The party rental industry is estimated to be worth over $6 billion and growing. Still, manual processes can lead to inefficiencies that can hurt profits. Rentrax is changing the game with comprehensive rental management software that streamlines operations, increases productivity, and helps businesses increase sales. This innovative platform offers various features designed specifically for your industry, including online reservations & payments, pricing automation, inventory tracking & forecasting tools, customer relationship management (CRM) capabilities, and more – all accessible from any device.
With Rentrax’s cloud-based technology solutions, users have seen up to a 40% reduction in time spent on administrative tasks and a 20% increase in revenue generated per event. So it’s no wonder many leading companies turn to Rentrax for their business needs!
Party rental industry trend in the US from 2013 to 2023
The party supply rental industry in the US has experienced strong growth from 2013 to 2023. According to reports, revenue for the industry increased by an estimated 4.4% annually during this period, reaching a total of $5.8 billion in 2023. This growth was driven largely by increasing demand for catering and event planning services and increased disposable income.
The party supply industry is expected to experience further growth in the coming years, with an estimated compound annual growth rate (CAGR) of 10% expected from 2020 to 2023.
This upward trend is largely due to the growing demand for professional event planning services and more people accessing disposable income. In addition, the popularity of birthdays and other social events has increased since 2013. Therefore, it is expected to remain steady in the coming years.
Understanding Rentrax Software and its Benefits for Your Business
Rentrax is a comprehensive rental management software designed specifically for the party rental industry that provides businesses with various features to streamline operations and increase profits. The platform offers online reservation & payment capabilities, pricing automation, inventory tracking & forecasting tools, customer relationship management (CRM) functions, and more – all accessible from any device.
Additionally, Rentrax offers reporting & analytics tools to help you monitor and track performance and automated marketing campaigns that allow you to reach new customers quickly and easily.
Using Rentrax’s software solutions can provide your business with several benefits. These include improved customer service levels, increased operations efficiency, better inventory management control, and more revenue per event. In addition, Rentrax can help you to increase customer engagement and loyalty with its CRM tools.
Tips for Maintaining Inventory Levels
Keeping your inventory levels up-to-date is essential for any business in the rental industry. To ensure this, Rentrax offers several features to help you track and forecast inventory levels for short- and long-term projections. Additionally, the platform provides automated notifications that alert you when stock is low or needs replenishing. This helps reduce the risk of running out of essential items for your events.
Automate Pricing and Quoting Processes
Rentrax also automates the pricing and quoting process to help you save time and increase accuracy in pricing quotes. Using rules-based technology, you can easily set up automated discounts or apply seasonal rates with just a few clicks. This allows you to quickly generate itemized and accurate quotes for clients, which can help to increase sales.
Using the System to Track Orders Automatically
Rentrax’s tracking capabilities make staying organized and on top of orders easy. For example, automated notifications alert you when an order is received, when payment has been completed, or if there are any delays in the delivery process. This feature gives you peace of mind that your orders are tracked and managed efficiently. In addition, the system can send notifications to customers to remind them about their order status updates.
Analyzing Customer Data to Improve Services
Rentrax also provides powerful reporting and analytics tools to help you gain insights into customer data. This allows you to review sales trends, customer preferences, and more – giving you valuable information that can be used to improve services and increase profits.
The software helps you measure customer performance so that you can focus your efforts on those who are most profitable. It also provides insights into which rental items perform better than others, helping you make informed decisions about inventory management and pricing strategies.
Popular game tables to include in your inventory
In the party rental industry, game tables are an important item in your inventory. This is because they provide guests with entertainment and can help increase sales. People can set up a tournament for prizes or just the thrill of the game for their next event. Popular game tables you could include in your inventory are pool tables, air hockey, foosball, and ping pong – all of which can be tracked with Rentrax software:
Air hockey tables
Air hockey is an exciting, action-packed way to break a sweat! Developed back in 1969 by passionate Brunswick billiards employees, this fast-paced game has since become popular for fun and recreation. This is a popular game in North America. With the rise of hockey leagues, air hockey rental businesses are in high demand.
When shopping for the perfect classic air hockey table, durability should be paramount; look out for sturdy legs with a solid frame—and don’t forget about scoring style – manual or digital? Finally, make sure it looks great – after all, you might have it proudly on display somewhere special!
Rod Hockey Tables
Create a thrilling gaming experience for your customers on a rod hockey table! This game is as exciting as foosball but more compact, making it perfect for four adult players. Also, whether you want to go electric or battery-powered, most tables offer both options – allowing you to pick whichever suits you best for creating fun memories together.
Chess table
Chess is one of the oldest and most revered games in history. Popular worldwide since the 16th century, a classic battle between two opponents to outsmart each other with strategic thinking has held its place throughout time. Primarily made from wood such as mahogany, cedar, or rosewood – chess tables bring an elegance and sophistication that will surely start conversations at parties and gatherings!
