Shopping online and don’t have enough cash to pay or don’t want to use the plastic money, layaway programs are meant to facilitate such consumers. Such programs are passing through continuous improvements to make them appealing and consumer-friendly. One such move is removing the layaway fee. The best advantage for retailers is they can sell more items, which is a better approach if the business is facing a sharp decline in sales. Buyers shopping with credit card may have to make payments over the years in the form of interest. The only penalty of layaway payment is the canceling fee, which is quite lower.
Other than big names, like Walmart and Toys R Us, small retailers are also thinking about layaway programs. Such programs help building the brand loyalty among customers and attract repeated customers. Deciding about starting such a program needs analysis of your business model, related to revenue system, channels adopted, and cost system. If there is any need of change, make that before the launch of layaway program. Everything should have a perfect fit for sure success.
After analyzing your system and bringing in changes, follow the given below steps to make layaway program successful.
Draft An Agreement
Prepare a detailed document about the program carrying terms and conditions and get that signed from your customers. Include the following details in the agreement:
- Items included in layaway program
- Items’ minimum price
- Available payment modes
- Initial deposit required
- Compulsory service fee
- Cancellation policy
- Refund policy
- Guarantee about lowest price
- Due date for final payment
Get Started With The Program
Once you draft the agreement, start running the program. Market it; spread the word among your circles. As people will start gaining advantage of it, they will share with others and the success story will begin. Make it sure you are dealing with all the matters related to the program smoothly. You can get help from available extensions to implement the program. Magento Partial Payments is one such support to carry on all the tasks related to the program successfully. Listen to the customers’ queries and answer them timely. Resolve any of their issues so that they could carry on happily.
Use All Channels To Promote Your Program
Although, there isn’t any need to promote it separately, but include it in stream of your existing business promotion activities. If there are in store signage or the print advertisements, mention brief detail of the layaway program. Promote it at your existing accounts of social channels like Facebook, Twitter, and Pinterest.
Adjust Inventory According To The Program
Starting layaway program involves inventory changes. If the layaway offer is for items having certain price range, get more stock for those items. To complete the layaway deals, contract your vendors for full support. Make it sure the products are shipped in a timely manner to avoid any inconvenience, which otherwise could affect the success of your layaway program.
Arrange Space To Keep Inventory For Longer
There may be more orders related to layaway program, so be prepared for that. In layaway programs, unless you have items in stock, you can’t offer. You may have to keep the inventory for longer, so arrange space.
Layaway Is Successful Online And Offline
It’s not just about the brick and mortar setups, layaway program can be run successfully online as well. The growing volume of online sales is a proof of that. The program can be integrated into the existing eCommerce website, the example of which is a turnkey system, developed by Tallahassee, a Florida-based eLayaway company. It helps in easy managing of the layaway program using existing business website.
Layaway programs offer a smart approach to the customers to make purchases if they don’t have enough money to pay at once. Whether it’s about gift buying for holidays or for events, such programs are customer-friendly.