By allowing customers to pay for furniture on a monthly basis instead of upfront, MAKAN has been able to carve a niche in the market and attract a growing customer base. As the demand for their services increased, MAKAN needed a reliable and efficient financing solution to expand their furniture inventory and boost customer acquisition.
The Challenge: Navigating Expansion
As a furniture rental business, MAKAN required upfront capital to purchase new furniture items to meet the increasing demand from customers who preferred to lease furniture on a monthly basis. Traditional financing options were often slow and cumbersome, potentially hindering MAKAN's ability to respond quickly to market demands and seize growth opportunities.
The Solution: erad's Accelerating Impact
MAKAN discovered the perfect financing partner in erad. With erad's onboarding process and data format adaptability, securing funds became a hassle-free experience for MAKAN.
Quick Onboarding Process
MAKAN's journey with erad began with a remarkably swift onboarding process that took only 6 hours from the initial application to the approval of the loan. This rapid onboarding allowed MAKAN to expedite their plans and swiftly proceed with their expansion initiatives without any unnecessary delays.
MAKAN enjoyed consistent and open communication throughout the financing process, closely engaging with the erad team.
Utilization of Funds and Results
With erad's financing support, MAKAN strategically allocated the funds to inventory expansion, a decision that had a significant positive impact on their business. Here's a closer look at how this investment in inventory led to tangible results:
Inventory Expansion: MAKAN used a portion of the funds to bolster their furniture inventory, ensuring they had an extensive and diverse range of furniture options available for customers to rent. This move not only met existing customer demands but also enabled MAKAN to attract new customers with an appealing selection of furniture pieces.
Boost in Revenue: Expanding their furniture variety translated directly into higher revenue for MAKAN. With an extensive range of furniture options, customers had more choices to suit their preferences and budgets, resulting in a noticeable uptick in revenue.
Prepared for Growth: A strong inventory foundation sets the stage for future growth. MAKAN is now better equipped to handle increased demand, a crucial aspect for long-term expansion.
Future Growth and erad Partnership
MAKAN's furniture rental business has achieved substantial growth. With their enhanced capacity to serve customers and attract new ones, MAKAN aims to further leverage their partnership with erad in the future. The founders of MAKAN emphasized the pivotal role of financing within their furniture rental model and stressed that the right financing partner is essential for executing their growth strategy.
"As a furniture rental model, financing is at the core of our value proposition. Having the right financing partner is therefore key to keep growing, and this is how we plan to leverage our partnership with erad in the future." - Youssef Sekkat, Co-Founder.
As MAKAN continues to expand and scale their operations, they recognize that having a reliable financing partner like erad is essential to maintain their momentum and meet the evolving needs of their customer base. erad's swift and efficient financing solutions have positioned MAKAN for continued success and competitiveness in the dynamic furniture rental market.
The quick onboarding process, efficient loan approval, and excellent communication with erad have empowered MAKAN's growth and fueled a remarkable increase in growth. As MAKAN looks ahead to the future, they are confident in their ability to sustain growth and success with erad as their trusted financing partner.