retail finance and warranties introduction
Maximising your add-on services
Speed and efficiency are key factors in selling retail finance. In the case of warranties, retail staff training and incentive programmes can produce double- digit sales figures. There is plenty of industry support to help you to take advantage of these opportunities.
In the current economic climate, finance and product protection has never been more popular with consumers. With credit card companies making their 0% offers ever more restrictive and banks reducing overdraft facilities, point of sale credit is enjoying something of a renaissance. Moreover, when cash- strapped consumers have made a major purchase they are keener than ever to ensure the product lasts long into the future, creating a healthy
PoS from Gillman’s in Gloucester with his customised Repair Protection Plan
demand for warranties and service plans. So how can retailers skilled in plying electrical goods best drive sales of these financial services?
Retail finance
With retail finance, speed and efficiency are the watch words. Today’s time pressed customer will simply not hang around in-store filling in paper forms and waiting for a call back from a third party financier. Modern finance applications systems must be online, on time and issue a decision pretty much on demand. All major retail finance providers now offer some form of online application system, with the best capable of complete e-signature sign-off and linking in to your own epos systems to reduce input duplication of customer details. Success in selling PoS finance relies on integrating this service as part of the overall sale. Managers and staff can either view finance as a last-minute offer to clinch a slipping sale, or look at it as a great way of attracting new customers, growing overall sales and increasing average order values. It is no surprise which approach will result in the most business written. A well constructed pitch that incorporates finance and monthly payment details as an integrated part of the sale has been proven time and time again to get customers spending and spending more. One finance provider told IER that its best performing retailers have enjoyed a 40% increase in sales volumes and up to 300%
IndependentElectricalRetailer 18 SalesTrainingGuide12
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