There is no dearth of peer-to-peer marketplaces, however, when it comes to music equipment and instrument renting portal, there are not many names to list. But that will all change quickly given the rising demand for this service-driven largely by the success of the sharing economy.
One of the leading players in this booming market, SparkPlug claims to have increased its business presence in 70 US cities and 8 other countries within one year of its launch. That speaks volumes not just about SparkPlug but the demand for P2P Music Instrument Rental Marketplace
After noticing the growth of different businesses in this segment, FATbit team set about analyzing the business model and the website features essential to run a P2P music instrument rental marketplace.
Read on to learn our findings and insights into this increasingly popular niche of the sharing economy.
Music Gear & Equipment Rental Business Model
P2P marketplaces are a product of the sharing economy where consumers can rent products and services instead of buying them. The concept has been applied across different verticles and, as a result, we have Airbnb for renting homes, Spinlister for renting bikes, sites for renting computer games and more.
Amid a growing trend of renting overselling, a platform for renting expensive music equipment makes perfect sense. It works on the pretext of helping musicians and artists make money off their idle musical instruments and equipment, while letting other musicians use the same instruments for gigs, practice, and recording.
Revenue Generation Model
So, how does a peer to peer Music Instrument Rental Portal work and make money?
The website serves as a common platform for renters and lenders. Anyone can list an instrument on the portal, and anyone can rent a listed instrument, gear or space. Here is how things will work on your P2P music instrument rental marketplace:
- Musicians browse instruments/gear/space listed on the site with their hourly/weekly/monthly rental rates.
- They select the equipment for rent and specify the booking duration.
- The owner receives and approves the equipment rental request.
- After 24 hours of booking, the owner receives the money adjusted by commission deduction through the website.
- The renter returns the equipment to the owner at the end of the booking period.
- Marketplace owners could include a premium ‘Featured/Popular Instruments’ section and invite vendors to have their products listed for maximum views.
- Another channel to create a revenue stream can be through subscription plans designed by factoring the different needs of vendors and renters.
This is basically how the business model of a Music Instrument Rental Marketplace works. Now, let’s take a look at the essential website features and how to implement them to attract more users.
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Before we dive into the critical features and functionalities of the site, let’s first quickly take an overview of the basic features for building a peer-to-peer eCommerce portal.
How it works section to help new website visitors understand how to use the platform. (Create separate ‘How It Works’ sections for renting and listing instruments)
- A search tool box with appropriate filtering and sorting options
- ‘How It Works’ section, since the marketplace is relatively new and unknown to a good part of internet audience (Create separate ‘How It Works’ sections for renting and listing instruments)
- A common login/sign up channel for all userssince anyone can rent or list instruments
- Secure payment gateway, with a plugin that can handle different currencies, especially if you are planning to launch your business in more than one country.
- Admin controls:
– Manage instrument listing, images, and reviews
– Manage user accounts
– Verify instrument listing
– Update website – content, blog, and basic navigation management
– Manage payment gateway for different currencies
– Site management for specific locations (cities/countries)
– Restore and reset database
Now, let’s explore the website to learn about the crucial features that your P2P music equipment rental marketplace cannot do without.
The website should have a search tool box in the banner of the homepageand on thetop navigation bar of other pages. The search tool box should have following input fields:
- Dropdown field to select instrument/gear category
- Music gear, equipment, or space name
Showing results in thumbnail grid fashion would be a good choice. Within the search result listing, you can offer following features to deliver a rich experience to users:
- Filters based on price
- Wish-list to view or book at a later date
- Social media sharing
- Instrument description, its condition, serial number/brand (if applicable)
Booking an Instrument
Users can rent an instrument by visiting the instrument page. Apart from the renting option, users should be provided following options on the instrument page:
- Pricing options
- Availability, delivery/pickup options
- Owner’s details and option to connect to him through the website
- Detailed instrument description, availability in calendar view, and location in map view
On clicking the rent button, users should be taken to the checkout page, which should ask them the payment details. To bring transparency to your platform, you can show how much commission you would be earning from the rental.
Listing a Music Instrument
Only registered users should be able to list their instruments, equipment and spaces on the rental marketplace. The option should be provided on the homepage, as well as inside the user profile. The listing process should also be simple. Here are the steps you need to include in the listing process:
- Choose whether the listed item is an instrument, gear or space
- Select a category & subcategory related to the item (for instance, for an electric guitar, user will first choose the instrument, then guitar, then electric guitar)
- Instrument description, it’s condition, serial number/brand (if applicable)
- Pricing details (hourly/weekly/monthly), as well as details regarding availability/pickup options
- Picture of instrument/equipment
- Verification by verifying email address and phone number
In order to ensure the reliability of your peer-to-peer music instrument platform, you must include the verification step in the marketplace while building it.
Safe Rental Guarantee
Much can be done to create a safe rental environment on your website besides including the verification step in the listing process. Here are some insights that we gathered by studying other P2P music instrument rental platforms:
As the site owner, you shouldhold a certain percent of the equipment value from renters’ account to compensate the damages to the instrument (in case any). The remaining amount should be credited back to the renters on the completion of the rental. If the damage is severe, under your site policies, the renter should be liable to pay the amount. Additionally, your peer-to-peer music gear sharing platform should also have a refund policy in case of thecancellationof thereservation.
