This has paved the way for a new take on rental services. In a very short time, this service has become a trend worldwide, especially among the younger generation, and it is also offered by Inbank. Following the trends, we offer Apple and Samsung device rental in cooperation with iDeal and Euronics, and we are now working actively to make this service available to an even wider range of our partners. The rental service is offered to customers age 21 and over, and our initial data show that the average age of rental customers is 28. Here are some of the advantages of the rental service for the trader.
More product availability
The rental service is intended for higher-priced and faster-developing items, or gadgets, which customers regularly want to replace with newer models. Renting means that the buyer does not buy the goods, but rents them for a certain period and returns them to the trader at the end of the rental period in exchange for a newer model. This means the customer pays monthly service fees instead of the full price of the product upfront, giving the consumer access to more expensive and higher quality products, which I believe is a significant benefit for both the seller and the buyer.
Access to technology and freedom from hassle
The main advantage of renting is the lower monthly fee compared to a standard instalment solution, which allows the customer to obtain a long-awaited gadget. It also makes keeping up to date with technological developments easier thanks to the possibility of an upgrade to the latest generation at the end of the rental period. Another advantage is hassle-free use of the device thanks to services such as insurance, maintenance and repair. These factors foster high customer satisfaction and repeat business.
Greener business and lifestyle
This solution supports the circular economy because the device ends up on the secondary market instead of lying unused or being discarded as waste at the end of the rental period. According to data, there are more than 700 million old cell phones in EU households that are not being used, and on average each person produces 16 kg of electronic waste every year, only 20% of which is recycled.* Maybe your household has one, too? Often, these devices are still repairable and can be used by a consumer who is not so demanding when it comes to technology. This service will appeal to customers who want to live greener and care about environmental sustainability, and give traders a great opportunity to do business in a more environmentally friendly way!
More opportunities to promote your product
Unlike credit products, the rental market is less regulated and restricted, giving you more opportunities to advertise and market your services and reach your target audience more effectively. Our team will provide you with the marketing support you need, as well as knowledge and advice that will boost your sales.
More loyal customers and recurring purchases
Finally, I would like to emphasise that the rental product is an excellent tool for traders to develop customer satisfaction and loyalty programmes. Because the customer returns at the end of the rental period, this gives the trader the opportunity to secure a repeat transaction. For any long-term thinking trader, this is a great opportunity to grow their business by building upsell and cross-sell strategies for their brands.
As CEO of Inbank, I believe that goods rental is the business of the future, with significant benefits for both customers and traders. The sooner you implement it, the more you’ll benefit! Contact Inbank about incorporating rental into your business!
* Directive 2012/19/EU of the European Parliament and of the Council on waste electrical and electronic equipment (WEEE)
