How to Build Brand Loyalty and Attract Repeat Shoppers with Lease-to-Own
Dec 14, 2023
Lease-to-own has emerged as a compelling option for customers in various financial situations. It caters to individuals who may struggle to secure approval for prime lending alternatives, such as retail store credit cards or similar offers. For retailers, embracing lease-to-own is not only about attracting these customers but also retaining them.
To succeed in today's competitive market, it's essential to prioritize your customers' needs – and this has become a prominent one in the last few years. In this article, we'll delve into alternatives to financing and payment methods like lease-to-own and explore their potential to elevate customer satisfaction, nurture customer loyalty, expand your market and retain repeat business. Read on to discover how your business can start putting customers first and win repeat business!
Unlock a New Customer Segment
Not all customers have the privilege of boasting a perfect credit score or enjoying a consistent income, which can create obstacles when seeking to apply for a store credit card. The introduction of lease-to-own options widens your customer base by extending financial opportunities to those who previously struggled to shop with you before. This demographic includes customers with credit scores below 660 or those who have no credit history at all.
This particular group constitutes of 47% (1) of the U.S. consumer population:
1. 9% (1) are near-prime consumers (2) with credit scores ranging from 600 to 660.
2. 15% (1) fall within the subprime category, having credit scores under 600.
3. 23% (1) belong to the category of consumers who either lack a credit history or possess credit that cannot be accurately assessed.
By embracing lease-to-own, retailers tap into this sizable market segment, providing a financial lifeline to those who may otherwise be left out — and creating an edge for your business that your competition may not have.
Accessibility and Inclusion
Some payment methods often pose barriers for certain customer segments, putting big-ticket items (such as furniture, tires, electronics and more) out of reach for many. Lease-to-own offers a flexible solution with lease options that are specific to the customer.
This level of accessibility appeals to those who may be unable to qualify for credit options or simply prefer a more flexible payment method. By embracing lease-to-own, retailers can eliminate financial barriers and open their doors to a wider range of customers, including those who have been previously underserved.
Budget-conscious shoppers comprise a significant market segment that retailers should not overlook. These customers may not have credit challenges, but they prioritize monthly budget management in their shopping decisions. Lease-to-own resonates with these individuals by allowing them to apply for flexible payment options that provide them with the shopping power they want. This flexibility empowers customers to align their shopping needs with their financial circumstances, fostering confidence and reducing financial stress.
Retailers that offer lease-to-own options position themselves as budget-friendly shopping destinations, attracting the attention of these shoppers. Appealing to this segment not only boosts initial sales but also keeps driving them back to your business — another way to nurture customer loyalty.
Create Loyal and Repeat Customers
Lease-to-own is a powerful, inclusive alternative to financing that your customers from all financial backgrounds can benefit from repeatedly. For many of them, lease-to-own is not just a one-time, temporary solution — it's a way of staying ahead of credit card companies, avoiding credit card debt and taking control of their shopping power. When more people are empowered to get the things they need from your store without the fear of rejection, they develop confidence in your brand and will shop with you again and again.
That's why, when you decide to offer Acima Leasing, we'll support your business through remarketing opportunities to bring repeat business and retain customers. The outreach doesn’t end once customers complete their leases; Acima Leasing continues marketing efforts to entice them to shop at your store again, creating repeat business and solidifying your customer base.
Acima Leasing: Open Your Door to Growth
In today's ever-changing retail landscape, understanding your customers' needs and wants is paramount. Lease-to-own not only opens your store’s doors (literally, if you have physical stores) to untapped markets but also positions retailers as forward-thinking, customer-centric and inclusive establishments that will keep customers coming back for more. If you're looking for even more help in maintaining your repeat-customer base, consider Acima Leasing!
Becoming an Acima Leasing merchant can make a massive difference for your business, instantly expanding your customer base by opening the door to customers who aren't able or prefer not to use credit. Give us a call today or simply fill out a merchant application and join the Acima Leasing family. Want more information? Find out how our lease-to-own solution can unlock your customers' shopping power.