JANUARY 2015
Maximize Your Traffic & Increase Your Average Sale
With Consumer Financing
In our previous newsletter, we talked about ways to increase the number of repeat customer visits to combat declines in overall traffic.  Another critcal opportunity when traffic is down is maximizing the sales from the customers that are walking through your door.  This month, we highlight a key tool that top retailers use to:
  1. Increase the amount the customer is willing and able to spend in their store.
  2. Give their customers the opportunity to get the high quality bike(s) they deserve and all the great accessories to go along with it!
  3. Get customers coming back to their store.
So what tool can do all of the above?  The answer is Consumer Financing! 
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.

“At The New Wheel, financing is as important a tool to us as it is to our customers. We mention it to everyone who walks in the store early in the sale process and often people use it.
It allows them not only to purchase the perfect bicycle for their needs, but to add accessories at the time of purchase rather than down the road.” 
- Karen Weiner & Brett Thurber
The New Wheel 
San Francisco, CA
Give Your Customers The Freedom To Ride
The Freedom To Ride program through The Bike Cooperative is the premier consumer financing program in the bicycle industry. 
Freedom To Ride offers:
  • Lowest everyday cost to you on 6 and 12 month financing.
  • “Buydowns” throughout the year that take your 12 month financing cost below many regular credit cards.  Plus, no brand or reporting requirements for these lower rates!
  • Streamlined, online application and sales processing.
  • 70% of customers are approved.
  • Customers receive a Freedom To Ride Card with YOUR store name on it.
Nate Gernert
Summit City Bicycles & Fitness
Fort Wayne, IN
“Having 12 month financing has increased our units per transaction and overall average ticket.  Financing allows the customer the comfort of making the purchase today and having plenty of time to pay it off.  It also generates repeat customers since they now have a line of credit in our store with the Freedom To Ride Card through The Bike Cooperative. 
We always promote financing in every flyer and email that is sent to our customers.  In almost every other industry, retailers are offering the opportunity to “buy now and pay later”.  We did not want to miss out on this opportunity to help our customers and increase business as well!”

670 N. Commercial St. 3rd Floor | Manchester, NH 03101 US
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