Did you know that an average of 70% of B2B buyers do their online research before contacting sales representatives in their buying journey?
You may be surprised by this number, especially in more traditional industries like construction, logistic, industrial and etc. Especially since the Pandemic, the adoption of digitalization has accelerated tremendously.
So, "What does it mean by embracing digital transformation for your business?" It is simply moving your business online.
The world of digitalization has become an integral part of our daily lives, both for personal and professional reasons. As a result, online businesses are outperforming traditional analog or brick-and-mortar establishments, and this is because customers can access the web and mobile apps to search and compare whatever information they need, from wherever they are.
Digitalizing the Equipment Rental Industry
To get into greater detail about the equipment rental industry, did you know that Asean's rental market is valued at USD$7 Billion? Before the Pandemic, there were zero internet transactions for equipment rental. Given the size of this market, the fact that every transaction was done manually and offline is absurd. As a result, Antbuildz facilitated the first-ever online rental in South East Asia.
So how exactly can digitization increase productivity in the rental industry? The benefits of digitization are listed below for both users and equipment suppliers:
1. Increases digital visibility
It is nearly impossible to google and expects to get rental pricing instantly for all types of equipment online. You can only find the company and the contact information. Then you must then use the traditional method of contacting or emailing to obtain a quotation and it can take you days.
To succeed today, businesses must have a strong digital presence. This includes being active on social media platforms, having a well-designed website that is easy to use, and obtaining an immediate quote. Of course, a simple check-out process that allows the user to rent it immediately.
Suppliers and users also can tap into rental platforms or marketplace in the market to increase their exposure and reach out to different client bases more effectively. Not only increase marketing efficiency but it's actually more secure to rent online as well as usually has extra insurance protection and security of payment.
A good online presence helps firms generate leads, improve conversions, and increase customer knowledge of their brand.
2. Enhances efficiency and productivity
With the landscape of digital technology evolving so quickly, it's more crucial than ever for businesses to make sure that their systems and processes are created to allow employees to work more efficiently.
Not only can rental businesses rent out their goods online, but users can also Search, Compare, and Rent in just a few clicks. When compared to the days spent using the traditional technique, you might potentially save a significant amount of resources on the acquisition of rental equipment. Why spend so many resources renting simple equipment when you can do it in just a few clicks?
Hotel booking online exactly shows a similar reason that individuals these days choose to rent a hotel through a hotel booking website rather than calling and comparing prices directly.
3. Trustable and transparent
All businesses require precise and up-to-date information in order to make informed decisions swiftly. Lack of transparency can cause businesses to fall behind their competitors. To keep on top of the latest trends, they must monitor what is happening in their industry and among their customers.
A reputable website provides a single source of truth that anyone may access and rely on. Transparency is maximized in the equipment rental process by releasing the exact photo, serial number, brand/model, and product specifications. This provides users with a sense of awareness of the product that they will finally obtain. On top of that, its also minimize dispute that usually occurs in traditional rental businesses.
4. Secure and standardize transaction
To begin with, it is far more convenient and secure than paper-based alternatives. The problem with carrying huge amounts of cash is that if it is stolen or lost, you will almost certainly never get it back.
Digital transaction methods and systems support security features such as payment tokenization, encryption, authorization, and more. This provides some security for businesses that can't afford the delays and expenses associated with failed checks and the need to know that every transaction will be successful. As for rental transactions, by going online, the process will be legalized by a comprehensive contract that is well standardized to protect the interest of suppliers and users.
Aside, the rental platform will provide comprehensive insurance coverage to protect the potential damage risk of the product during the entire rental duration.
5. Human Error is reduced
When it comes to performing a task, humans have the potential to make an error, and many of those errors can expose your business to costly or even existential threats.
That said, technology won't completely remove human mistakes, but it will ensure consistency at scale, simplify management, and provide an unmatched speed of correction. These will be huge benefits for contemporary businesses as new technology never wears out and can operate continuously 24 hours a day. Let's instead delegate what we don't want to do to technology and focus on more important challenges.
Minimizing manual communication and maximizing digitalization can greatly reduce the chances of mishandling information.
Antbuildz.com is the largest B2B rental platform in the region. We make your rental as easy as just a few clicks.
We know what it's like to transit since we were the first in South East Asia to do so, and breaking away from the norm is never easy. Keep in mind that growth is an uncomfortable process. You can trust Antbuildz.com to lead you through this digital revolution, and together we can enhance rental efficiency and contribute to a more sustainable future.
Antbuildz is one of our portfolio startups in Plug and Play APAC. As an in-house venture capital, our goal is to fund the teams that are building the defensible businesses of the future. By leveraging our capital, our network of VCs, and our corporate partners, we give our portfolio companies an added advantage. Find out more here!
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