Are you interested in building a web3 based car rental marketplace? Moving forward and establishing a full-fledged business in this niche requires a lot of awareness, which is somehow lacking among many modern entrepreneurs. Entrepreneurs' primary reason for exploring this field is its growing popularity. The car rental marketplace offers swift transactions and reduced service costs, advantageous to both users and providers. Before understanding this business in detail, let's get into the basics;
What Is A Web3 Car Rental Marketplace?
It is an decentralized car rental platform that permits the users to rent out a car whenever they require and that too of their own choice via web3 platform. The services being offered via an rental web3 dApp are very much authentic and budget-friendly. The interface is flawless, and the services provided are attainable. One can check the real worth of car rental market by having a look at the statistics below;
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B2C web3 car rental marketplace: In this type of car rental marketplace, the businesses rent their cars straightly to their customers. Such a prototype is immensely adaptable as it offers round trips (back and forth), unilateral drive from one station to another and free-floating trips(no fixed station).
P2P web3 car rental marketplaces: In this type of marketplace, the car owners share their vehicles with the individuals who are in need of it. This type of renting process exists for a brief period of time. That's probably the best way to make money. The most appreciable thing is that there is no need for any arbitrator.
For better understanding, let's have a deeper look at the business models;
This business type has three types of models i.e., business owner, car owner, and Renter. An outline of this P2P model is shown below;
The car rental marketplace owner removes a small portion of the commission from the total rental fee charged by the car owner.
In the car rental marketplace, the owner can charge individuals for exhibiting their cars in featured paid listings.
The owner curates various subscription packages to create multi-tier subscription packages for the consumers. Additionally, several benefits and perks are provided to the consumers for the charges offered every month.
There is the availability of third-party product promotions by paying the owner a certain amount of money.
The add-on services like vehicle cleaning, vehicle insurance, on-road assistance, etc, are provided by the marketplace owner.
We are leading blockchain based/web3 car rental marketplace development company. Car rental business has potential to generate great ROI.
There is the availability of the advance booking through the calendar, where there are magnificent time and date selection components. Multiple setting criteria are available such as minimum rental duration, buffer state for vehicle upkeep, and controlled delivery period. There are dedicated alternatives for rental period start and end dates with exceptionally high-octane settings. These options are essential as they accurately compute the timing of the car accessibility to the Rentee on the required date.
Users are a fan of seamless search filters. They want a convenient element to get through the whole website. Some of the top class features are choosing the car type, distance, fuel type, pricing, servicing, engine, car type, etc. The add-on attributes of the P2P car rental marketplace for rentees are GPS tracking and four wheel drive(4WD) that boost all the wheels equivalently. These search filters help the users get what they want in a quick time, and also it has been successful in lowering the bounce rate.
One of the most futuristic qualities that are not being allocated by most of the car rental websites is the comparing factor.This comparison option is an advanced feature that not many marketplaces provide. At the time of renting, it aids the rentees to have an expeditious differentiation of consumer-chosen vehicles in a table format. This car rental marketplace has the ability to flaunt the correlation of up to four vehicles. This provides ease to the users by helping them out with the prime choices to upgrade the customer experience.
There are times when rentees require the vehicle for extra days. For that, they need to contact the car owners. Now, it is nearly impossible for the owners to manually pick up the calls. Therefore there is a dedicated feature that comes in addition to the advanced booking calendar. Here, the user can see if the vehicle is available for the forthcoming days or not. And if the dates are available, then the rental duration can be extended.
To solve customers' problems, the chart support feature is very necessary. In addition to the chat support for the rentees, the problem-solving characteristic is also important. The users really appreciate real-time technical support. To obtain the trust of the users, it's better to build comprehensive chat support that has everything related to the FAQ and customer support services with instantaneous chat availability.
Business model of B2C Car Rental Marketplace Model
In the B2C car rental marketplace model, the business owners list their commercial vehicles for rent. Here, there is a disadvantage for the customers, as they don't get to interact with the main party. The technical support service providers all the communication-related stuff. The vehicles are made available to the consumers for a brief period of time. They also charge hefty rental charges with fixed amounts for an increased time.
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Monetize a car rental marketplace
The process of earning revenue from the car rental marketplace needs adequate precision. The core thing is that no compromise should be made on the client's service. Hence, balancing both things is the hardest part. Now, if the application already has an inherent payment option from where the transaction takes place, then the commission is the only way to take in the revenue. The commission-based monetization method is highly expandable and can somewhat work to any extent. The other benefits of monetizing a car rental marketplace are obtaining extra charges on delivery, protection plans, supplementary mileage, etc.
Cognizance of car rental marketplace development is required to check the end-user demands. Various factors are responsible for the popularity of the car rental marketplace, such as diminished carbon impact leading to a greener environment and enlarging global preference for a basic lifestyle. This Car Rental Marketplace Model has been exposed to massive success and will continue to do so in the upcoming years. The car rental marketplace does not require a pricey outlay. One just needs to know where the investment needs to be done with appropriate tech stack and amazing custom designing.
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