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Your Competition Post-COVID Might Not Be Who You Think…

Evidence suggests that many people have been delaying big purchases until the pandemic subsides. As shops reopen, economists predict a spending spree. After a difficult year, your customers could be looking to treat themselves to some big ticket items!

A year of online purchases and click-and-collect means customers have been spoilt for choice – of sellers, products and payment methods. Beating the competition post-COVID means not only providing the products your customers want but also making it easy for them to buy. So how do you beat your competition post-COVID?

What will people buy?

The coronavirus pandemic changed the way we live our lives and the way we use our homes. Lockdowns caused a surge in home improvements throughout 2020 and made the home office a must-have. Similarly, as restrictions ease, our priorities will shift again. When people are allowed to socialise again in private gardens, it’s reasonable to assume that garden transformations will be up there among the leading trends.

People gearing up to entertain outside this summer might be considering:

  • Hot tubs
  • Sunrooms
  • Outdoor bars
  • Decking and patios
  • Verandas and pergolas
  • BBQs

Another oft-cited side effect of a year in lockdown is its effects on physical health. With a longer wait for indoor exercise classes to get the green light again, alongside a drive to get fitter and healthier, home gym equipment might be another popular choice.

You need to keep your finger on the pulse to ensure you know what products your customers want.

How will people buy?

People have become accustomed to convenience throughout the buyer journey, to the check-out and beyond. Most big online retailers offer a range of payment options, including Buy Now, Pay Later. As lockdown lifts and shops reopen, customers will expect the same level of choice in bricks and mortar stores. To sell more, you need to make it as easy as possible for people to buy from you.

Offering finance improves the chances of a purchasing decision. Enabling customers to spread the cost of a large purchase makes it a simpler choice, because people find it easier to work repayments into their monthly budgeting than to part with a significant amount of savings.

Economic uncertainty caused by COVID-19 has influenced consumer behaviour and customer finances.

Point-of-sale finance:

  • Boosts conversion
  • Provides choice and transparency
  • Increases average order value
  • Improves customer satisfaction
  • Ensures a consistent and compliant sales process
  • Enhances customer experience
  • Builds brand trust and reputation
  • Wins more customers
  • Puts you ahead of the competition

Here at Shermin Finance, we make it simple to offer consumer credit to your customers. With the largest panel of UK lenders and our Trade-Quote POS finance web app, we help put you ahead of the competition and at the forefront of customers’ minds.