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Layaways Return continued from page 95


trailers outside many U.S. stores, in order to hold toys and electronics until shoppers fi nished paying and picked them up.” In an effort to make the shop-


ping experience fun and affordable once again, retailers are listening to customer requests, innovating for convenience, and testing out new promotional tactics. And before any indies think such a tactic wouldn’t work for them, they have to fi rst con- sider the fact that layaway programs are customizable from start and end date, to products available, to re- quired down payments. A layaway program can be made to fi t your store and your customers’ needs. Creating a layaway plan can be the


best service your store offers, but ac- cording to J.D. Associates, there are a few things to think about:


1) Make sure your retail POS system can track those committed items, so you have them in stock when your customers pick up their layaway.


2) Get a deposit. A percentage of the purchase price is often charged.


3) Make sure you have terms (30, 60 or 90 days), with payments every week or bi-weekly.


4) Are there restrictions on what can be placed on layaway? Put everything in writing. It’s your layaway agree- ment, and it must be clear to you, your staff and the consumer.


5) Will you charge a non-refundable service fee?


6) If the layaway changes in any way, a cancellation fee can be charged. 7) No cash refunds should be given.


FACTORY DIRECT 14K & 18K GOLD LAYERED


ORTOTEX INC.


800-838-5777 213-627-8382


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Highest Quality & Lowest Price In The USA


Any returns should be converted to a gift card or store credit. Whatever you do, it should be easily tracked. That happens most effectively through a retail POS solution.


8) If you sell fi ne jewelry, you may want to extend the terms, as the items are far more expensive than most average inventory.


9) If you offer layaway as a conve- nience to your customers, promote it through in-store signage. You might also want to promote it on high-ticket items.


No one says your layaway plan


needs to follow these guidelines or be a year round offer, but the word “layaway” has doubled in interest among U.S. shoppers, as they face the interest charges on their credit cards. Doubled interest might mean doubled sales. ■


FREE SHIPPING On First Order With a Minimum Purchase of $300


Email: orotexinc@sbcglobal.net 96 April 2012 INDEPENDENTRETAILER


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