The pandemic hurt many furniture stores. Now, that the pandemic is over furniture stores face new challenges such as inflation. This may cause sales slumps. As we witness the constant changes in furniture e-commerce or brick and mortar stores, we become aware that furniture companies need to pay more attention on pricing. Pricing has always been an issue for retailers. Selling furniture is a competitive market. Most consumers are paying attention to pricing.
How do you overcome pricing issues to sell more?
The answer is pricing. You may not be able to reduce your prices due to increase in gas prices and inflations. But you can offer flexible payment options such as buy now pay later or pay within 36 months. Now, many furniture stores either offer in house financing or are working with one finance company. However, not all finance companies approve customers the same way. First, you want to make sure you eliminate in house financing because this affects your cash flow. Second, work with two to three finance companies. Having only one finance company can affect approval rates. The big furniture players on the market have already invested heavily in marketing flexible payment options and building an omnichannel strategy.
Furniture retailers can no longer wait to go back to the “old normal.” Instead, they need to keep pace with technological development and step up their game by creating digital opportunities for their customers. Flexible payment options are all being done digital. Numerous methods can help you create an engaging online furniture shopping experience. Having several financing providers will help you increase approvals.
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