People can now quickly find daily necessity items on rent in just a few clicks. All credit goes to the disruptive rental marketplace industry. There is no turning back once you make the switch to rental services. People are drawn to rental services for a variety of reasons, including affordability and the desire to reduce their carbon footprints and protect the environment. Finding a fantastic technological solution that benefits their rental business is every entrepreneur’s goal. In this case, a Rental Marketplace App serves as an online venue where users can rent different kinds of items from independent vendors or their fellow users, or the venue itself.
Rentomojo is one of these apps that brings everything to your doorsteps on a rental basis, including beds, televisions, washing machines, chairs, clothes, phones, and more. In this article, we will discuss the amazing features of this app and how to build an app like Rentomojo. Let’s get started:
What Is A Rentomojo App?
Instead of having ownership of things, millennials today cherish sharing. Whether it be furniture, cars, or workplaces. As time goes on, the ways that things were once done are becoming revolutionarily modernized. Geetansh Bamania and Ajay Nain, IIT-Madras alumni, designed an Enterprise Application Development calledRentoMojo in 2014 to boost the furniture renting space and bring about a change in lifestyle and how it is led.
Essentially a Rental Marketplace App, Rentomojo provides customers with the necessities of daily life for a monthly fee. The company’s product line includes anything from baggage to furniture to appliances to electronics to workout equipment to WFH necessities. One can add items to the cart and rent them for quarters, halves, or full years simply by registering into the app. Delivery of products to your home at no charge is one of Rentomojo’s key competencies. Prior to renting the item, the user must pay a security deposit, which is refunded after the specified rental period ends.
Rentomojo Marketplace Rentals App Revenue and Usage Statistics
Initially, RentoMojo was a website for renting furniture. But it soon became clear that leaving a company or acting like a fintech would be more advantageous. This is why it quickly changed its business strategy to market itself as a fintech or leasing firm that offers users a sensible alternative for standard EMIs by providing rental choices across a range of product categories.
Just one month after the startup’s launch, in December of that same year, RentoMojo received its first order. Furthermore, RentoMojo increased from serving 1,000 clients to 25,000 clients in just 24 months. Over 16 rounds of funding, this Marketplace Rentals App has successfully raised $70.9M in total. The business claimed to have grown 40x during this time. After receiving further financing in June 2020, Rentomojo’s valuation reached about $100 million.
RentoMojo – Growth and Revenue
The following are a few of Rentomojo’s growth highlights:
- In FY19, Rentomojo reported revenues of Rs 110 crore.
- The number of subscribers is around 25,000
- Approximately 2,000 active subscribers are using the RentoMojo platform right now.
- More than 100,000 live orders are served each month.
- Carries out business in cities including Mumbai, Delhi, Pune, Bengaluru, Chennai, Hyderabad, Noida, and Gurugram.
- Also, the business just started renting out bikes and motorcycles.
- A team of roughly 50 employees works for RentoMojo, which primarily does business in the cities of Mumbai, Bangalore, Delhi, and Pune.
The financial results of this Rental Marketplace App in FY19 reflect the growing popularity of the rental economy. In FY19, the company’s revenue from operations increased by three times, from Rs 35.5 crore in FY18 to Rs 107 crore. This growth was reported in regulatory filings. Rentomojo’s revenues in FY21, which reportedly exceeded $100 crore, have increased even further. By the end of the previous fiscal, the company is further expected to increase its revenues by 25 to 35 percent.
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Rental Marketplace App- an Emerging Business Opportunity for You
Users can rent different kinds of items from one another on a rental marketplace. According to research, up to 70% of millennials and members of Generation Z prefer to rent apps over real-life purchases of physical goods. This signifies a huge need for online rental marketplaces. Eventually, the market created a number of renters markets to make renting services for residential or commercial properties, vehicles, electrical appliances or other necessities, clothing, and much more simple. Given that Cloud Application Development of rental apps has grown to be one of the modern era’s most well-known business models!
Maybe you’ve heard of Airbnb. It is an excellent example of a peer-to-peer renters market. Peer-to-peer marketplaces act as a platform’s intermediary. Properties are offered or rented by users. For connecting the landlord and the tenant, the website then levies a commission.
