The European Rental Association (ERA) has released a new study, The impact of digitalisation in the equipment rental industry report, which aims to raise awareness among all rental companies in Europe, including SMEs and national associations, about the challenges of digitalisation and provide elements of best practice on the journey to a successful digital transformation.
The report answers critical questions related to digitalisation in the rental industry, provides a window into how companies are leading the transformation, highlights the opportunities and threats that digitalisation poses, and provides practical advice and guidance for businesses to meet the challenge of digitalisation.
Michel Petitjean, secretary general of ERA, says: “Digitalisation is transforming the commercial landscape for rental companies, with implications for their sales, marketing, operations, asset management, business models and more. With this report, we hope to give the rental industry a resource of real value for understanding and navigating this transformation.”
The report notes that digital ‘pure play solutions’ have been struggling to gain ground; however, hybrid solutions which combine multiple channels (digital, phone, depot) have been gaining ground.
“The view formed during the research process for this report is that large rental companies with a market-leading digitally enabled offer and digital-enabled propositions will continue to dominate the major customer segment, platforms will take share from large rental companies in the mid- and craftsmen segments and also take share from SME companies in the craftsmen and mid-market segments.
“The future is already happening now – the asset rental market is already transforming into asset rental and service provision driven by customer demand, regulation and supplier push,” according to the report.
The project was led by the ERA Future Group, which brings together young managers from rental companies to provide insight and vision on strategic issues. It was carried out by epi Consulting, an award-winning international sustainability, strategy and innovation consultancy based in the UK.
Access the full report here.