent Works – Business Model Analysis
Yo!Rent follows a simple business model that consists of three entities: the admin (marketplace owner), renters, and rentee. Renters can sign up on the platform and rent out their products(however, this functionality is only available in the multi-vendor variant). Once the rentees rent a product, they are required to pay the rental fees and security deposit to the owner, who then transfers the rental fees to the renter after deducting his commission. In case of any damages, the renter can claim compensation from the rentee’s security deposit otherwise, the admin returns the entire security amount to the rentee.
For single vendor marketplaces, the owner lists the rental products and earns revenue via rental income. There is no commission involved, and all transactions occur between the admin/owner and the rentees.
Revenue Generation Channels Offered By Yo!Rent
Yo!Rent offers multiple income streams. They are easy to set up and add up to the ROI of the owner. With thea few exceptions, both multi-vendor and single vendor variants share the same revenue generation channels.
- Commission (Present only in multi-vendor variant)
- Paid Listings (Present only in multi-vendor variant)
- Rental income (Present only in single vendor variant)
- Affiliate marketing
- PPC campaigns
- Monthly Subscriptions
- Exclusive Partnerships
- Service charges
- Pick/Drop services
Provision to Rent and Sell Products
While Yo!Rent is popular as a rental online solution, it has an easy-to-use option to enable the selling functionality. This is particularly useful when the vendor wants to clear their stock or cater to customer demand for product purchase.
Yo!Rent Key Features & Functionalities
The various features of Yo!Rent can be divided into the following categories:
Yo!Rent comes with an easy-to-use content management system. With this CMS’s help, the admin can not only manage content pages but also tweak sliders, banners, navigational links, and discount coupons.
The admin receives complete control over every product mentioned in the website’s catalog. From brands, categories, and tags to filter options, the admin can easily manage them from Yo!Rent’s admin panel.
On Yo!Rent, the admin can add or remove any renters. He/she can also process withdrawal requests directly from the admin panel. The option to set commission percentage based on industry and products can also be easily managed on Yo!Rent
The admin receives various marketing options on the Yo!Rent platform. He/she can create and manage discount coupons for the rentees, edit URLs and meta tags for SEO management, start PPC campaigns, and create/publish multiple-category blogs for hyperlinking.
Inbuilt Analytics and Reporting
Yo!Rent automates in-depth reporting of various sales attributes and marketing metrics to help you understand your store’s overall performance. You can analyze order trends and strategize the growth of your business with Yo!Rent’s insightful reports.
Multiple Payment Gateways
The base variant of Yo!Rent comes with 15 different payment methods ranging from credit and debit cards to PayPal, Stripe, and Bank Transfer. With customization, you can add even more payment gateways to Yo!Rent.
On Yo!Rent, the admin gets complete control on user-reviews. He/she can limit the rights to upload a review only for verified accounts. Moreover, all reviews must be approved by the admin to be displayed on the marketplace.
Yo!Rent gives the admin full control over all the transactions. He/she can decide when to release the rental fees, return the security deposit, and set the commission percentage. The admin can also reject/approve damage reimbursement and mediate to resolve monetary disputes between the rentee and renter.
Renter (Vendor) Features
The renter can view all the orders placed on his/her storefront through the renter dashboard. The renter can see the order’s status and know if it is in-process, completed, shipped, canceled or payment is pending. He/She can also process return requests on the dashboard.
Uploading, editing, and removing a product is easy on Yo!Rent. It also supports various currencies and provides renters the option to activate and inactivate specific listings on the marketplace.
Real-Time Stock Availability
Managing inventory is simplified on Yo!Rent with its real-time stock availability feature. The owner can predict the time for restocking and prevent loss by delivering products on time.
Yo!Rent provides various features to renters for the promotion of their products. These include PPC ad placement, banner placement, and even shop promotions. The renters can set a PPC budget and also the date and time of the advertisement.
Maintain Wallet and Reward Points
Yo!Rent supports the functionality to provide renters with reward points based on sales performance. Similarly, the renters also get an eWallet, which serves as payment reserves for setting up PPC campaigns.
Export and Import Product Database
For fast and bulk uploads, Yo!Rent supports XLS, XLSX, and ODS spreadsheet formats. The renter can add or replace existing products on the marketplace with its import/export feature. Website admin can also create quick backups by exporting the data into XLSX format.
