Common Retail Finance Challenges and How to Overcome Them
Retail is a challenging, fascinating, and often extremely rewarding field. The challenges retail business owners face do vary depending on vertical, but there are some common challenges that almost any retailer will face – and some smart ways of addressing those challenges, including the use of FormPiper as a complete consumer – finance automation solution.
But before we cover the solution to those common challenges – the FormPiper solution – let’s discuss some of the challenges themselves. Here are five common retail finance challenges – and how to overcome them.
#1 – Sales Breakdown
At the end of the day, you need your sales team to deliver excellence during every customer interaction. If they aren’t offering consumer financing as an option to every customer, every time, or if they aren’t framing that offer correctly, then your consumer finance program is in trouble from the start.
#2 – A Gap in the Customer Relationship
This challenge relates directly to the first one. Without a proper understanding of consumer finance, or an understanding of how it can meet their needs and help them get the product or service they’re looking for, your customers won’t see the value in your consumer finance program, and you won’t build stronger relationships with them based on that value. One of the best benefits of retail finance is that relationship-building aspect, so if you aren’t delivering on this front, then your program as a whole is in dire straits.
#3 – A Slow and Laborious Finance Application Process
You can offer financing to every customer, every time, and have the best service in the world, but if your finance application process is obnoxiously slow due to duplicate data entry during the application process, you could still lose your customer’s interest – and the sale.
#4 – Weak Reporting
Without proper reporting to help you understand the performance of your consumer finance program, you won’t be able to improve it. In many ways, reporting is foundational to your success across your retail business, and that is absolutely the case when it comes to retail finance, too.
#5 – A Lack of Help
Many retail business owners end up feeling like they have to go at it alone when it comes to consumer finance. Many can’t find a solution that truly levels up their finance program, or that adds value to their business, and that lack of specialized support can be discouraging.
The FormPiper Solution
The good news is that these challenges are not insurmountable. With FormPiper on your side, you’ll have strong reporting that will enable you to identify gaps in your finance strategy – lenders and team members alike – and make adjustments as needed. You’ll add convenience and value for your customers by making the application process a breeze – and more secure to boot. That will in turn, help strengthen your relationship with your customers.
What’s more, you’ll speed up the application process by eliminating duplicate data entry; FormPiper allows you to transmit customer data to multiple forms with a click of a button. You will also enjoy robust, easy-to-access reporting on a convenient dashboard, which will enable you to make even more changes to improve your business.
Finally, you will get the help you need to make your consumer finance program the best it can be with convenient managed and self-managed services from the team at FormPiper, which is just as customer-oriented as you are.
Retail finance can be challenging, and some days will be better than others. But with FormPiper on your side, you’ll see more good days, more closed deals, and more revenue over time. It’s a challenge-solving solution and the perfect way to give your consumer finance program an extreme makeover.