User Profile Options
User dashboard should be nicely packed with all the necessary options. From within the dashboard, users should be ableto:
- View reservations, messages, and wishlist
- Check & manage instrument listing
- Connect website account with Facebook account
- Do account & profile settings
Music Instrument Store Listing
By inviting offline instrument stores to list their instruments on the marketplace, you will not only be able to expand yourlisting, but will also open up new revenue channels for your website. Music stores can list their inventory or selected instruments and gears under a subscription program.
The site can also put a limit to the number of instruments an individual can list without needing to apply for the subscription. This way, it can keep its P2P marketplace separate from music store listing, as currently there are many music store owners who list their instruments just as other individuals.
The demand for P2P Music Instrument Rental Marketplace is bound to go up. Considering there aren’t many platforms serving this demand, aspiring entrepreneurs can have a successful startup if they choose to build a marketplace with above-mentioned features and recommendations.
Yo!Rent is an eCommerce platform to build a peer-to-peer rental marketplace or storefront for music equipment and more. To get more details, visit Yo!Rent or send your queries here.
What is a rental marketplace? A rental marketplace is a platform where individuals or companies can rent different types of goods from one another. The best-known example is Airbnb. Since Airbnb first started, the popularity of peer-to-peer rental has skyrocketed.
- eBay. Ebay.com is a trusted platform for selling music equipment. ...
- Craigslist. ...
- Trading Post Sites. ...
- Going Mobile: Mobile Apps that Can Help You Sell Locally. ...
- Brick-and-Mortar Musical Instrument Stores.
5 Quick Tips for Sell Your Gear Fast
- Take high-quality photos. ...
- Include clear, descriptive details. ...
- Include a video. ...
- Price your gear accordingly. ...
- Gradually price drop.
A peer-to-peer marketplace is a model where individuals trade goods or services with each other. This type of platform allows users to act as lenders, renters, or both. Inventory-based business models dominated the rental market for a while, but P2P is a rapidly rising alternative with several advantages.
- Want to set up a rental website and online bookings in one place? Start your free trial of Checkfront today? ...
- Find a web hosting provider. ...
- Register a domain name. ...
- Add copy to each page. ...
- Make your website attractive. ...
- Build your products. ...
- Organize your inventory. ...
- Create a booking form.
Use a Music Distributor
Distributors such as TuneCore or CD Baby will do all of the hard work for you. Upload your music to these sites, and they'll distribute your tracks to all of the major download and streaming platforms worldwide, including iTunes, Amazon, and Spotify.
eBay, Reverb.com, Facebook and Craigslist are four of the most popular platforms to buy and sell used music gear online. Chances are you've heard of all of these, but you might not be 100% sure which is the best platform in terms of ease of use, safety and getting the best price.
- Your own website. As a first step in selling your music online, make a website for your music. ...
- Digital music stores. Streaming platforms are a popular way to consume music, but don't miss out on selling your music online through digital retailers. ...
- Bandcamp. ...
- SoundCloud. ...
- Streaming platforms.
- Get Started. Click the Sell Your Gear button in the upper right-hand corner of the site.
- Add Basic Information. Fill out the single-page listing form to get your item up on Reverb and sold quickly. ...
- Photos. ...
- Add a Description. ...
- Shipping Details. ...
- Return Policy. ...
- Save & Review Your Listing.
Reverb Selling Fee
There is a 5% selling fee for every item sold on Reverb. There are no fees for creating a new listing or removing a listing if it has not sold. This fee is assessed off of the total sale amount (including shipping).
How much does Music Go Round pay? The average Music Go Round salary ranges from approximately $41,942 per year for a Sales Associate to $41,942 per year for a Sales Associate. The average Music Go Round hourly pay ranges from approximately $20 per hour for a Sales Associate to $20 per hour for a Sales Associate.
- Find and validate your P2P marketplace idea.
- Nail the P2P business model.
- Identify the core P2P features.
- Build your MVP.
- Learn from your early audience & grow.
A B2B marketplace is an online platform that helps businesses to connect with customers in other organizations in order to conduct buying and selling activities. These transactions are usually bulk transactions for large quantities of goods.
Peer-to-peer (P2P) is a decentralized communications model in which each party has the same capabilities and either party can initiate a communication session.
The short-term vacation rental market is growing every year. If you want to stand out in this crowded market, a website is a really great thing to have. Having a website separates you from a sea of vacation rental properties and gives the impression that you're serious–that you know what you're doing.
Guesty pricing is not publicly available, but they charge between 2% and 5% on all bookings.
Airbnb is the top trusted vacation rental site and one of the most recognizable vacation rental brands. It offers hosts the opportunity to make money from listing their short-term rental properties and experiences. It has the largest community of vacation rental hosts.
Guitar Center offers up to 60% of the market value for used gear, which is reasonably good. You just need to walk in with your instrument or gear and have it evaluated by a member of the staff. They offer cash up to $1000 and a check for higher amounts.
There are many options for selling used trumpets online. There might be dozen of different ways to sell it online. However, the most popular ones are famous marketplaces like eBay, Craigslist, Amazon, and Facebook Marketplace. More specialized online marketplaces like Reverb, are also getting more popular these days.
The Blue Book is one of several respected pricing guides that can help you determine the general value of your guitar, depending on its overall condition and playability. You can find the Blue Book online and search it for free at bluebookofguitarvalues.com.
Used student clarinet prices can range greatly from around $25 to $700, depending mostly on its condition, material, and brand. For comparison, the price of a new student clarinet can vary from $250 to $1000, depending on the brand, the model, and its material.