In an economy where consumers are constantly tightening their belts, allocating resources toward premium mattresses can fall to the bottom of the priority list. However, when mattress retailers offer affordable payment options, luxury sleep systems can be accessible even to the most budget-conscious shoppers.
The right consumer financing program can help mattress retailers increase hybrid bed sales, upsell adjustable bases and smart sleep systems, and more, all while boosting cash flow and growing the business. Implementing consumer financing empowers shoppers to enjoy a premium mattress without feeling the burden of premium upfront costs — a win-win for both buyer and seller.
Why Financing Matters for Mattress Retailers
If consumers are getting eight hours of sleep each night, then they’re spending a third of their lives on their mattresses. It’s likely the most used piece of furniture in their homes, and it directly affects the quality of their sleep and their overall health and well-being.
A premium mattress is an investment in health, but many shoppers see it first as a huge financial investment. Even though a better mattress facilitates higher-quality sleep, the financial obstacles of purchasing a quality product over a cheap substitute prevent consumers from buying the mattress they want and need.
Offering consumer financing options helps mattress retailers overcome the most pressing consumer pain point: cost. The average price of premium mattresses can range from $2,000 to upwards of $5,000. Many shoppers struggle to justify spending thousands on a mattress when other financial obligations may seem more pressing or important.
By providing affordable, accessible payment plans, retailers can attract comfort-seeking shoppers with payment solutions that not only meet consumer needs but also help increase mattress sales. Buyers expect flexible payment options across industries, especially for big-ticket purchases. Offering financing through a trusted partner like United Consumer Financial Services aligns mattress buying with familiar retail experiences, streamlining the purchase process and helping mattress retailers close more sales.
Benefits of Offering Financing for Premium Mattress Sales
Consumers benefit from accessible financing, low monthly payments, competitive interest rates, and the increased purchasing power that these options afford. But shoppers aren’t the only beneficiaries of a robust consumer financing program. Mattress retailers can see significant upticks in customer engagement, sales, and profits when they partner with a proven financing firm like UCFS.
Below are just a few of the benefits of offering financing for premium mattress sales.
Push Luxury Sleep Systems
Consumers in the market for a new mattress have virtually unlimited choices. Today, the options go beyond a simple mattress to include luxury sleep systems that cater not only to firmness preferences but also temperature, ergonomic positioning, sleep tracking, and more.
These systems boast features that can totally transform the user’s sleep quality and, as a result, their quality of life. But because the pricing reflects the quality of these products, many shoppers feel like a luxury system is financially out of reach.
By offering consumer financing for high-end mattresses and sleep systems, retailers increase the accessibility and affordability of these products, boosting sales. Breaking down a lump sum cost of thousands of dollars into low monthly payments helps shoppers see that your products are affordable. Financing empowers customers to choose the ideal luxury system that meets their wants and needs, allowing them to purchase and schedule delivery –– and better sleep –– on the same day.
Facilitate Faster Mattress Sales
Because the price of high-end mattresses typically runs thousands of dollars, consumers must weigh their purchase options and often feel stuck between the following:
- Paying in cash, which means postponing the purchase for months while they save.
- Charging the mattress to a credit card, which often comes with impossibly high interest rates that can add hundreds of dollars to an already high-cost purchase. (Think Synchrony – with possibly 30%+ APR/interest rates.)
Consumer financing is the third and better option. When retailers partner with the right financing firm, they can facilitate faster, more affordable purchases, increasing luxury mattress and high-end sleep system purchases.
United Consumer Financial Services takes a mobile-first approach to mattress financing, streamlining the application, approval, and sale process. Your customers can apply online from a phone or business tablet in just a few minutes. The furniture retailer can even set up a computer in their store for customers to apply in the store. UCFS promptly sends a credit decision. From there, both parties sign the contract, and shoppers can proceed with their purchase.
Payment options matter. When you provide shoppers with affordable, streamlined financing options, you expedite the sales process, increase average order values, and boost revenue.
Broaden Your Customer Base
Many consumers lack the financial resources to purchase a new high-end sleep system. They don’t want to deplete their savings or risk disrupting their planned monthly spending to bring home a new mattress. Traditionally, budget-conscious consumers have opted for standard mattresses, foregoing premium options in favor of more affordable sets.
However, with consumer financing options, all shoppers –– even those with less-than-ideal credit or limited cash –– can prioritize both affordability and quality. UCFS offers financing programs with high approval rates, enabling mattress retailers to expand their customer base. Inclusive approval rates lead to higher financing adoption, which in turn enables increased sales –– and upsells –– of premium mattresses, adjustable bases, temperature-controlled systems, and relevant cross-sells like luxury bedding and pillows.
Choosing the Right Financing Partner for Your Mattress Store / Furniture Store
When presented with affordable financing options, consumers can make informed decisions about their mattress choices and proceed more quickly to purchase. Predictable, consistent monthly payments help customers manage their finances and reduce the stress associated with a large, single purchase. Choosing the right financing partner for your mattress store is crucial to ensuring a positive customer experience that leads to a sale.
A Marmon company, a division of Berkshire Hathaway, United Consumer Financial Services brings industry-specific financing experience to your mattress store. For over 45 years, we’ve been providing our clients with the training, resources, and support necessary to deliver affordable financing solutions that help them increase sales and grow their businesses.
Becoming a merchant with us is simple, and you can start boosting mattress sales today. Contact UCFS today to learn more about how to promote premium mattress sales with financing options tailored to your business.
