Payment Option Strategies to Help Business Growth

In today’s retail world, it’s getting more difficult to ignore this one fact: to succeed in business, offering customers flexibility in shopping options has transformed from a shopping perk to a necessity. With household budgets under strain from rising inflation and the average American household requiring an additional $11,434 annually to maintain their standard of living (1), consumers are actively seeking ways to get desired products and services that fall outside of traditional payment methods.   

This is where payment solutions like lease-to-own (LTO) such as those offered through Acima Leasing come into play, empowering retailers to expand their reach and drive growth. And it’s easier to implement into your retail business than you may think. Let’s get into why lease-to-own solutions are becoming a popular growth strategy in-store and in e-commerce while aligning with the needs of today’s consumers.  

Expanding Customer Base 

For retailers seeking to broaden their reach, it’s essential to understand the demographics that benefit most from LTO options. Lease-to-own solutions not only provide retailers with a competitive advantage but also reveal a broader customer base, particularly those customers dealing with a less than perfect credit history. For instance: Post-holiday season, 35% of U.S. shoppers struggle with holiday debt (2) — representing a substantial portion of the population looking for alternatives to financing.   

Additionally, young adults who may have less than perfect credit history or are concerned about traditional payment methods, may find LTO solutions appealing. By offering LTO as one of your payment solutions, retailers can tap into this previously untapped market, not only potentially increasing sales but also building your customer base and brand loyalty.   

Boosting Average Order Value 

Lease-to-own empowers customers to shop for larger items that may have been harder to shop for with less shopping options. This flexibility can support the growth of a business’ average order value, benefiting both retailers and customers alike.  

Reducing Cart Abandonment 

Sticker shock often causes customers to abandon their carts at checkout. LTO helps to oppose this concern by presenting leasing as a shopping option where rental payments align conveniently with a customer’s payday. This results in a more streamlined checkout process for customers, more completed transactions for you and a better shopping experience overall.  

Of course, simply the act of offering LTO solves only part of the problem. To address the issue of cart abandonment comprehensively, retail businesses can leverage customer data and analytics to identify potential friction points in the shopping process. By understanding customer behavior and preferences, retailers can then tailor their marketing messages to align with consumer expectations, ultimately helping push back on the causes for cart abandonment. 

Building Customer Relationships 

Lease-to-own not only serves as a shopping option but also fosters long-term customer relationships by providing a pathway to ownership and building trust. This commitment to customer success not only enhances brand loyalty but also establishes retail businesses as reliable and customer-focused entities.  

To strengthen customer satisfaction and relationships further, retailers can implement re-engagement strategies. This may include personalized thank-you emails, exclusive offers for repeat customers, and surveys to gather feedback. By actively engaging with customers throughout their lease-to-own journey and beyond, retail businesses can solidify their relationship with consumers, leading to retention growth and advocacy. 

Competitive Advantage 

In a crowded market, offering multiple payment solutions sets a retail business apart from its competition. By embracing innovative solutions like LTO, retailers demonstrate their commitment to customer-centricity, attracting a wider audience and gaining a competitive edge. Consumers are more likely to choose businesses that offer shopping options, making it a strategic move for companies looking to stand out in a saturated marketplace.  

To leverage LTO as a significant advantage, retailers should communicate the benefits of these leasing options effectively. This involves creating targeted marketing campaigns, highlighting customer success stories, and educating consumers about the flexibility and affordability of LTO plans. By positioning LTO as a value-driven and customer-friendly solution, retailers can strengthen their market position and build a loyal customer base.  

Acima Leasing: Ready to Go for Your Retail Business 

Choosing a reputable lease-to-own solution is crucial for the success of any retail business considering offering shopping options for their customers. Acima Leasing, for example, stands out by offering clear communication, flexible payment options and resources to support you as a retailer.  

By strategically implementing payment options like LTO, retail businesses can unlock new customer segments, increase sales and foster long-term relationships, propelling them toward sustainable growth in today’s dynamic and competitive market. In a world where consumer preferences are evolving, businesses that adapt and provide shopping solutions will be developing in the right direction.