With the New Year upon us, determined individuals are making health-related goals left and right; Forbes research found that 48 percent of New Year’s resolutions centered on improving health. Now is the perfect time for retail businesses selling exercise equipment to seize the opportunity to engage with this audience.
In this United Consumer Financial Services blog post, we’ll explore the practical advantages of incorporating consumer financing into your operations. From customized financing options to increasing average order values, let’s explore how embracing consumer financing can impact your bottom line and enhance your standing in this market.
Empower Shoppers to Make Their Purchase (and Start Chasing Fitness Goals) Today
The start of a new year signals new beginnings all around, including for people exploring new exercise routines –– some for the first time! With many New Year’s goals and resolutions revolving around health and fitness, exercise equipment sales will increase. There isn’t a better time to market your inventory to the eager and enthusiastic audience ready to make a positive change for their health.
Offering consumer financing empowers shoppers to choose the equipment they want and bring it home today. As exercise enthusiasts and novices alike lay out new workout plans and fitness pursuits, they need the right equipment to help them achieve their goals.
But for many consumers, new exercise equipment is financially out of reach. Research from Bankrate found that 22 percent of U.S. adults don’t have any cash reserves in their checking or savings accounts. With many Americans struggling to save, expendable income is low, and purchasing fitness equipment falls to the bottom of the priority list.
But when your retail business offers consumer financing options, you can help your customers prioritize what matters most: their health. Flexible payment plans allow shoppers to buy the equipment they want and repay their loan over time in scheduled, affordable installments.
You can make equipment accessible and affordable and help your customers start the New Year working toward their health goals. They don’t have to wait, and they don’t have to settle. Consumer financing increases purchasing power and allows you to capitalize on the unique energy surrounding New Year’s resolutions and health and fitness goals.
Help Customers Upgrade Equipment Purchases
As consumers explore equipment options, they’re met with a seemingly endless list of fitness equipment. But all shoppers have one thing in common: they want the best product at the best value. However, budget constraints can limit consumer choice when shopping for exercise equipment. Some shoppers feel they can’t afford the fitness equipment they want without payment flexibility. But consumer financing puts more power and choice in the hands of your customers.
Because consumer financing breaks down big-ticket prices into affordable loans repaid over time, shoppers can confidently choose the pieces they want, knowing they can complete monthly payments without jeopardizing their planned spending and budgets.
And because the lump sum purchase payment is spread out over many months, your customers can easily upgrade their equipment choices to bring home the model they want without wondering how they will pay for it.
Sell a Gym’s Worth of Equipment
In addition to empowering shoppers to upgrade their exercise equipment purchases, financing options also allow customers to increase the volume of equipment they buy.
When individuals work to save up for a cash payment for their fitness equipment, they might only be able to purchase one or two items at a time. But with consumer financing, they can buy a whole gym’s worth of equipment and bring it home the same day.
Customers don’t have to wait until they’ve saved lump sum cash or pay with a credit card to begin their new fitness routines. Because of the flexibility and affordability offered by consumer financing, you can sell a new gym full of fitness equipment to your customers at a price point that works for their budgets. Financing allows shoppers to buy more of what they want, and retailers benefit from increased average order values.
Streamline Financing to Sell to a Broader Customer Base
Outfitting a home gym can be accessible to nearly all your customers, even if they don’t have access to a credit card or savings to pay for their fitness equipment upfront at the time of purchase. Financing options allow you to serve the broadest customer base possible, removing financial obstacles preventing shoppers from visiting your store and purchasing the pieces they want.
Partnering with a financing firm like United Consumer Financial Services allows you to offer point-of-sale financing that shoppers know they can trust. Making customers aware of their financing options from the beginning instills confidence and helps them see they can freely shop your store, knowing they can take advantage of payment plans that fit their monthly spending goals.
Increasing your customer base is central to selling more fitness equipment in 2024. Consumer financing streamlines purchases and makes shopping for high-value fitness equipment possible for the customers who walk through your doors.
Strengthen Customer Bonds for Long-Term Revenue
Fitness and health are lifelong pursuits. While many people use the fresh start of a new year to embark on health-related lifestyle changes, taking care of your body is a never-ending journey. That means your customers will return to you for future exercise equipment and fitness product needs.
Simple, straightforward financing helps you attract more customers, provide a positive buying experience, and retain those customers long-term. When shoppers know they can come to your retail business and have flexible, affordable payment options, they’ll return repeatedly as new equipment needs arise.
Increase Exercise Equipment Sales with Financing Solutions Built for All
There’s no better time to focus your efforts on increasing exercise equipment sales. At United Consumer Financial Services, we know that making big-ticket items accessible is the key to selling more and providing customer experiences that increase your long-term revenue.
If you’re ready to sell more fitness equipment, contact the team at UCFS today to learn how offering consumer financing will help.