Tips to Consider When Creating a Layaway Plan

Tips to Consider When Creating a Layaway Plan

Jun 28, 2021, 9:33:28 PM Business

Layaway plans help you to broaden your target audience to lower income or a less favourable credit history as well. Introducing a layaway program to your business can help increase your sales and satisfy your customers.

Here are some tips you should take in to consideration before you introduce a layaway program to your business:

Know what you want to offer

Before you start preparing any sort of agreement, take time to consider what products you wish to be made eligible for the layaway program. Think about the restrictions on brands and whether you will be restricting the program to some stores or will be making it available to all stores belonging to your business.

Create an agreement

Create a legally binding document that explains in the details the various aspects of the layaway program you are to introduce to your customers. Make sure the terms and conditions of the agreement are clearly mentioned as well. You should include things such as the service charges, cancellation and refund policyand items not eligible under this program. The terms and conditions should be clearly stated so it is better to first decide on what you want to offer through this program before drafting an agreement.

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Consider inventory levels

If it is not in stock, you cannot sell it. Introducing a layaway program will surely end up increasing the sales of your company especially during the holiday season. Make sure to stock up on inventory that are eligible for the layaway program in order to avoid disappointing customers.

Promote the new program

When you have an offering that can make shopping much easier and comfortable for your customers, then use the power of marketing to your advantage. Use social media, your website, newspaper advertisements and other printed means as well to bring this to your customers’ attention. Be prepared to explain the concept to customers who may not be entirely familiar with the process.

Go Online

Online shopping brings about convenience to your customers as they are able to shop anytime and anywhere. By introducing a layaway online, you will be able to increase your potential customers while making purchasing even more convenient for them.

Take storage into account

As the layaway program consists of holding on to items for your customers, do not forget to take into account the storage space for items you are holding. This is a point that should also be specified in the layaway program by adding a payment due date which would allow you to take in to account the time you will be holding on to the particular item.

Some businesses are hesitant to introduce a layaway program due to the complications they think come with it but these programs are convenient for customers and introducing a flexible program such as this to your business will help you secure a larger market of customers while satisfying their needs. Advertise the benefits of layaway programs such as the absence of interest and the minimal acceptance criteria so you could entice your customers effectively. 

Published by Jilli Rose

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