Retailers have seen some turbulent times of late, with coronavirus playing a big part in declining sales with some stores struggling to survive in a hostile climate.
All is not lost though, and the retail market is proving it is a tough survivor. Point-of-sale (POS) finance is one option in helping retailers to improve their sales.
How point-of-sale finance can help
With the constantly evolving marketplace as well as shoppers’ changing habits, affordability plays a large part of being able to buy that sofa you have been hankering for or the latest 4k tv on the market.
With other household bills taking up a large portion of the family income, it is sometimes not possible for someone to buy these items outright and this is where POS finance comes in.
POS finance allows a customer to purchase a retail item and choose a payment plan that suits them.
Interest free credit options
Some payment plans offer 0% interest free credit if the purchase is fully paid off in under a year for example.
Offering this type of finance package can help a retailer in many ways. Some of these are listed below:
- Boosting retail sales – If a retailer is looking to increase sales on a particular product, offering an interest free option at the shopping basket can help to boost sales of this product be it a popular seasonal product of part of a discounted offer.
- Increase customer satisfaction with a retailer’s brand – There’s nothing like a happy customer and if they are pleased with the wide range of payment solutions a retailer offers including interest free credit, they are more likely to shop with them in the future or recommend them to friends or family.
- Increased likelihood of purchasing more items – If a customer realises that thanks to the offer of interest free credit, they can now afford to put more items into their basket as part of the finance package it can help a retailer sell more items and may also attract a returning customer.
Getting ahead of the competition
For a retailer to gain the foothold in the marketplace, it is important to offer a range of payment solutions that appeal to and suit a wide range of shopper demographics. Being the only retailer to offer interest free credit payments on the latest gaming console for example will increase the chances of a sale on this item and help to hold off the competition.
This is why it is important for retailers to study the market and work with a finance lender who can offer the services they require.
Buyline have worked in the retail market since our inception and have helped businesses to make the most out of their payment options to ensure a wide range of consumer needs are met.
Feel free to view our case study of a recent success story with one of our retail Business Partners, and then get in touch with us to learn more about how we could help your business and your customers.