Easy Layaway For Your Store
Layaway is a concept that dates back to the Great Depression. Back then, merchants gave people a chance to obtain items they otherwise wouldn't have been able to afford. It was a win-win situation because without it the store wouldn't have been able to sell to that customer at all.
Today's economy is introducing online layaway to a whole new generation. Today's consumer is becoming more grounded, thinking more about planning their purchases and staying within their budget more than ever before. Many are realizing that credit card companies are making a lot of money by charging late fees and that paying interest on a purchase just isn't worth the cost. Buying on credit with credit cards is falling out of fashion as more Americans realize that living within their means provides real financial freedom.
There are a lot of consumers out there who consider themselves frugal and they love delayed gratification. It's now very trendy to be a responsible consumer and wisely manage personal finances. This is in sharp contrast compared to just a few years ago when we were a credit-card crazed economy. Buying an item over time without credit cards involved is a win-win proposition for the consumer and the business owner. LayawayPro provides a turn-key online layaway management suite. Customers are looking online for what stores offer layaway. Being that store makes financial sense and will only increase sales.
In-store pay-over-time programs largely vanished during the 1980s with the onslaught of consumer credit cards, which allowed shoppers to bring home their treasures before paying for them in full. However, layaway has made a complete comeback and is finding favor with shoppers from all walks of life. "This was popular 30 years ago, before the credit card companies sent out cards to everyone. If you lived in a homeless shelter, you got like seven cards," says retail consultant Howard Davidowitz, chairman of Davidowitz & Associates. Once everybody got a card, there was no reason for layaway." Today, given the credit card bondage, layaway is making a full comeback as the responsible way to plan for future needs.
Recently, large chains have started a new program or are aggressively promoting their old layaway program. "[It's] something that the Kmart format has had as part of its value proposition for the past 45 years," says Mark Snyder, chief marketing officer for Kmart. "For Kmart, it is very, very close to the brand." A handful of national retailers have continued to offer layaway over the years or have instituted a program recently.
They include:
- Sears
- T.J. Maxx
- Marshalls
- Burlington Coat Factory
You don't have a be a national chain to offer this program to your customers. LayawayPro is the solution to help you sell more and offer "layaway, your way."
