How to Earn More Revenue with your Rental Business on Shopify

The first thing that you can do is to upsell when the customer is making a booking on your website for renting the product. This could be by offering them a discount on the product if they book for longer on a short term lease. Or if they’re renting something that is very high value, then you might want to offer them some kind of insurance or protection from damage.

Another option is to cross-sell to the customer. For instance, if they rent a car for you because they’re touring your area while on holiday, you can link up to local tourist attractions and get them to buy tickets through you. Sometimes you can get a commission for selling tickets to events with other companies.

Or you might want to sell other rental products. For instance, a bike hire company can rent out safety equipment like helmets, elbow and knee pads, etc. Try to think outside the box and get more items that you can sell or rent out in addition to your main products.

Another option is to have affiliate marketing on your website. This is where you create a link to another business and if the visitor to your website clicks through and makes a purchase you can get a commission. It is a completely new business model to your rental business, but it can add revenue to you.

To succeed at affiliate marketing you need to create a lot of content. You should be creating at least 15 posts per month, if not more.

Finally, you can sell some of your assets off at the end of their life as a second-hand objects. While it would have a lower value than if it were new, if it has already earned more than its value during its use with your previous customers, then what you’re going to get is pure profit.

Many rental businesses with cars, bikes and electronic equipment already use this system on their former equipment.