In today's fast-paced eCommerce environment, giving customers a choice for how they pay is essential to the success of any business. This couldn't be more true for sports stores.
One way to keep ahead of the competition involves using retail finance, which offers an advantage for merchants with its ability to improve sales, customer satisfaction and overall brand loyalty. With that in mind, here are five reasons your sports store should go to the max with retail finance options.
1) Boost sales by offering more payment flexibility
Retail finance provides numerous benefits, including increased sales, thanks to improved payment flexibility for your customers. It works across a range of sports and leisure stores, whether you're selling exercise equipment or sporting accessories like fishing equipment or water sports gear.
By letting customers spread payments over time, you can empower them to buy the items they desire, large or small. Not to mention that giving customers more control over their purchases with flexible payment options is more likely to lead to increased satisfaction and repeat business.
2) Gain a competitive advantage in the market
Plenty of sports stores offer a range of payments, but how flexible are their options? By providing retail finance, such as buy now pay later and monthly instalments, your sports store can gain a competitive advantage with payment methods that are in demand from shoppers.
The more finance options you use, the more attractive you'll be to customers looking for flexible payment options to spread the cost of their purchases. As a result, your sports store can be seen as a retail leader that offers convenience and flexibility to its customers.
3) Increase customer loyalty
Increase customer loyalty by giving shoppers more control over their finances and making it easier for them to make purchases. Different retail finance options allow customers to spread their payments over time in a way that suits them. This can help make larger purchases more affordable, increasing average order size (AOV) for your business and building customer loyalty.
If customers know you offer their preferred payment method, they will likely use your store for repeat purchases. Using a mix of secure payment options will help shoppers feel valued, leading them to show their appreciation by becoming regulars at your sports store thanks to the convenience on offer.
4) Improve cart abandonment metrics
According to a report by Baymard Institute, the average cart abandonment rate is 70%. That means only 30% of shoppers are converting. Retail finance helps reduce this rate by giving customers more flexibility and control over their finances and removing friction from the buying process, making it easier to complete purchases.
Seeing their preferred payment method at checkout makes them more likely to complete the purchase. You can improve the overall shopping experience and increase customer purchasing power, reducing cart abandonment in the process.
5) Win more customers through higher acceptance rates
By offering finance options that are supported by a multi-lender solution, not only can you make the checkout process more convenient and increase the chances of customers completing their purchases, but you can boost acceptance rates of those applying.
Using a retail finance provider like Deko means you can benefit from a panel of lenders with a range of risk appetites. Subsequently, your sports retail store can say 'yes' to more applicants, which increases the number of customers shopping with you.
Retail finance with Deko
Empower your shoppers to purchase with ease using Deko's range of retail finance solutions. Our innovative platform offers seamless integration with popular eCommerce platforms, such as Shopify and Magento, and even provides bespoke options for specific needs. Get started and offer your customers a more comprehensive range of payment choices for your sports store.
With Deko, you can also enjoy the advantage of multi-lender financing. In case a customer isn't approved for financing by one lender, they will automatically be redirected to the next one in the background, increasing their chances of approval. Offer your customers the peace of mind they need to make purchases with confidence.
1-0 to retail finance
Retail finance options provide a significant advantage for sports and leisure stores, as they increase sales, attract new customers, and help streamline the payment process. If your store isn’t already offering finance, it might just be time to get off the bench and implement different options to give your customers more choice and control at checkout.