If there are two words that today’s retail industry must embrace in today’s fastac-paced and ever-changing world to stay ahead of the competition it is these: adaptability and innovation. Without them, retailers willfully choose to remain blind to two of the most important requirements that today’s consumer wants in their shopping experience — flexibility and choice — especially when it comes to how they prefer to shop.

Fortunately, there is one strategic approach that not only covers off on both of these requirements, but it’s quickly proving to be a game-changer in the retail landscape. It’s the decision by businesses to offer customers a lease-to-own option* while shopping. These payment alternatives can help retailers reap so many rewards in return, including:

• Boosting customer retention

• Attracting new customers 

• Increase cart values 

• Simplifying the shopping process 

• Even standing out amongst competitors 

 Let’s dive into how these alternative payment methods can help your business thrive in today's fiercely competitive market while significantly enhancing your customers’ shopping experience. 

Empower Customers with Flexible Payment Solutions 

In the contemporary retail ecosystem, customer empowerment is the driving force behind what could make or break a business. Lease-to-own options empower your customers, providing them with the freedom to make purchasing decisions on their terms without using credit*. With a staggering 66% (1) of consumers now favoring the ability to spread payments over time instead of making a daunting upfront payment, providing these alternative payment methods can significantly enhance the appeal of your business to a broader and more diverse audience. By empowering your customers with flexibility in their payment choices, you'll increase your chances of closing sales on higher-priced items, boost your bottom line.

Moreover, alternative payment methods enable customers to shop now and pay over time. This allows them to make informed decisions about their leased items without the immediate financial burden, as well as give them the confidence that they can afford to purchase high-ticket items (like furniture or appliances) while staying within their budgets.

Boosting Cart Values

We’re kind of stating the obvious here: When customers have access to lease-to-own options or other alternatives to financing, they tend to add more items to their shopping carts. A phenomenon? Not really ; it’s just a common sense cause-and-effect scenario that results in immediate added value for them and can help revenue growth for you.

The increase in cart values isn't just a short-term win ; it’s also a strategic approach to securing long-term customer loyalty and fostering repeat business. 

Read here for more reasons why lease-to-own can help you boost cart value and avoid cart abandonment. 

Attract New Customers and Retain Existing Ones 

Providing options is an action that is especially attractive to a particular group of consumers — and one that may not be current customers for you. Individuals who might not have access to traditional credit cards (or those who prefer to avoid accumulating credit card debt) rely on alternatives to traditional financing even more to be able to purchase things that may otherwise be out of their reach. Alternatively, by offering more (and more flexible) payment options, your business in turn can literally open the door to these customers and give you the competitive edge you’ve been seeking.

Millennials and price-conscious shoppers are also more likely to engage with retailers that offer flexible payment solutions. Furthermore, consider this compelling statistic: 65% of Gen-Zers indicated they would abandon an online checkout if their preferred payment method wasn't available. (2)

It's not just about attracting new customers, though. The power of these alternative payment methods extends to retaining your existing customer base. Again, customers who have had a positive experience with your business, including the flexibility of payment options, are more likely to return and make repeat purchases. This can help with increased customer retention and a boost in lifetime customer value, benefiting your business over the long term.

Simplify Payment Processes and Increase Satisfaction 

In the era of e-commerce and convenience-driven shopping, providing a seamless and convenient customer experience is not just nice to have — it’s a critical component of success. Simply put, if a customer has a choice of where to purchase a product but one store does not offer a streamlined, seamless purchasing journey, they will more than likely choose the store that does. Time to ask yourself: Which store would be yours in this scenario?

Alternative payment methods can go a long way to solidify a good experience by simplifying the payment process for your customers, making it easier and more convenient to complete purchases. Moreover, payment alternative methods can help provide transparency when it comes to payment schedules and total cost — which empowers customers to make informed decisions about their purchases.

Stand Out in the Competitive Market 

Standing out in a crowded retail market is not just a choice ; it's a necessity. Offering alternative payment methods can set your brand apart from competitors and position you as a customer-friendly, innovative and responsive business. This, in turn, can make your store more appealing to customers who prioritize flexibility and affordability in their shopping experience.

And what can possibly come out of that appeal? For a start, how about more positive reviews, word-of-mouth marketing (especially in the social media realm) and increased repeat business? Having alternative payment methods as a differentiator is a strategic move that can significantly enhance your brand reputation and create positive brand associations. Customers are more likely to feel loyal to a brand that is forward-thinking and caters to their needs and preferences.

Offer Acima Leasing, Boost Your Business 

In a world where customer satisfaction, retention and attracting new customers are paramount, alternative payment methods can be a winning strategy for retailers. By offering lease-to-own solutions*, businesses can unlock the potential of their customers, making shopping more accessible and, convenient. Acima Leasing, for example, is ready to help with everything you need to set up, market, achieve operational success and keep your customers coming back for more. Our lease-to-own options that provide your customers with budget-friendly payments, can help improve sales and, growing your customer base.

So why wait? Explore how alternative payment methods from Acima Leasing can elevate your retail game today. Your customers will thank you, and your bottom line will reflect the success of your forward-thinking approach.