PHILADELPHIA and NEW ORLEANS (PRWEB) February 21, 2018
Renterval LLC, a leader in rental technology that enables companies to benefit from the growth of the sharing economy, today announced the launch of Renterval for Retail at the American Rental Association Rental Show 2018 in New Orleans. Renterval for Retail delivers an easy way for traditional retailers to capture unrealized growth by renting products or equipment that is otherwise idle, under-used and well-suited for fractional (i.e., temporary) usage.
Renterval leveraged its industry-leading rental technology and decade of experience serving traditional rental stores to create Renterval for Retail. This proven technology complements retailers’ current systems and sales channels while providing everything needed to establish and manage a successful rental operation.
“Renterval for Retail allows traditional retail companies to easily tap into unrealized growth opportunities,” said Andrew Chambers, Founder of Renterval LLC. “Adding a rental component encourages customers to make additional purchases because they are able to rent their intended item at a lower cost while also attracting new budget-friendly customers who would not otherwise consider buying.”
In addition to bringing a retailer a new revenue stream, adding a rental component also benefits the existing retail business by creating increased customer visits, improved customer loyalty and differentiation from competitors.
Finding the Right Technology Necessary to Adding a Rental Component
Historically, if a retail store wanted to add a rental component to their existing business, they would be forced to operate two different systems. For instance, when a point of sale (POS) system records a transaction, it simply reduces the inventory by the quantity purchased. Renterval for Retail complements a retail outlet’s existing POS system because it manages the unique rental inventory path, providing retailers with an easy way to manage both sales and rental inventory from one system. Capabilities of Renterval for Retail include:
- Rental technology that ties into a retailer’s existing POS system
- Instantaneous inventory management that provides scheduling and return capabilities
- An online storefront that enables customers to rent items from anywhere using their smartphone, tablet or computer
- A communication suite that sends text alerts and rental details to customers
- Custom receipting that looks and feels like the retailer’s existing brand and includes purchase price, sales tax, discounts, delivery charges and rental terms and conditions
A System to Execute Both Rental and Retail
BOOtique Costumes, a Halloween store based outside of Houston, TX, added Renterval for Retail for the 2017 season. After spending years researching systems that would eliminate their outdated, paper-based rental inventory system, BOOtique finally discovered Renterval for Retail, which was able to combine their sales and rental inventory into one unified system.
“Renterval for Retail really cared about providing the complete capabilities and infrastructure needed to accurately track our inventory, whether it is being sold or rented, and ultimately helped us grow our business,” said Luke Cheatham, Owner of BOOtique Costumes. “By adding Renterval for Retail, we’re able to provide our customers with an overall better customer experience because they can now rent from us online and get their costume shipped to them, or they can pick-up and drop-off at any of our multiple locations. We would not have been able to do this without Renterval for Retail’s commitment to providing us with the best rental and inventory management technology available.”
About Renterval LLC
Since 2008, Renterval LLC has provided rental technology to traditional rental companies and helped businesses find new growth opportunities by making idle or underused assets available for rent. By enabling the capabilities required to establish and manage a successful rental business, such as scheduling and item exchange, Renterval LLC helps retailers increase customer visits, promote loyalty, boost revenue and make the most of the vast sharing economy. Learn more at https://renterval.com/.