The history of the online marketplace

Renting has been a business model since time began with horses, carriages and chariots hired out in return for payment or favours. The earliest example of car rental is in 1904; it is Joe Saunders of Nebraska, USA who is generally accredited with having founded the first ever car rental business, he hired out one Model T Ford in 1916 and by the following year his Ford Livery Company was renting out 18 Model T’s at ten cents per mile. By 1926, Saunders’ company had expanded to 56 cities and was an early indicator of the rapid growth that the hire industry would experience.

The online marketplace is a relatively new term, with the exact definition being ‘an e-commerce site where product and inventory information is provided by multiple third parties.’ Essentially, a marketplace acts as the middle man, dealing with queries; the retailers or wholesalers that operate within the marketplace deal with the inventory distribution.

For the companies selling through a marketplace such as erento, it can offer a cost-effective way to build an online presence and tap into the enormous revenue potential that the internet now offers. The opportunities available online have seen the growth in such marketplaces which have been developed often to help busy buyers with a quick one-stop solution for their needs.

Antique Car

This year, online marketplace erento celebrates its 10th anniversary and is an example of how far online marketplaces have come. It began in 2003 when Chris Moller could not find beer tent furniture for hire and so with help from Uwe Kampschulte founded erento. A decade on and the company now has over a million rental items online and every two minutes an enquiry is made through its website.

If you’re looking to grow your rental business, then why not experience the benefits of an online marketplace and join erento?