"What happens when the products come back from rental?” Probably the most important question when building up a rental or subscription offer. circuly, a subscription management software dedicated to product-as-a-service, now supports you in the process and makes it easy to operate your return handling.
😣 The Problem: the products come back after the rental period!
Renting out products is the ideal way to generate additional revenue by answering the changing customer demand towards access over ownership. Companies which are implementing such business models are also aware of that, however, we always received the same question: “What happens when the products come back?”
Everyone in E-Commerce and Logistics knows that it is a real pain to manage returns and process them accordingly. If you know what I am talking about, you will probably get a headache right now, thinking about the fact that ALL rented products are likely to come back at some point.
If that is not processed in a professional manner, you are lost between your parcels.
🙈 The Implications: a mess in spreadsheets
If you are operating a rental business, Excel Spreadsheets are likely to be your best friend when it comes to product and refurbishing tracking. Good choice for the beginning, but once growing the business, you will notice that it gets super messy and hard to keep track of all processes.
And if you do not have a rental business yet, these questions are probably overwhelming. Trust me, you do not want this to be the burden why you put that great business idea back to “nah - maybe later”:
- What should I do when products come back to my warehouse?
- How do I refurbish them or make them look nice, to rent them out again?
- How do I get that damn thing back in my stock? Manually?
- How do I keep track of all the refurbishing I have done on my products and
- Where do I log the costs for that?
🥳 The Solution: digital return handing support
With the new digital return handling and repair support feature from circuly, you are now able to easily manage all your returns. Having an overview of all products that come back from rental was never easier. You can also pre-define individual processes to perfectly picture your refurbishing and repair process. Losing track of your costs will not be an issue anymore, as you can log every penny that went into one product on a serial number basis. This helps to follow along with each individual product over its whole life cycle and derive detailed statistics on the performance of your products; how much revenue did you get from one product? How many rental cycles did it survive? Or how much money was needed for the repairs? With the direct connection to your webshop, the available stock is always up to date in real-time and your customers know when the products are available for rental.
If you want to know more, contact us for your demo access to check out the new features!