A combination of rising home prices, student debt and the delay of millennials to get married or start their own family is fueling market growth for rent-to-own (RTO) furniture companies.
Changing lifestyles and the move towards mass urbanization has created a demand for lightweight multipurpose furniture to suit smaller living spaces. The practice of renting instead of purchasing has proven beneficial for customers because of the lower price and reduced expense.
CHALLENGE: In order to stay competitive, RTO companies need to create larger portfolios that include new designs. In order to satisfy the different generations among baby boomers, millennials and seniors, RTO companies will want to add more items to their inventory to meet all the needs of potential customers. Once leases are up for renewal, customers may want to swap out furniture to coincide with changes in aesthetic tastes and trends. More inventory means more assets in circulation and the management of more complex bookings. Keeping track of the status, utilization and availability of furniture will be significantly helped by the ability to track rented inventory.
SOLUTION: Using GeoTraq’s cellular IoT technology, RTOs can attach Internet of Things (IoT) devices to large furniture items to help keep track of pieces that are leased out to customers. Unlike GPS tracking which can’t identify indoor items or RFID which can only register items within a limited range, Cell-ID can be used to locate items across
the street or in another state. Tracking and monitoring with cellular connectivity allows items to be recovered quickly without the additional costs of replacements or extended legal battles. For companies with multiple warehouses, locating furniture items will no longer have to be such a labor intensive and time-consuming process.