Car Rental Industry
Car rental business is expected to grow from US$ 51.2 billion in 2014 to US$ 106 billion by 2020. It is of a significant business value for any car rental company to plan in advance and capture the major market share of the expected growth.
Though providing a wide range of cars, promotional deals and support are important pillars for a successful car rental company, the key to stay at the top is by gaining customer satisfaction. Customer satisfaction will, eventually, lead to customer retention.
The customers, who come to rent a car, are either Corporate Business Groups or individuals. While the corporate customers want a quick turnaround time, and are concerned about getting valuable services without spending much time when renting a car, the residential customers look for cost effective solutions i.e. resist any extra money spent (apart from the rent charges) on availing the service.
For all customers, the issues that they face are mostly similar. Some of the issues that arise are:
- Disagreement between company and customers on the damage amount settlement.
- Huge costs incurred on printers, papers and document storage by the car rental companies.
- Poor and labor intensive tracking process due to the absence of online records.
The issues can be addressed with a mobility solution that will create a win-win situation for, both, the car rental company and the customers.
Transforming your Rental Business through Mobile Application
Enabling mobility is the latest trend in all industries. For example: you can provide a vehicle checklist mobile application for recording the Check-in and Check-out transactions which will, further, help the vehicle dispatcher to record the processes, online. This can, significantly, abate the issues faced by any car rental company. The car checklist application can, not only, provide a significant ROI, within a small period of time, but also reduce the Total cost of ownership (TCO) of any company. This can be mainly achieved due to the wide acceptability of smartphones and BYOD adoption.
Useful Features in a Rental Mobile Application
Some of the key features which are useful, to be enabled in rental mobile application are:
Observing the success patterns and change in customer behavior in other industries such as e-commerce, banking, travel etc., it has become imperative for the companies to mobilize or automate their manual paper-based processes, to compete with the players in the market. A further delay, in taking the decision, can be detrimental for any company. Customer retention is more important than customer acquisition. As per, Lee Resource Inc, attracting new customers will cost your company 5 times more than keeping an existing customer.
Are you using a mobile vehicle checklist app? How useful is it for you?
Business Analyst/Scrum Master, RapidValue Solutions