Checkers
Checkers is an ancient game of strategy and skill. Simple enough to be enjoyed by adults and children alike, it brings a classic touch to any event. A checkers board only takes up a little space but adds a great talking point. An important factor to consider when selecting a checker’s game table is the material; this should be durable yet attractive to add to the aesthetic of your event.
Foosball table
Foosball is a great way to come together has an enjoyable time. With three categories of tables available – standard, tabletop, or combined – finding the right fit for you isn’t hard at all. Standard foosball is bigger, while table tops are more portable, making them perfect when looking for something easy on the go. Assembly should be no problem, as these handy gaming devices arrive prepped and ready whenever they land! So why not find your modern foosball today? Bring calmness into your event by experiencing unique games that only this special set can provide!
Arcade Classic
Bring the fun of classic arcade games to your next gathering or event! With Rentrax, you can rent out different types of classic arcade machines. From classics like Ms. Pac-Man and Donkey Kong to more modern options such as Street Fighter II and Metal Slug 3 – there is something for everyone. Including an arcade game in your inventory can be a great way to add fun and excitement to any party.
Poker table
Poker is an exciting game many enjoy. However, having the right poker table can take your gaming experience to a new level. From foldable leg models for on-the-go players to roll-up tables or those with permanent legs – there’s something every player needs! In addition, investing in top-quality materials means having a lasting companion for all your tournaments and events. So make sure that when it comes time, pick out the perfect playing platform – don’t be shy about making that investment!
Casino Tables
Casino tables have seen a huge surge in popularity due to the rise of casino games. Three popular game options include Baccarat, Roulette, and Blackjack, all with affordable table sizes ranging from mini-options up. When playing on these tables, people manage payments, monitoring player outcomes while taking their cut if they lose – particularly beneficial in Blackjack!
Backgammon Table
This classic board game has been around for centuries and is suitable for all ages. Traditional four-legged models, which look like regular coffee tables but are slightly taller, are available – or consider purchasing one designed specifically to be easily transported if needed!
Mahjong Table
Mahjong is an ever-popular game, originating near Shanghai, China, in the 1800s. It is easily enjoyed by players of all ages and skill levels—it can even be played with a rug or table. However, to show your commitment to mahjong culture, consider investing in one of many portable mahjong tables now available on the market!
From varying dimensions like mini travel sets for two up through full tournament sizes – these modern takes on classic designs add an extra flair to make every hand more enjoyable and impress your gaming customers!
Pinball Table
Relive the golden age of gaming by investing in a real pinball table! Enjoyable for all ages, playing traditional mechanical pinballs will keep your customers entertained far more than the average video game. You won’t find these pieces of history at retailers; specialty shops are where to go when looking for an authentic experience. Challenge your customers for hours trying to beat that high score on this timeless classic entertainment equipment.
Ping-Pong Table
Ping pong, or table tennis, is a classic game that’s been around since the late 10th century and keeps your mind alert. It requires strategic thinking to win matches and provides an opportunity for physical activity as you burn calories throughout the play. Suppose you decide to buy a ping-pong table. In that case, there are some features ideal ones should possess: The surface thickness should be between 12mm-25mm if wanting the best quality possible; safety locking wheels so small children can stay safe when playing – this makes moving the table far easier too!
Pool Table
Pool originated in France in the 1340s and has since become an immensely popular game, providing physical and mental benefits. If you’re considering a pool table for your event rental business, its structure must be up to par; make sure the legs are sturdy enough to support regular use over time. Additionally, be certain of what size fits best with the available space where you plan on putting it – measure first before any purchase!
Shuffleboard Table
Shuffleboard, a thrilling game that dated back to the 15th century in England and was made popular by American colonists in the 1600s, is now available. Standard shuffleboard tables are 22 feet long and 20 feet wide, but condensed sizes exist, which make them perfect for smaller spaces. When considering what kind of surface best suits your needs, ensure it’s thick (3-inch minimum) with an epoxy or traditional finish – however, if durability is a top priority, then opt for epoxy as it lasts up to three times longer than standard coatings.
Dungeons and Dragons
Unleash your inner storyteller and adventure into the world of Dungeons and Dragons! What began in 1974 as a tabletop game designed by Gary & Dave has become an ever-evolving, captivating journey for kids AND adults, among the other games. Dungeons and Dragons tables should be durable enough to withstand endless hours of play. Yet, portable, so it’s easy to store away afterward – all while creating the look YOU want.
Conclusion
Rentrax is quickly becoming popular among game rental businesses due to its ability to reduce administrative tasks, automate processes and ultimately increase revenues. By implementing Rentrax, party rental businesses saw an impressive 40-50% reduction in time spent on operational tasks for events, leading to 20-30% increases in revenue. With these results, it’s no wonder more companies are turning to Rentrax for their rental management!