Rental Rewind
OpenAI wrote the sum up of Rntr. for 2022… 30 mins & 6 edits later... 😅
That’s a wrap for 2022!
It's been an exciting year here at Rntr. We can't believe it's already 2022! Time flies when you're having fun and making a positive impact in the world.
First off, we want to give a huge shoutout to our brand partners. We started the year with just 6, and now we're thrilled to announce that we've grown to an impressive 20. That's a 300% growth in just 12 months! We couldn't have done it without your support, and we can't wait to see what the rest of the year brings.
We've also had some major achievements that we're really proud of. For starters, we have won not one but 2 awards at Impact X and NORA awards for best sustainable tech solution. This is a huge honor and we're grateful to be recognized for our efforts to reduce textile waste and increase garment utilization.
But it's not just us who are feeling the love - our customers are too! Our top customers have rented more than 4 times in the past 12 months, and 50% of them have never rented from anywhere else. That's a testament to the value and convenience of our service. And get this - 30% of our customers say they would only rent directly from our brand partners. Talk about loyalty!
We've also made some exciting additions to our team. We're thrilled to welcome on board our new CTO and BDM, who have brought a wealth of experience and expertise to the table. We're always looking for ways to improve and innovate, and having these talented individuals on our team helps us do just that.
Speaking of innovation, we've made some major strides in the past year. Our top 10% best rental items have been rented 15-20 times, making an average ROI of 240% on RRP. And our top 5% best items have even gone through both rental and resale, making an average ROI of 267% on RRP - That's more than 2.5 sales from just 1 item! We're helping our brand partners make the most of their inventory, and we're loving it.
But it's not just about the bottom line - we're also focused on making a positive impact in three key areas. First, we're working to increase the utilisation rate on each garment. Second, we're diverting textile waste from landfills. And third, we're increasing the ROI on each garment to replace the need to produce new items. It's a triple win for the environment, our brand partners, and our customers.
And we're not done yet. This year, we launched our resale and repair integration software, which has made it even easier for our brand partners to manage their inventory and make the most of their assets. We're always looking for ways to improve and make things more efficient, and we're excited about the possibilities this new software brings.
Finally, we have some major partnerships to announce in the coming year. We can't reveal any details just yet, but trust us - you won't want to miss it. Stay tuned for more updates and thanks for being a part of the Rntr. family. Here's to an even more successful 2023!
Interested in getting some more info about where the re-commerce industry is headed in 2023 and what steps your brand can take to get involved?
Let’s have a chat.