Technology certainly has transformed the way businesses used to operate a decade ago. Be it any sector or niche the technological integration has scaled the businesses to new heights. But why it is that technology has been able to transform the businesses around the world? Well, since a long time the prime motive of technology was to convert complex things into simpler ones. The integration of technology has helped businesses to spend less of a time on complex situations which in the past used to squander lots of effort, time and money but at present assisting business to focus more on productivity, create unique selling proposition and generate revenue.
Because of technology, businesses which were not even thought of are exist today. For instance the clothing rental business which did not literally exist is now a very profitable business looking at the way the demand for rental clothing has grew in metropolitans and even non-metro cities. Technology has helped rental clothing business to reach to potential customers in no time and at the same time has enabled it to transform the complete business process, inventory management and operations.
Before attempting to evaluate how technology has helped clothing rental business to grow in double digits it is important to know the problems clothing rental business encounters in general:
The Tag of Being Non- Existing:
Clothing rental business is not the most in-demand because its business model and customer requirement are different from over the counter shops and traditional clothing business. For many customers the clothing rental business generally don’t exist because the availability factor, easy feasibility and customer service is not advanced enough.
Different Business Concept:
Clothing rental business concept is completely unorthodox. People in need of a special attire for a not so common event are the major customer type the clothing rental business targets. So being an unorthodox business the clothing rental business has to transform its overall approach to reach out to customers but this is not easy without technological intervention.
The biggest challenge clothing rental business faces is with regards to the management of its inventory. The clothing sizes, types of props, casual suits, formal attires to even the not so common dresses have to be managed in all sizes and different colors. The customer generally comes looking for a dress which either he was not been able to find in traditional shops or the dress was more expensive with regards to the number of time or on occasions the customer can wear.
Now coming to how technological advancement has helped clothing rental business to thrive:
1. The one technological tool which has helped clothing rental business is the clothing rental software. With the help of clothing rental software the business can easily sync up all its processes and business operations.
2. The flow of information regarding even the minutest of details make the business owner stay in loop of what is going around and if there is a need to alter anything.
3. The clothing rental software makes it easy to manage inventory and keep a track of clothing on rental, stock available, old inventory which needs to be get rid of, list of not in-demand clothing, types of props need to be ordered and so many other aspects of the inventory management.
4. The customer visit the online store and can certainly know whether the clothing he/she is looking for is available before visiting the physical store.
5. Online store makes it easy for the clothing business to get exposed to a larger audience. Traditional business generally loose on a significant amount of customer because of not existing online.
6. Clothing rental software also helps in swift management of transactions and other financial aspects. This is very vital for the clothing rental business because the clothing price fluctuates a lot regarding the market rate and designer’s costs.
7. With technology the clothing rental business can bring in more visitors and generate better revenue because it can reach out to more shoppers with decent variety for a more extensive appeal.