Thinking of starting a laundry business? One of the first things you need to do is to understand the trends in the industry, including those we’ll be talking about in this article.
- Cashless Payments
With the constant need to innovate and adapt to the changing economy, especially as a consequence of the pandemic, businesses are moving towards a cashless society. This change does not spare the laundry industry. Many are now offering cashless payments to minimize human contact while also elevating customer service. Card terminals can be installed in machines for self-service laundry, which is a step-up from the traditional coin-operated machine. From PayPal to cryptocurrency, businesses should consider other ways to accept electronic payments.
- Venture Capital Funding
Laundry businesses are capital-intensive, especially if you want to invest in top-notch equipment and a great location. To fund your business, there are venture capitalists focusing on the laundry industry, including Clean Venture. The latter is a strategic investor with almost three decades of experience. They have a large network of industry affiliates with combined revenue of over $70 million. Venture funders can help disrupt growth-stage companies by providing the money it needs for the business to set itself apart from the competition.
- Digital Marketing
Marketing can make or break your business. With this, it is important to explore the most effective channels for promoting your laundry company. Among others, consider tapping digital marketing. From building a website to using social media platforms, this marketing approach will help you reach more people at a fraction of a cost compared to what you will be spending on traditional advertising.
- Water Recycling
Like many businesses, the laundry industry is confronted with increasing pressure to go green. One of the best ways to do this is through water recycling. A good solution is ozone treatment technology, which destroys bacteria in recycled water by up to 3,000 times quicker compared to using chlorine bleach. Greywater recycling is also popular, which allows businesses to use water from washing clothes for other purposes, such as in a toilet flush.
- Elevated Service
This is especially a growing trend in self-service laundry businesses. By elevating service, it is possible to create a more meaningful experience, which will drive loyalty and profitability. A good way to do this is to have onsite food and beverage, board games, televisions, and internet, among other things. These will keep the customers busy and entertained while they are waiting for their laundry to finish.
- Mobile Apps
Many laundry businesses are also developing their respective mobile applications, making it easier to connect to customers. The app can function as an effective marketing tool. More so, customers can use the app to request laundry services, including pickup. Plus, the app can be used for monitoring the progress of the laundry.
From cashless payments to mobile apps, this article listed some of the most important trends in the laundry industry. Consider these things to help you start on the right foot and build a profitable business.