Yo!Rent keeps a record of all the transactions that the rentee makes. He/she can explore the transaction history anytime by simply logging into his/her account. This way, it also becomes easy for the rentee to reorder products.
Rentees can narrow down the search results by specifying the location and language parameters in the localization settings.
Referral & Rewards
Yo!Rent also supports the feature to reward rentees with discount coupons or points on every successful referral. The rentee can share the referral of the marketplace via social media channels and email.
Similar to the renter’s wallet, the rentees can also maintain a wallet on Yo!Rent-powered marketplaces and use them to purchase products.
Returns and Cancellation Requests
Rentees can also cancel a booking or request the return of an already rented product before the end of the rental period.
Other Noteworthy Benefits of Yo!Rent
Yo!Rent has several notable benefits that make it a go-to online rental marketplace solution.
Unlike SaaS (Software as a Service), there are no recurring payments on Yo!Rent. Interested prospects obtain a lifetime usage license on a single payment.
Yo!Rent comes with one year of free technical support. The support is liable to FATbit Technologies’ terms that affirm neither the owner nor any third-party individual and organization shall make amends in the source code.
Flexi Payment Option
There are two payment options available for purchasing Yo!Rent. In the first option, you pay the entire amount upfront, and in the second one, you pay a small down payment and pay the rest in 3 milestones.
Free instant demos of Yo!Rent’s admin, renter, rentee, and front-end modules are also available on Yo!Rent’s official website. They usually load within seconds and do not require any personal login credentials or credit card to log in. You can also schedule a personalized one-to-one demo for your business by contacting FATbit.
Most of the popular eCommerce solutions on the market come with additional setup and installation charges. That’s not the case with Yo!Rent. You need to purchase the software, and Yo!Rent’s technical team assists you in carrying out complete installation and configuration.
Yo!Rent has already garnered acclaim from its global client base. Following are some of the noteworthy testimonials. To view all the testimonials, kindly visit Yo!Rent’s official website here.
- Check out the work of Yo!Rent team in developing a customized online heavy equipment website – GearFlow. As the first eCommerce website of its kind, the company raised $1.1M seed funding soon after its launch.
- Yo!Rent also developed a custom website – Find Rent Wear, an online fashion and accessories rental marketplace based out of the UK.
How to Get Started with Yo!Rent
Creating a marketplace with Yo!Rent is quite simple. It involves 4 basic steps:
Select a Package
To launch an online rental marketplace with Yo!Rent, first of all, you are required to select a package. There are two different packages available for both multi-vendor and single-vendor variants.
- GoQuick package: It comes with the default design as same as the demo. The GoQuick package is also the fastest to set up.
- GoCustom package: This package comes with a fully customizable design and also with exclusive design rights.
- Customization: Get a quote for your custom requirement.
Setup and Installation
A dedicated project manager will coordinate with your technical team to set up and install Yo!Rent on your servers. Remember, Yo!Rent comes with free installation.
Once installed, you can configure various settings like location, email address, checkout options, and notifications.
After setting up Yo!Rent on your server; you can start adding items to your eCommerce rental store or invite renters to do so. You can use Yo!Rent’s catalog and inventory management feature keeps a track of all the products available on the marketplace.
Launch and Manage
After adding items, descriptions, payment methods, and everything, you are ready to launch your rental store. Yo!Rent has various features that you can use for post-launch marketing.
You can click below to check out the admin, renter, rentee, and front-end demos of Yo!Rent. (Autofill user-name and password)
Blogs Worth Reading
To stay up to date with the latest trends and booming business ideas in the rental industry, you can follow the dedicated online rental blog section on FATbit’s official website.
With its slew of features and robust functionality, Yo!Rent is, without a doubt, a reliable solution for both startups and well-established businesses. Along with the option to rent products, it also has the option to sell. Yo!Rent has various revenue streams and post-launch marketing options to help the owner grow his/her business. The team at FATbit also follows an agile development approach to make fully-scalable customizations to meet the owners’ business requirements. On the whole, Yo!Rent is fully equipped to control the various aspects of a rental eCommerce business.
Note: Yo!Rent’s new version is due to be released in the first quarter of 2021. Following the release, we’ll bring you all the latest updates, features list, and new niche support-related information. Until then, stay tuned.
Yo!Rent Review – Best Solution to Build a Rental Website