As our inflationary economy continues to struggle, with trends tipping us towards a recession (if we aren’t already there), many retailers are anticipating a serious sales slump. The Federal Reserve is raising interest rates and ultimately reducing consumer buying power in an attempt to tamp down spiraling inflation. And their efforts will, no doubt, gradually drain many consumers’ savings accounts in the process.
On the surface, there is no doubt reason to be concerned that customers will be slow to make certain retail purchases during this period, particularly large ones, such as furniture or jewelry. But smart retailers aren’t giving up on these customers; they’re doubling down on providing ways for them to make the purchases they want to make. Consumer financing is playing a critical part in that effort.
How Consumer Financing Empowers the Customer
Put yourself in the shoes of a customer who is struggling in the current economy. They walk into a retail business with a desire to make a purchase, but perhaps they lack the means or a plan to do that. By offering consumer financing to every customer, every time, your sales team can provide customers with a plan for making their purchase. They can then apply for financing via a process enhanced through a robust automation solution like FormPiper, and, upon approval, they will have received the means to make their purchase.
Consumer financing, in that sense, is the rare factor that is on the consumer’s side in this economy. It is putting power back on their side and giving them flexibility and capability when it comes to purchasing their desired products or services. But, of course, financing does more than empower customers; it also strengthens the position of the retailers who serve them.
Boost Your Sales Through Consumer Financing
It’s a simple equation: More customers making more purchases means more revenue for your business. At a time when sales can be at a premium, you need to secure every possible sale more than ever. Take advantage of the FormPiper solution to make your consumer financing process the best it can be. Instruct your team members to offer financing as an option to every customer every time. Build lasting relationships with your customers, founded on the mutual trust that financing can help establish.
The economy may not recover any time soon. But by following these simple steps, you’ll put your business in a good position to make the most of a difficult situation. While other businesses accept the sales slump, you can give your sales a shot in the arm with a new-and-improved consumer finance program enhanced by FormPiper. Take the lemons this economy is giving you and make lemonade with a strong consumer financing program that puts your customers first.
