The Growth of the Global Storage Industry
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The self-storage industry, where private storage units such as extra rooms or spaces are rented out to tenants, is a fast-growing sector. The rising urbanisation, the need for home renovation, higher household spending, the use of cloud technology, and the advances in smartphone technology have raised the demand for self-storage facilities.
The following trends present proof that the industry for self-storage has been posting unprecedented growth.
More people use storage websites
The Internet and cloud technology make it easier for people to search for storage via an interactive map; talk directly to the host; book storage spaces; and customise the extra amenities (security, lighting and type) that come with these spaces. The self-storage websites and apps also attract more users.
Residential or urban downsizing
As the population increases, the demand for and prices of real estate properties also rise. As a result, more people can’t afford to buy their own land; thus, resulting in home downsizing in urban areas. However, small houses often lack space or security to keep valuable s secure and intact.
The Use of Automation
An advanced storage facility uses robots or machines to sort, move, accept, and retrieve goods. Automation eliminates the need for manual labour, although people still need to run and oversee these robots. Other self-storage companies use automation to partially or fully automate the management of their onsite properties.
A concession machine such as self-serving kiosks can gather data from the renter, process the payment, and open the storage space. Whilst this may sound cool, automation still has a long way to go to replace humans because robots can't upsell or match human flexibility.
Millennials who use Technology
Millennials drive the growth of online payment systems, digital signatures, Internet of Things, smartphones, tablets, and other modern devices.
The cloud technology
The cloud refers to storage or services you can use anytime and anywhere. Storage services have become popular such as those provided by Dropbox, Google Drive, iCloud, Microsoft, and Amazon. In self-storage, the cloud technology gives both renters and hosts the freedom to share large files such as invoices and photos. It also provides the self-storage industry with a paperless office.
The Use of the Database
Self-storage uses a lot of data to deliver its products and services. These data can include photos, graphics, texts, videos, and sounds that can be integrated in the company's website and database. Databases can store, secure, and organise the organisations data. They can also help one visualise and analyse.
The Internet of Things (IoT)
This refers to the interconnected appliances, vehicles, and computers that use Bluetooth, Wi-Fi, software, and other embedded electronics to connect to the Internet and share data. For example, a fridge with a Nest thermostat that can generate temperature and energy usage info can send them to the internet. Another is a self-driving car that can send real-time speed and location. In the self-storage industry, there are devices like computer-controlled thermostats that manage storage temperature to protect goods sensitive to extremely high and low temperatures.
The Rise of Social Media and OTT
Facebook, Twitter, Instagram, and Vkontakte provide self-storage companies with a platform to market their services and products so they can increase their search engine visibility. Over-the-top (OTT) applications such as WhatsApp and Skype provide companies with a more interactive communication tool in place of landlines and mobile phones.
Monetisation of Idle Buildings and Land
Self-storage companies, which use digital wallets or online payment systems and web platforms, provide people who own a garage or land with passive income opportunities. The owners, also called hosts, can earn money by renting out their spaces to renters. Monetising such properties encourages mutual benefits among the renters, hosts, and the company.
Leveraging on Storage Security Technologies
Radio Frequency Identification or RFID can increase your storage/self-storage security by enabling the tracking of valuables and preventing fraud or theft. RFID contains a chip that can store the owners' data, in turn ensuring that only authorised personnel can move the stored items.
Inventory and ERP Software
Enterprise Resource Planning (ERP) consists of software that can track, store, and retrieve stored data. ERPs can also manage payments, tenant insurance, rentals, text messages, emails, and call centres. Self-Storage Pro, SAP, Space Manager, and ABC Inventory are among the ERP software used in the storage industry.
Need Storage Space?
Spacer, a leader in the self-storage industry, can help you find a storage facility customised to your needs – space for documents, valuables, and even vehicles. Its storage facility uses inventory, pallets, and special containers to keep your things intact and secure. If you are a host, you can earn passive income from renting out your space. Visit Spacer to learn more about its services.