On the other hand, RentoMojo operates under an asset-light business strategy and collaborates on a cost-sharing basis with its strategic vendors. Users can rent out things that are offered on the platform itself (the system functions similarly to the e-commerce concept). Renting its fixtures and furniture generates the majority of its income. Through asset subleasing and other ancillary fees, the company takes in the other half of its revenue from its customers.
Because of the growing interest of consumers, building an App Like Rentomojo can be a wise financial decision. The Google Play Store alone has had more than a million downloads of Rentomojo. The products’ owners not only gain money by renting them out, but they also profit handsomely through advertising.
How to Build an App Like Rentomojo?
It will take some serious financial commitment on your part to build an App Like Rentomojo. To ensure that the outcome lives up to expectations, it is essential that your React Native App Development Company devotes time to a few stages and aspects while developing. As you go through the process, consider the following phases:
Thorough market research
Before you jump in, be aware of the water’s depth. Study the market’s revenue, the competitors’ offerings, the demands, and preferences of the target market, the key players, etc. Read about competitors’ core competencies, features, services, target markets, revenue streams, business models, and a lot more at the same time. If you want to go above the market’s current players, be sure you provide something original and superior to those of the competition.
Choose a revenue model.
The main goal of a business is to make a profit. For your app, you can select from a number of revenue models. Make sure, though, that you pick the option that best suits the client’s needs and preferences.
Before beginning, be sure to write out the entire plan, the goals to be met, and the things to think about. This mind map will be important in ensuring that the project is on track, that all expectations have been fulfilled, and that all milestones are being achieved.
List of features and functions
Any software’s or app’s features and functionalities will decide its usability and performance. Here, you should make sure that your Rental Marketplace App has all the features and functionalities related to what the end users need. Although the cost of mobile app development is undoubtedly directly correlated with its features, it is never a good idea to sacrifice features just to cut costs.
Track Down a Developmental Partner
Enterprise Application Development demands the collaboration of a development partner. You must locate a Cloud Application Development partner who can handle all the technical elements to build an App Like Rentomojo. Make sure the Native App Development Company you select for your project has real-world experience working on projects similar to yours. A variety of other considerations should also be taken into account when selecting the best eWallet App Development partner. Some of them include technical proficiency, experience, cost structure, client testimonials, product portfolio, etc.
Check out the Prototype
Before releasing the final product, the development team will first provide a prototype that allows you to test the features of the whole Rental Marketplace App. You should carefully evaluate this prototype and offer the development team alterations, remarks, and reviews. This is because making modifications at this point is both simple and affordable. Any revisions can prove costly to you in terms of time and money if done after the prototype approval.
Ensure Accurate Testing
As soon as the software is ready for deployment and the coding is finished, it needs to pass many rounds of testing. It helps in ensuring that there are no faults or errors in the end product. At the same time, testing ensures that the app’s features are all functioning effectively.
Deployment of Application
Deploy your Rental Marketplace App to the relevant app market after you’ve run all the necessary tests, and it seems to be ready to use. Your Enterprise Application Development partner will submit it to the Google Play Store or Apple App Store. You must pay specific deployment fees for each of the platforms.
Updates and maintenance
There are still more tasks to complete after the Rental Marketplace App has been uploaded. Make sure to regularly update your products with new features so that your customers won’t need to look for alternatives. Likewise, fix bugs as soon as they are brought to your attention by users. To draw in a solid user base, implement effective marketing strategies for your app.
How Do These Rental Marketplace Apps Actually Work?
Rental marketplace apps operate under a fairly simple model. It works as follows:
- The user installs the app and registers by entering personal information.
- The user looks for the item they want to rent.
- Depending on your preferences, select the monthly, quarterly, half-yearly, or annual package.
- The user submits the rental request and makes the payment.
- The service provider either approves or denies the rental request.
- The item is delivered to the door after confirmation.
- When the tenure is up, the rent cycle restarts, or the user returns the thing.
Challenges with Rentomojo App
There is a shared understanding of the significant difference between the purchasing power of rich and poor nations. As a business, RentoMojo aims to ease this problem and give the younger generation access to modern, easy living.
