As the purchasing power of the millennials increases, so does their preference for the experience economy. There is a widespread notion that experiences are much more valuable than material possessions, especially amongst the millennials.
The boat rental industry is a major beneficiary of this changing customer preference. The boat rental business has proven its worth as a resilient business as even during the COVID-19 pandemic, the industry was able to thrive as people think of it as a safe means of leisure travel.
According to Bryan Petro, the COO of online boat rental marketplace GetMyboat, many people discovered the thrill of boating for the first time during the pandemic. According to Bryan, there was a 39 times increase in the demand for boat renting during the pandemic.
The renewed interest in boating and the high profit-making potential of the boat rental industry attracts several new players towards the industry.
This blog will look at the various aspects that will help aspiring entrepreneurs set up their own boat-yacht rental mobile app solution.
Market potential
Identifying the market potential is a critical phase of market research before building a boat rental app. There is a vast untapped potential in the boat rental industry by choosing the best mobile app development company. According to a forecast, the U.S. recreational boat market will grow at a CAGR of 4.5% by 2024. Another statistic suggests that the Global Yacht Charter market is expected to reach $27.8 billion in the luxury segment by 2027 at a CAGR of 15%.
Benefits of taking boat rental business online
The business to provide an online boat rental service is booming due to some inherent benefits it provides compared to the offline model. We have mentioned below some of the significant benefits that the online boat booking business offers.
More options
While planning a boat trip, one of the significant hassles consumers face is the lack of options. Not every tourist has extensive knowledge about the different types of boats, and not every boat can meet the needs of the passengers. Another hurdle is the unavailability of the crew. The boat enthusiasts have to check different options for renting a boat by calling every boat renting agency, which is a tedious task. A business providing boat booking services online can remove this hurdle by allowing boat lovers to filter out the best boat according to their requirements.
An online boat rental booking service will help the tourists book the boat of their choice, whether it’s a party yacht, a honeymoon cruiser, or an adventure sailing boat.
The benefits of an online boat rental service are not just limited to the people who rent the boats, but the boat owners also stand to gain a lot from the online boat rental service. The boat owners won’t need to advertise on multiple platforms to rent out their boats. Through the boat rental mobile application, the boat owners would easily connect with the users.
Better management of boats
An application for boat reservation can prove to be a booking rental app like Airbnb for boats. It is much easier to manage the listed boats and provide their trip details to the users on an online platform instead of offline mode. The backend of the boat rental mobile app solution will collect, categorize, and store all the data related to the boats securely, making it easily accessible to the administrators. The admins will get a dashboard where they can view and check all the comprehensive details of every boat rental, reducing the workload of the admins substantially.
24 x 7 booking available
While the offline boat rental services work only during working hours, the users can book a boat through a boat rental platform 24×7. This boat rental system feature maximizes sales as the booking hours to rent a boat are not limited.
Cuts manual workload
Boat rental and yacht management software solutions will eliminate a lot of manual workloads and optimize customer service. In addition, online booking apps for Boat & Yacht Charters will ensure that all the bookings are in sync and are updated in real-time, providing the required information to the users immediately.
Turn your boat rental business idea into a tangible solution.
Most Popular businesses in the boat rental industry
A few key players in the online boat rental market dominate the boat rental industry currently. Aspiring entrepreneurs willing to develop a boat and yacht rental app need to know about the competition they will face in this market.
Boatsetter
Boatsetter is a peer-to-peer boat-sharing platform that allows boat owners to connect with the people who want to rent boats. Started in 2012, the company was one of the pioneers of online boat renting in the USA.
GetMyboat
GetMyboat boasts of being the world’s largest boat rental and charter marketplace. The portal has more than 140,000 boats on offer and caters to clients in more than 186 countries worldwide.
Click & Boat
Click and Boat is a Paris-based online boat rental company. Set up in 2013, the company now has 35,000 boats registered on its platform. Click & Boat has more than 400,000 users globally and is one of the fastest-growing startups in Europe.
Zizooboats
Zizooboats is a Berlin-based boat rental startup and leading boat holiday platform inspired by the French marine explorer Jacques Cousteau. Zizooboats has 21,000 boats registered on its portal, and the company currently serves more than 500 locations worldwide.
How much does it cost to develop a boat rental solution?
One of the most important questions that budding entrepreneurs need to address is the cost of developing a boat rental app. The boat rental app development cost will depend on the features that one wants to implement, the UI/UX of the application, and the location of the mobile app developers.
For instance, a basic solution will cost much less than an advanced solution with features like real-time boat tracking, cloud integration, CRM integration, and push notifications. The location of the online boat rental solution development company will also have an overbearing effect on the cost of mobile app development. For example, a firm based in North America will charge 3-5 times more than one in India.
Depending on the complexity of the custom boat rental mobile app and the location of the developers, a boat rental app development can cost anything between $12,000- $100,000. So first, contact a top boat rental app development company and request a quote.
Monetization strategies for an online Boat/Yacht rental business
Entrepreneurs would like to assess the monetization opportunities from a boat or yacht rental app before they invest so much effort and money in developing the app for boat reservation services.
Here are the primary monetization strategies for the best boat renting apps.
Commissions
Like a taxi booking app, the top online boat renting business can charge the boat renters a particular commission amount depending on the type of boat or yacht. For Example, Business owners can charge 5% on a small boat that is less than 16 meters and charge 10% for a Luxury Yacht that is more than 24 meters.
Featured Listing
Most boat or yacht owners would be more than willing to go for featured listings to get more business. Featured listings will distinguish the boat owners from the competition and help them increase their revenue. The owners of the boat rental platform can charge fees depending upon the type of listing.
Advertisement
Advertisements on the Boat Rental and Yacht Charter booking platforms can prove a decent revenue source. The boat rental business owners can easily get ads from boat makers, boat accessories sellers, and lifestyle product sellers. The business owners can charge for advertising according to the number of hits/app downloads that the business can garner.
eCommerce Integration
The boat booking app owners can tie up with various businesses and sell their wares on the application. Many boating-related businesses would be interested in gaining boating enthusiasts’ attention and would love to partner with a platform that provides them with this opportunity. eCommerce integration can prove to be tricky, and a good boat rental app development service provider can help you mitigate the challenge.
Continue reading: How to take a Boat Rental Business online? A Comprehensive Guide for Entrepreneurs
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