You will always encounter competition regardless of what industry your business is in. The online market has made this more evident through the different in-house financing programs that retailers offer to gain and retain consumers.
Consider an improved consumer financing program to increase leverage and outshine your fellow retailers. It will build up clientele, solidify brand loyalty, and boost sales.
The Cost of In-House Financing
In-house financing programs give your consumers an affordable payment plan as well as a variety of promotion rates. Your retail business will definitely benefit from it, so consider investing in it.
Financing companies offer different costs for financing programs, but they usually boil down to these three: free of charge, discounted rate, and flat rate. Analyze the current financial status and the margins of your business before deciding which one is the most suitable option.
The Reception of an In-House Financing Program
Before implementing an in-house financing program, assess how your target market and existing consumers will receive it.
Consumers are more likely to stick with your brand if your financing solution is affordable and simple. As such, together with your financing company, arrange the best possible rates that you can provide them.
Moreover, as mentioned by Vyze, consumers want a simple checkout process. Arrange your offered program so that it is easily understandable and available across different platforms—from e-commerce stores to pop-up locations.
In-House Financing is Here to Stay
Consumers want a convenient shopping experience, so retailers continue to look for ways that make payment easier for them.
In-house financing is here to stay because it enables consumers to have the goods they want and the services they need through a reasonable payment plan. The consumers may even qualify for promotional rates such as discounted pricing and 0% interest for six months.
A reliable financing program converts site visitors to consumers, hence building up your clientele. Furthermore, it provides affordable payment options that boost your sales and make them more consistent.
Outshine your fellow retailers by offering a consumer financing program that matches the needs of your target market.