Is Online Equipment Rental becoming the new normal in Post Pandemic?

23 March 2022 – It is only common that there is a need for ASPRI members to require specific equipment for the fulfilment of certain projects. However, purchasing them just to use on a project-by-project basis may not be financially viable. 

As part as ASPRI’s role to facilitate growth opportunities for our members, we were pleased to work with Antbuildz, to organise a webinar about online equipment rental. Antbuildz is an online rental platform that seamlessly connects equipment suppliers and users in just a few clicks. Not only does online equipment rental saves money for businesses, but it makes equipment rental smarter, faster, easier, and safer.

Mr Kek Hean Hooi, CEO of Antbuildz, opened the webinar by explaining that the COVID-19 pandemic has caused the nation’s gross domestic product (GDP) to drop by about 80%. In adherence to safety regulations, businesses that still rely on face-to-face business development are unable to procure new customers. 

Next, Mr Kek shared that for every crisis, there will be new opportunities arising. There are more and more companies adopting Cloud Solutions which digitalises the way they work. The pandemic forced companies to take up technology in a faster pace than ever. Robotic and technology companies are on the rise to try and solve the manpower issues, which makes jobs easier than ever, especially regarding safety management.

Construction equipment rental was estimated to be up to S$500million per annum from small equipment such as forklift and generators to big equipment such as crane. Based on the Mobile Elevated Working Platform, Singapore’s rental market is one of the most matured and competitive rental market in the world. However, the rental process in Singapore is no different as that from a third-world country. He explained the process of the traditional rental process the problems that current renters faced. Equipment suppliers also face unprecedented situations in the current market where they do not have enough technician and marketing professionals to run their business.

Mr Kek strapped on the participant’s thinking cap by asking them to reimagine a better way of rental equipment and asked if they would still want to use the same traditional method of renting equipment three to five years later.

Antbuildz.com is then introduced to the participants with mentions about digitalising the traditional way of rental and seamlessly connect equipment suppliers and users in just a few clicks. Instead of repeating steps to research for a supplier, request for a quotation, and doing a clarification and comparison for every equipment, Antbuildz.com is able to display these information on their webpage more effectively and safely. Online equipment rental is not new in other corner of the world but is new in Southeast Asia, and that Antbuildz.com is the first company to complete a online transaction in Southeast Asia. The adoption of online rental is not about to happen but is already happening in the new normal. Digitalisation of the rental will create a greater sustainable impact on the ecosystem as traditional rental will require companies to print 6-7 papers for a single rental compared to 0 for Antbuildz.com.

Mr Kek ended off by saying that the world is moving ahead, and we cannot be status quo. Companies are quite resistant to digitalisation and he encouraged companies to explore websites on whether digital solutions assist with the day-to-day operations and companies can move on from there. 

For more information, you may refer to the presentation slides here.