retail finance and warranties introduction
PoS displaying warranty costs and retail finance options
increase in average order value when they use finance as a selling tool rather than a simple end-of- sale close. For forward thinking retailers,
today’s all-electronic retail finance applications systems also give scope for innovation such as loyalty schemes and general customer relationship management. Storecards, VIP discount offers and emailed customer newsletters can all be set-up from the database created for the finance application.
While careful attention to opt-in/opt-out conditions is vital in staying compliant with the Data Protection Act the likes of John Lewis, Debenhams and Richer Sounds have built their businesses on these types of customer loyalty scheme.
Selling warranties
The small decline in the warranty market since the recession began disguises a more complex picture sector by sector. The key TV market is 10% down on volume year-on-year, simply reducing the number of products retailers can
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
“Managers and staff can either ”
sell a warranty against. Moreover, endemic price erosion in the TV sector has seen a reduction in the perceived value of a warranty. Conversely this decline has been offset by the strengthening white goods market which continues to see small but steady growth in value and volume.
Just like in the case of retail finance, maximising warranty sales requires embedding the service in the wider business model.
Pay4Later home page, simplifying the process for retailers in store
IndependentElectricalRetailer 20 SalesTrainingGuide12
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