Even though getting consumer goods through leasing and renting is an excellent choice because it is less expensive, more practical, and more flexible than buying, it is still a foreign and novel idea for Indian consumers.
“We face the same challenges as what Airbnb, Uber, and lending clubs would have faced in their initial days…… Effectively reaching out to make them aware and influence our target audience with the appropriate marketing mix at optimum investment is the challenge“, said Geetansh, RentoMojo CEO.
RentoMojo is preventing challenges by using smart targeting, posting relevant and optimized content, spreading awareness campaigns, and contacting to inform Indian customers about rental services and their benefits.
Features of A Rental Marketplace App Like Rentomojo
As stated before, features define an app’s usefulness; therefore, make sure your Rental Marketplace App has all of these features.
- Registration- Allows the user to put basic personal information into the app to get deals and use services.
- Create a search tool- Allows users to quickly find the right item.
- Filters- Users can narrow their product selection by filtering price, product, review, availability, color, etc.
- Wishlist- Users can save rental items for later use or wishlist items that are not available for immediate use.
- Payment gateways- Ensure the user’s safe and secure payment of the rent and advance for the item.
- Reviews and ratings- Users can express their views on the app and its services. It also helps other users to make the rental decision.
For Item Owners
- Registration- The owner of the product gives the app all the necessary information to finish the registration procedure.
- Product listing- Product owners can list all of the products they want to rent out.
- Seasonal pricing calendar- The item owners can adjust the rent based on demand.
- Instant or request to book- The owner can decide whether the item is instantly accessible for rent or if a request is required.
- Export and import integration- The owner may sync all of the booking data for each of their various products with this single integration.
For Admin Panel
- Message auditing- Owners of the app can check every interaction between people renting and renting out items. This ensures that all transactions are carried out in accordance with the rules of the platforms.
- Remove users- When a user receives negative feedback or is found to be making false claims about rental services, the administrator can ban the user.
- Localized Approach- To add a regional feel and better serve the people of various markets, app owners can add numerous languages and currencies to the same.
- Content management system- All content roaming on the platform is entirely under the app owner’s control. In this way, it can be changed, added, or removed as needed.
- Review audit- The app’s owner can use this function to delete bogus or unfair reviews that could sway people’s views of the service.
Most Popular Top-Rated Rental Marketplace Apps
The rental marketplace is expanding like never before. It has been more convenient for people to use this technological breakthrough to rent out the items they require as an outcome of an improved familiarity with the Rental Marketplace App. Due to the same, numerous reputable companies in this market category offer comparable services, drawing in a sizable customer base. Some of the more recognizable names in this context include:
Similar to Rentomojo, it is a website where users can rent basic furnishings, appliances, and other necessities for home furnishings. Rentickle also offers bike, automobile, and gym equipment rentals. This platform offers free delivery, installation, maintenance, simple swapping, and renewal of the rental cycle as part of its service.
Fabrento not only provides furniture for your house but also for your company’s offices, lodging, or any other location. The product line includes double beds, single beds, office supplies, tables, sofas, dining, wardrobes, packages, and more. It also includes items for work-from-home settings.
Furlenco furniture is meant to solve users’ day-to-day domestic demands. This Rental Marketplace App is also available on the Apple App Store and has more than a million downloads alone on the Google Play store.
A platform called Rentsher in India lets customers rent out electrical appliances. The product line-up consists of a wide variety of items, such as televisions, Apple products, projectors, desktop computers, laptops, LEDs, computer servers, audio systems, and much more.
Know the best Rental Marketplace Enterprise Application Development Advanced Features.
Any value proposition you have in mind won’t matter; if these cutting-edge features are integrated, the process of creating an online Rental Marketplace App will be a smashing hit.
If your rental platform suggests what they should check next, users will enjoy it. This feature will enhance user experience while also helping owners of rental items to draw more attention from potential tenants. It will also extend the time users stay on the platform.
Map integration is a third-party integration that will let the end user choose their items as per the selected areas and distance. The feature will provide guidance through Google Maps so that users can pick their items with maximum precision and dependability.
The users can directly contact the product or rental service provider for any concern or query. This is another third-party integration that will broaden the Rental Marketplace App’s range of services.
