January 25, 2022
3 min read
The rise of eCommerce giants like Amazon and Wayfair have had a significant impact on how your customers want to buy your products.
Coupled with the fact that retail foot traffic is still down 51% from pre-pandemic levels, it’s important that retailers capitalize on every potential customer (and that includes your website).
The question remains – how?
From the minute they step foot into your store or land on your website, consumers expect a fast, simple, and transparent buying experience.
In fact, 96% of consumers leave a store without buying anything, and a big part of that is because of the anxiety around a bad checkout experience. Don’t let this be the reason you lose out on revenue in 2022.
We recently set out to discover which parts of the buying process were causing a poor experience for your customers.
What we found is that the pricing (and financing) decision can cause a lot of undue stress. Unfortunately, this discussion is also the final barrier between purchase or no-purchase.
Retail businesses typically offer a variety of finance providers in the hopes more credit score choices means more chances to close the deal. More often than not, however, this has a negative impact on your chances of revenue and referrals.
Think back to the three things that your customers want:
Speed. Different credit applications require multiple form fills and re-entering of data. That’s a lot of time wasted, and a poor experience for your customer if you have to ask them for their information again.
Simplicity. Different credit lenders means different apps, different terms, different logos, and different methods of payment. A simple buying experience means one clean process from beginning-to-end – that’s impossible with different credit vendors.
Transparency. Your sales reps probably aren’t trained and knowledgeable for the nuances of each credit option you offer. Because of this, any customer question is met with “I’ll have to check with someone to answer that.” A lack of transparency causes buyer mistrust, and mistrust means lost revenue.
How can you give customers an awesome buying experience AND ensure you offer them enough financing options to overcome pricing objections?
Our team set out to build a new financing experience that answered that exact question, and the answer is how we engineered our new financing experience.
With “traditional” financing, a business typically offers multiple vendors to address prime and subprime credit scores. This traditional method overcomplicates the checkout experience and can overwhelm your sales reps and the customer.
Even “waterfall” tools that condense customer information into one application for multiple vendors still present the same core issue for your business – more vendors means more headaches and a confusing customer experience.
With Koalafi’s new single application, your customers will have the opportunity to qualify for the financing option that suits them best – regardless if they have excellent credit or no credit – in seconds. You get one easy-to-use app and one single originator to partner with.
We realize that your brand and reputation is on the line, too, which is why our world class customer service team takes the burden off your shoulders when it comes to handling any and all financing follow-up – in a sense, Koalafi becomes an extension of your customer service team.
Learn More About Koalafi Financing
Want to learn more about financing with Koalafi and how it can help you accelerate your revenue this year? Contact us for more information.
Our hands-on merchant success team will walk you through the process step-by-step, set-up your account, and provide you with state-of-the-art marketing assets (in-store and digital) – all at zero cost to you and your business.
At the 2023 Shoptalk conference, Koalafi met with retailers, attended panel discussions on the most important trends shaping the industry, and discussed different approaches to common challenges retailers are facing. Here are the top themes our team took away from this exciting and insightful event.
As more and more household name retailers start offering lease-to-own financing, it’s important to consider the ways it can grow your bottom line so you can make an educated decision about whether or not it’s right for your business.
Mon-Fri 8:00am-9:00pm ET
Sat 8:00am-8:00pm ET
Mon - Sat: 8:00am-10:00pm ET
Sun: 9:00am-9:00pm ET
365 days a year
Koalafi offers Lease-To-Own and Lending solutions. Loans issued by The Bank of Missouri, serviced by Koalafi