Jewelry Shoppers’ Path to Purchase
Feb 01, 2024
As a jewelry retailer, you know more than anyone that a customer rarely takes shopping for jewelry lightly. It’s far from an impulse decision — it’s a long road that begins with entering a store or going to a website, finding the piece they want and finally deciding how to pay for it. Now add another factor that today’s customers expect from every retailer (not just jewelers): an exceptional customer experience.
This nuanced understanding of today’s consumer’s behavior is not only the key to converting a customer, but it’s the cornerstone for driving profitability. So what does an “exceptional customer experience” mean — and more importantly, what does it mean for your business? It comes down to this: Your customer’s journey toward getting the jewelry they want is experiencing a profound shift. This shift includes a change in customer shopping habits, preferences and needs. Embracing the importance of convenience, flexibility and accessibility to a customer will make all the difference in your company’s growth in today’s market.
Among the myriad of tools reshaping this journey, the strategic adoption of lease-to-own solutions by jewelry retailers emerges as a pivotal move — not only addressing new customer shopping needs but also inviting customer loyalty and securing a competitive edge in the flourishing jewelry market.
For example, more than half of U.S. consumers encounter new life demands that influence their shopping capabilities. Many U.S. consumers fall into the non-prime category, who are seeking to shop without using credit* (1). As you look to better understand the economic pressures that your customers are facing, it's essential to incorporate payment solutions that provide flexibility for their shopping needs. Does your customer experience take your customers’ shifting shopping needs into account?
As you’re looking to learn more, let’s explore some ways to strategically incorporate flexible payment options to contribute to the financial performance of your jewelry retail business.
The Modern Shopper’s Journey in Jewelry Retail
Navigating the intricate stages of a jewelry shopper’s journey is crucial to turn the shopper into a satisfied (and possibly repeat) customer. From the initial spark of awareness to the fulfillment of a need or desire and post-shopping satisfaction, fine jewelry often commemorates significant life events such as birthdays, engagements, weddings, anniversaries, goal achievements or the act of self-indulgence — all of which present lucrative opportunities for retailers.
As shoppers meticulously evaluate price points, styles, in-store versus online experiences and overall value, the role of how they’ll actually get the jewelry they want and finding the best deal becomes paramount; in fact, a staggering 94% of Americans consider these factors to be crucial in their jewelry choices (2). Given the substantial investment associated with jewelry, comparison shopping for customers is an integral step not only in securing what works with their budget but also in identifying the payment options that they can choose from.
Lease-to-Own as a Shopping Gamechanger
For many customers, the prospect of getting high-value jewelry can be daunting, potentially casting a shadow over the allure of these exquisite pieces. The integration of flexible payment options offers a strategic solution, catering to individuals looking to shop without using credit*. At Acima Leasing, our carefully designed lease-to-own solution offers more than a mere payment option because we consider the need for accessibility and inclusivity when it comes to your customer’s shopping experience.
Here’s how: A streamlined application process and considerate flexible payment options that allow customers to unlock a new level of shopping power without using credit*. In the jewelry retail landscape where convenience and empowered shopping decisions are so important, these solutions appeal to consumers seeking a seamless and stress-free shopping experience for their desired jewelry pieces.
Business Advantages of Flexible Payment Options
The strategic integration of flexible payment options extends beyond enhancing the customer experience; it opens possible benefits for your jewelry retail business, contributing to a holistic and sustainable growth strategy that includes the following.
Diversifying payment options invites more opportunities to close sales, particularly among customers looking to shop without using credit* and who were previously excluded from high-value jewelry purchases. By tapping into these audience markets, retailers can significantly expand their customer base.
Providing easy access to flexible payment options positions your jewelry store as the preferred choice over competitors. This advantage not only strengthens market presence but also serves as a much needed push for sustained growth, reinforcing your brand’s standing in the retail landscape.
Addressing customer needs during financial constraints helps those customers feel someone understands them — planting the seed from which trust and loyalty can grow. Businesses that offer these kinds of solutions (especially during challenging economic times) are more likely to establish enduring relationships, fostering a loyal customer base that serves as a pillar for long-term business success.
The introduction of a lease-to-own option not only simplifies the complex process of acquiring high-value jewelry for your customer, but it also lays the groundwork for a continuous cycle of repeat business. Positive customer experiences are instrumental in forging enduring relationships, paving the way for future purchases and ensuring that your brand remains etched in the hearts and minds of your customers.
For Today’s Customer, Payment Options Are Gold
As the jewelry industry adapts to the current economic climate and strives to provide an unforgettable customer experience, the strategic embrace of trends like flexible payment options ensures that your business not only meets but surpasses the expectations of modern-day jewelry shoppers. Even better, you succeed at positioning your business at the forefront of industry transformation. Through a comprehensive approach, businesses can leverage the potential of flexible payment options to achieve sustained growth, ensuring their relevance and success in the competitive jewelry retail landscape.