Rent Order History
This section will reflect the history of the rental orders. The most common data under this feature includes the type of rented product, the date of rented products/property, the payment method selected, the total amount transferred, and more.
One of the most important elements of eWallet App Development is that consumers can select from various payment options, such as credit/debit cards, UPI, PayPal, cash, and more.
Any user who uses a product or service to rent out space will get a push notification about the order. This includes the aggregator, end user, and product/space owners.
Technology Stack for Rental Marketplace App
A technology stack, in its simplest form, is made up of all the software programs, coding languages, and other resources used for Cloud Application Development. The tech stack is divided into two parts: the server side (sometimes referred to as the back-end technology stack) and the client side (front-end technology stack).
Client-side technology stack
The client side of the technology stack, as its name suggests, is the visible aspect of your Enterprise Application Development that users will interact with. It consists of
- Cascading Style Sheets (CSS), which instruct the user’s browser how to display the content of the web page.
Server-side technology stack
Again, as the name suggests, the server-side tech stack is the component that powers the entire website or application but stays hidden from users. It consists of
- a database, which is where the website will store the essential data,
- a server, which responds to requests from user devices, and
- a programming language that is used to develop the core functionality of the website or application.
Now that the fundamentals have been discussed let’s move on to our advice for picking and managing the technology stack to build an App Like Rentomojo. There are a few technological stacks that startup projects commonly use. If you want to build the project for your company on your own, you may want to do some research about them.
- Reduce the use of frameworks that need a lot of code to improve performance.
- Reusable code that is time-saving and provides a positive user experience.
- Search engine optimization friendly, this code opens the doorway to driving user traffic to the rental platforms.
- ReactJS significantly speeds up the rendering process, which accelerates page loading.
Of all the databases, MySQL is one of the most popular. It is an open-source, dependable, economical, and user-friendly database management system. It works with all of the main hosting companies. Many online marketplaces use MySQL’s data security and robust transactional support to protect online transactions, enhance customer relations, and generate revenue. Its benefits are:
- Scaling is easy in both the horizontal and vertical planes.
- Improve code execution speed by making it easier and faster to implement.
- Users can transact business online without worrying about cyber fraud because it secures financial transactions.
- The most flexible platform is advantageous for businesses that need extra features and functionalities for their database servers.
- It secures connections and safeguards data.
Have you chosen the appropriate tech stack and solution for your rental marketplace?
The right tech stack coupled with the best rental marketplace solution ensures a seamless development process, leading to a quicker turn-around time and boosting Rental Marketplace App performance. If you are clueless about the complexities of web development, it could be a difficult task. There are several solutions available, each having perks and downsides of their own. Before making a decision, we advise you to always consult a specialist at our React Native App Development Company.
Team Structure for Rental Marketplace App
Now that there is no denying the worth of online markets and their opportunities for the future, it’s time to address the subject of a group that will be in charge of creating a successful Rental Marketplace App. Do not overlook the fact that the market is more than simply a digital store! Therefore, you must seek the support of experts who have particular knowledge and expertise in Enterprise Application Development if you want to create a successful marketplace project and have a chance to compete in the chosen sector. A team of developers at a professional React Native App Development Company generally includes-
- Business analyst
- Senior/Middle back-end developer
- Senior/Middle front-end developers
- Project Manager
- QA team
- Marketing team
Cost of Developing a Rental Marketplace App
Without a doubt, it is a huge investment to build an App Like Rentomojo, and it can net you a sizable profit. But the main concern will always be the cost of creating this kind of platform. You should take note of the fact that the price of developing an app is never constant because it varies on a variety of factors. Look over the following statements to gain a better understanding of the cost of mobile app development-
- The cost of mobile app development is directly inversely correlated to its features.
- Your app partner’s country will have a significant impact on the cost.
- The time needed to build an app is also directly related to the development cost.
- The cost of mobile app development is significantly influenced by app design and functionality.
- Additionally, money is needed for regular updates and maintenance.
To give you a better sense of the price of developing an app, a simple Rental Marketplace App with essential features and functionality starts at $10,000 and goes up from there according to the user’s choices.