RentX
Consumer goods are being disposed of, overproduced and underutilized. 1 ) High Initial Cost of Purchasing 2) Maintenance Costs or Repair Bills 3) Higher Utility Costs 4) Financial inadequacy, such as renting a h
Project Title
RentX
Project Area of Specialization
Project Summary
Consumer goods are being disposed of, overproduced and underutilized.
1 ) High Initial Cost of Purchasing
2) Maintenance Costs or Repair Bills
3) Higher Utility Costs
4) Financial inadequacy, such as renting a house when one is unable to buy it.
RentX is a digitized self-rental service which works on a customer to customer phenomenon through e-commerce. Where users can put up consumer goods or products for rent on the platform and those who want to get items on rent without needing to buy them. It's a service which very much resembles the services of OLX but it is rental and you can't buy anything permanently but only for the rented period. Nobody in the world is doing it except for few organizations in India e.g Furlenco: where you can only rent furniture but at RentX users can request items incl automobiles, clothing, furniture, household appliances, houses for rent and even mobile phones. Each and everything can be rented on Rent X and the company doesn't have to pay or put anything on rent. It will work totally on a C2C basis where renters will put their products and the customers will get the products on rent. We have Careem for automobile car service but they don't give you their car to drive it right? On RentX people will put up their cars on rent if they are not using them e.g on weekends most people don't use their car so for some extra buck they can put up their car on rent. We have Zameen.pk for buying of properties and homes but why can't we have a globalized all in one platform where you can get anything on rent you want. On weddings middle-class families do not tend to buy expensive dresses so why can't they rent it easily for a specific amount of time? RentX will be a rental platform for every consumer good available in the market.
Project Objectives
The RentX marketplace (C2C) is a platform for renting goods and services online such as:
1) Real estate
2) Furniture
3) Household goods
4) Expensive clothing
5) Cars and bikes
RentX is specifically solving the problem of buying things permanently and not using them after a specific period. I have many things lying around which I don't even use now and can easily be used by the people who need it. Why waste and throw our products when we can earn money from them? People buy thousands of products just for a limited usage of time and then they keep collecting dust all the time. Every person on this planet needs something for a specific time only except for the things they use every day e.g my friend bought a new camera gear and it's not in his use anymore but he does not want to sell it and that's where RentX steps in and helps him get his camera gear on rent and he will be earning money just by that. Another example is my cousin needed to learn guitar but he did not want to buy it permanently because only for a need of month or two he wouldn't want to invest in it so maybe he should rent his guitar but no store would let him rent it. It's a win-win situation for everybody and it's going to make a change globally because no one is providing stellar all in one solution to this.
Project Implementation Method
Product Technical feasibility and implementation include:
Technologies required: Web Development, REACT JS, Java Spring, VueJS.
Physical location needed.
Payments between the renter and the tenant will be online.
Marketing: Digital and print media. TV ads, Social media, Targeting blogs, Newer trend campaigns.
RentX will be operating through an e-commerce website and a mobile application. Where users will register themselves and put up products on rent. RentX can have a service fee on every product requested or rented by the renter himself and by the customer.
Or we can rely completely upon the advertisements just like OLX.
Target Customers:
Rent X target audience is people who are in-market to rent their products. ( Automobiles, furniture and clothing).
Competitive Advantage:
Fully-Automated, simplified user work-flow, automated Insights, reliable payment gateways. Mobile optimized Solutio, Multiple revenue options.
Estimated Revenue model-1 year:
Google ad sense and pro subscriptions for the initial first year. The aim is to Make $10,000 A Year With Google AdSense: If our average cost per click is $0.25 then we need 10,000/0.25 = 40,000 clicks a year (or approximately 100 clicks a day) to earn $10,000 a year from Google AdSense.
Benefits of the Project
Ecommerce is a trillion-dollar industry growing at a double-digit percentage each year. Pakistan's e-commerce sales in 2017 were $622 million, 0.34% of the retail market, which is doubling every year. It is expected to reach 1 billion US dollars by 2020. 21.8% of the World’s population buys online Men Spend 68% More Online Than Women.
Benefits of this platform include:
No Initial Cost of Purchasing, no maintenance costs or repair Bills, No utility costs and it promotes financial independence, such as renting a house when one is unable to buy it. Renting is good for the environment if products are used more efficiently by maximizing utility rather than being wasted.
Idea Sustainability:
Retail eCommerce sales are expected to surpass 735 billion by 2023. 42% of U.S. consumers have searched and purchased products or services online. Users who click on product recommendations lead to a conversion rate that is 5.5 times higher than non-clicking users. 79% of customers order online via a mobile device.
Technical Details of Final Deliverable
When a user visits any website on a web browser, the web server knows the client is requesting some specific information. So it processes that request and serves the correct files to the client. The web browser then displays these files to the user.
Database System
A database is an integral part of an e-commerce website. Technologies like PHP and MySQL are the communication route between the website and the DBMS (database management system).
Networking
TCP (transfer control protocol) and IP (internet protocol) Common TCP/IP protocols are HTTPS, HTTP, and FTP.
Browser Compatibility
A web browser is a software application that is used to locate, receive and display content received from the web servers.
Domain Names
Domain names link to a company or a brand. If a business becomes successful online, it is important to protect the brand by doing multiple registrations of domain names such as .com, .net, .uk, .org, .co
1: Front End: HTML, CSS, JavaScript, Ajax, JQuery
2: Server Side Scripting: PHP, ASP
3: CMS: WordPress + Woo-commerce, Magento, OpenCart, PrestaShop
4: Database: MySQL, MSSQL
Final Deliverable of the Project
Core Industry
Other Industries
Core Technology
Other Technologies
Sustainable Development Goals
Required Resources
| Item Name | Type | No. of Units | Per Unit Cost (in Rs) | Total (in Rs) |
|---|---|---|---|---|
| AWS Cloud service for an year( 350$)EMR:$48 per Hour | Equipment | 12 | 4800 | 57600 |
| Domain RentX.com.pk | Miscellaneous | 1 | 10000 | 10000 |
| UI figma developer | Equipment | 1 | 10000 | 10000 |
| Total in (Rs) | 77600 |
If you need this project, please contact me on contact@adikhanofficial.com
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