The Numbers Don't Lie
Studies show average tickets increase 57% from consumer financing versus other payment options, and cardholders are 75% more likely to keep shopping at your store than non-cardholders.* How is this possible? Customers spend more when using consumer financing because they know they can pay for the bike and accessories over time, such as 12 months. And the customer will continue coming back to you for the rest of their cycling needs because they have an average line of credit at your store of over $4,300**.
If you want to increase the amount each customer spends in your store and get them coming back after the initial sale, then you need to make consumer financing a key part of your business plan for 2015 and and beyond. The best shops offer financing to their customers all day, every day, all year long!
*Source - GE Capital Retail Bank’s Value of Credit and Growing Share of Wallet, Case studies on how Retailer-Branded Credit Programs affect sales, loyalty, attrition, and share of wallet. **Based on actual year to date data for The Bike Cooperative’s Freedom To Ride program through Synchrony Financial.