The holiday season is the most hectic and exciting time of the year for both you and your customers.
We want to guarantee you will have the best return on your marketing, sales, and consumer financing options this year. While the busyness of the holiday season never changes, organizing and planning for successful retail sales should always be a priority.
Layaway is an option 30% of shoppers plan to use this season, up from 25% last year. Most shoppers (66%) say they intend to use credit to buy holiday gifts, seeking to earn rewards.1 These numbers are great for your business, and extremely important when approaching your holiday strategy. Here are 3 reasons why investing in consumer financing this holiday season is the best option for you and your business:
Marketing Response Rates
By promoting your financing options, you are guaranteed to see an increased marketing response rate. The holiday season is all about having the best deal. Whether your consumers have been spending the entire year buying the perfect gifts, or rushing to get through their lists at the last second, they are all looking for the best price on their purchase. By promoting consumer financing options along with your product sale pricing, your marketing will have a high return. Your customers are Internet-savvy and will have already compared prices and drilled down to the best deal long before they walk through your door. Will you be able to provide them with the best financing and close the deal?
In-store Sales
Along with online sales, in-store sales are a great example of how consumer financing can benefit your retail operation. During the holiday season, people are ready to shop and they want the best price possible. Consumers are spending more money this year than last, so allowing them to defer payments with various in-store consumer-financing options will only increase in-store sales. Virtual shopping is not the only reason to have a powerful online presence when it comes to consumer financing options. Consumers may prefer to print coupons online and purchase in-store – another way technology influences in-store sales.
Consumer Financing Options Equal Happiness
According to Synchrony’s Financial Holiday Study, online sales represent a growing share of total spending, but stores remain the primary purchase channel for the vast majority of holiday shoppers. More than 60% of gift buyers report holiday shopping is still more fun for them in the stores, and 23% appreciate the unique seasonal spirit offered in-store.1 Whether online or in store, there isn’t anything more disappointing for a consumer than finding the perfect gift, but not being able to make the purchase. Allowing various options for financing the holiday purchases is going to increase your overall consumer happiness. This is of course influential for the holiday season, but also year-round. If you allow financing once, those consumers are more than likely returning for future purchases.
1 2016 Synchrony Financial Holiday Study, conducted Sept. 30 – Oct. 3, 2016, by RTi Research.