When the holiday cheer ends, so does the spending spree and that means that options for finance in retail businesses need to be attractive to consumers.
Between traveling, buying presents, food, and all the other little expenses that come up this time of year, people have put the brakes on their wallets. With money being tight and consumers pinching every penny, small businesses face the ultimate challenge of trying to get people to buy merchandise when they don’t want to spend money. So how do businesses get people to buy during this dry period? Here are a list of ways that businesses can help to motivate consumers to buy merchandise after the holidays.
Offer Flexible Payment Options
With people not wanting to shop as much, it’s important for businesses to get as many people in their doors as they possibly can. One way to do this is by offering more payment options for customers. The more payment options a business has the more customers they will attract. A great way to start this is to check out your competition and see if there is a payment plan that they do not offer. For example, if they don’t accept checks, make sure that your business does.
Another possible option would be to arrange consumer financing and leasing options for big ticket items. Make sure your customers don’t go looking for money when they want to give it to you. By helping customers find the money you help to ensure that it gets to you and not your competitors.
Finance in Retail – Give Customers Incentive
What’s the best way to get customers through your door? Give crazy deals! When you’re dealing with penny squeezer customers the best thing a business can do is offer them a deal they can’t refuse. The deals don’t have to be outrageously good, but they do have to be enticing enough to grab attention. This kind of marketing is especially helpful if a business is struggling to get people through their doors. The more incentive you give your customers to come have a look around, the more likely you are to make a sale.
Replace Cash and Traditional Credit
Going along with flexible payment options, it’s important to look at payment options that are not reliant on just cash or credit. One possible option would be to make a creative installment plan. An in-house installment plan gives your customers the ability to pay over a short period of time without interest being charged. With money being tight during this time of year, people are going to be looking for options like this, so make sure your business is ready to handle it.
During the turn of the holidays, it’s important the businesses stay focused and keep customers coming through their doors. Make sure that as a business you stay up to date on alternate payment options that might benefit your business and give your customers a reason to walk through your doors. By following these finance in retail guidelines, your business is more likely to make it through the penny-pinching season.