Whether for a move, an upgrade, or a change in style, shoppers look to furniture retailers for quality pieces for their homes. Furniture will always be in demand, but it’s the price tag that often hinders purchase. Selling more furniture is a constant goal –– and usually a challenge for retailers. Offering consumer financing is the key.
Read on to explore how to sell more furniture with consumer financing and how choosing the right financing partner can help you increase sales and revenue starting today.
Increase Affordability
Cost is a primary barrier to new furniture purchases. High price tags intimidate budget-conscious shoppers and drive away potential customers. Most homeowners don’t have the ability or even the desire to allocate a lump sum of cash to pay for a new luxury sofa or bedroom set. Another option might be to charge the furniture purchase to a credit card. But because most credit cards come with astronomical interest and revolving debt, which can add hundreds of dollars to the purchase, they aren’t a great choice either.
Affordable, consistent, fair-rate payment plans are the ideal payment method for big-ticket purchases. Consumer financing breaks down high costs into low monthly payments, increasing affordability and accessibility for more shoppers than cash payments, credit cards, or other high-interest payment plans.
Offer Payment Promotions to Attract More Customers
Paying interest is something most shoppers are glad to avoid! Your furniture retail business can offer same-as-cash options to attract shoppers to make their purchase. United Consumer Financial Services offers:
- 90-days, same-as-cash – always included for consumers at no charge to the business
- 180-days, same-as-cash – usually included for consumers at no charge to the business
- 12-months, same-as-cash – sometimes included for consumers at no charge to the business.
The above plans – always, usually and sometimes – are based on the program each business selects for their company. For example: if choosing a program that offers financing to consumers with very high credit quality, the business can offer 12-months same-as-cash at a low fee – or no fee – because the consumers are not high risk. If approving consumer with not so good credit quality, the business might pay a small fee for the same-as-cash program.
With same-as-cash, consumers can avoid interest if they’ve made their minimum monthly payments, and they’ve paid the total balance withing the promotion period. Avoiding interest – is very exciting to make a purchase with monthly payments!
Empower Purchase Today
Shoppers are often intimidated by the high cost of new furniture. Even if they’ve determined to work toward the purchase, many consumers aren’t able to visit your store and buy their new pieces or sets on their timeline. Instead, they must save over time or count the cost of charging the purchase to a credit card. In some cases, the pricing is so far over budget that shoppers decide to forego purchase or settle for secondhand furniture. By providing straightforward, affordable consumer financing plans, furniture retailers empower near-immediate purchase.
United Consumer Financial Services operates with a mobile-first financing approach. Our paperless application takes just a few minutes to complete, and a credit decision is returned quickly, reducing friction and time lapses in the purchase process. Mobile-first financing streamlines the sale, empowering purchase sooner rather than later –– or not at all.
Providing consumer financing for furniture purchases increases affordability, reduces barriers to purchase, and helps customers see they can afford to bring home their new furniture today while paying it off over time.
Increase Purchasing Power
Consumer financing does more than facilitate purchase; it increases consumer purchasing power, allowing them to increase their order values without disrupting their budgets. This is especially helpful in furniture sales when shoppers come in looking to outfit an entire room or even their home. For example, a customer might want to decorate or redecorate a bedroom. Consumer financing options empower them to buy complete sets instead of individual pieces over time. Affordable payment plans help shoppers bring home the furniture they want without feeling like they have to settle for something of lesser value, giving them a great experience with your business.
Promote Sales All Year Long
Furniture is a significant investment. Shoppers often spend thousands of dollars on the right pieces for their space. And because quality furniture usually comes with a high price tag, many consumers wait to buy until a sale comes around. New Year’s, Memorial Day, Fourth of July, and Labor Day, to name a few, are common sales periods for furniture and home furnishing stores. Shoppers know to look for these sales so they can afford the pieces they want without jeopardizing their savings or planned spending. However, with consumer financing, your customers don’t have to wait to purchase the furniture they want and need. And bonus – when shopping during sale period, customer can purchase more pieces using monthly payment plans!
When you offer flexible payment plans, shoppers won’t feel like they need to wait for a sale to buy new furniture. With low payments and consistent rates, shoppers can more easily afford to shop your furniture store when they want.
The right consumer financing program helps you increase sales throughout the year, not just during traditional peak furniture sales seasons.
Improve Customer Confidence
Some shoppers will walk into your store with an open mind, exploring inventory to see if there’s something that catches their eye. Others will come in searching for a specific piece or style. Regardless of what customers are shopping for, you can help them make purchases with confidence by providing flexible payment options.
Consumer financing through UCFS enhances customer confidence from the moment they enter your establishment or visit your website. When shoppers know they can pay for their new furniture over time with low, consistent monthly payments, they are more likely to explore more products, add more pieces to their carts, and proceed with their purchase the same-day.
Financing options eliminate the shopper’s tendency to second-guess their purchase decisions. The ease of consumer financing, combined with increased affordability, enables shoppers to confidently purchase their new furniture without financial regrets.
Create Experiences that Lead to Repeat Business
The customer experience drives both present and future sales. When a shopper can quickly and easily apply –– and receive approval –– for financing, their purchase experience will be less stressful, smoother, and overall more pleasant than attempting the mental gymnastics of evaluating payment with a lump sum of cash or a credit card. With consumer financing options from United Consumer Financial Services, customers can know exactly what they’ll pay each month to bring home their new furniture.
UCFS puts your customers first while creating financing programs that cater to and support your business. Our features include
- Online application and customer portal
- Inclusive approval rates
- Consistent, transparent terms
- Autopay repayment options
These are just a few of the ways our team makes consumer financing simple, accessible, and affordable for your customers. Satisfied shoppers are not only quick to become repeat customers themselves but also act as word-of-mouth advertising for your business. Better experiences lead to more sales, both in the present and in the long term.
Sell More Furniture with UCFS
UCFS is a division of Marmon Holdings, a Berkshire Hathaway company, boasting a decades-long list of happy clients and their satisfied customers. Offering financing for your furniture retail store helps you sell more pieces, enhance the customer experience, and grow your business. Connect with us to discover how easy it is to offer consumer financing and learn how to get started with us today.
