Nothing makes a statement like a standout timepiece, a shiny pair of earrings or a necklace. Shoppers are often willing to pay large sums for the right piece of jewellery or watch. But not everyone is willing to spend it all in one go. This is where finance plays a role, and it can unlock buying power for customers looking for luxury watches, rings, earrings and necklaces.
Read on to find out more about how offering consumer finance can help transform your jewellery and watch store.
Finance makes luxury items more attainable
Jewellery and watches are some of the most popular gift types available and hold a wide-ranging appeal. People from all walks of life and statuses enjoy wearing jewellery and watches, so making them available to the broadest group of shoppers is sensible.
By offering finance, your products become more attainable. Being able to spread the cost of a watch costing a few thousand pounds is more attractive than making the payment in one go. It’s the same with jewellery, and customers can shop more confidently, safe in the knowledge that they can spread the cost over multiple payments.
Consumers have more choices
Shoppers expect variety. Not just with the products they buy but also how they pay for them. Offering finance doesn’t mean every shopper will use it, but having the option gives them more ways to pay and shows that, as a business, you’re thinking about their needs.
Gone are the days when shoppers get to the checkout stage and choose between debit and credit options. Around 37% of Brits have already used buy now pay later (BNPL) products, and the number will only increase as people become more familiar with these alternative payment types that make purchasing higher-priced items more attainable.
You can increase the average order size
Offering alternative payment methods, like BNPL, can be the difference between shoppers buying a cheaper or more expensive watch or piece of jewellery. When customers know they can spread the cost over set instalments, they’re more likely to make a more expensive purchase.
It gives them extra security, as there’s no need to commit the full price upfront. Paying in instalments eases the financial burden and allows shoppers to act more responsibly, budgeting for the amount they need to pay each month. As a result, they feel more empowered when shopping and are comfortable purchasing higher-priced items.
Build trust with shoppers
Whether it’s a gift for someone else or a customer buying items for themselves, watches and jewellery are products people buy more than once. It’s not uncommon to have watch collections or different styles of jewellery. This provides an opportunity for watch and jewellery stores to create repeat customers.
The best way to achieve this is by selling high-quality items and offering excellent customer service. Part of that service should include flexibility in how shoppers pay, whether monthly payments, paying in instalments or digital credit. Giving shoppers additional ways to pay shows that you’re thinking about their needs and can help build customer trust and loyalty.
Appeal to a wide variety of shoppers
Alternative payment methods appeal to younger buying demographics. Millennials are already one of the most important buying generations and have shown their desire to pay for items via different financing types.
Generation Z is also increasing in importance, and they like flexibility when paying for products – especially costly ones like watches and jewellery. By 2027, more than a quarter of the workforce will consist of Gen Z, and their buying power will only increase. By offering flexible payment options at checkout, your business is showing it can meet the needs of modern-day consumers and provide solutions for their buying habits.
A finance solution at your jewellery and watch store
Offering consumer finance is a smart way to increase your reach and satisfy the needs of shoppers. With alternative payment options, customers can enjoy more choices for paying, whether purchasing a Rolex or an expensive piece of jewellery. In today’s shopping landscape, customers want options. With consumer finance, you’re catering to their needs while increasing revenue and selling more items.