Lease-to-Own 101 for Electronics Retailers

In the fast-paced world of consumer electronics, retailers need to stay ahead of the curve just as much as technology itself. Whether your inventory includes the latest laptops, smartphones, gaming consoles or high-end TVs, one thing is clear: Electronics are no longer just gadgets or fun playthings. They're essential components of our work, leisure and communication needs every single day. The question that retailers face is: How can they ensure that these products are accessible to a broader range of consumers? The answer lies in lease-to-own solutions.

Lease-to-own solutions have opened up a world of opportunities for retailers in the electronics sector (and all other sectors, really) as a way to empower customers. This alternative to financing allows your customers to lease selected items without using credit*— and therefore without the fear of credit card debt. This approach not only provides customers with greater flexibility and control over their digital shopping experience, but it also has the potential to transform the way you do business. 

In this article, we will explore how lease-to-own is especially effective in the electronics retail sector and why it can bring significant value to both your business and your customers.

The Benefits of Lease-to-Own for Businesses

Attain New Customers:

Many potential shoppers might be hesitant to make substantial electronic purchases due to financial constraints. For them, Acima Leasing’s lease-to-own solution* could be a promising shift in business strategy. As a result, retailers benefit from one of the most significant advantages of offering Acima Leasing: the ability to attract new customers.

Imagine a scenario where a college student wants to shop for a high-end laptop but doesn't have the funds to get the laptop at that time. With a lease-to-own solution*, they can get the shopping power they need, making that dream laptop more accessible. By providing a flexible payment option*, customers who may otherwise not be able to shop now may be approved — and as a result, you can significantly expand your customer base and boost revenue. It's a win-win! 

Grow Customer Loyalty:

Lease-to-own solutions have a remarkable capacity not only to attract new customers into your fold but also to establish enduring bonds with your existing clientele. By embracing diverse options that accommodate a broad spectrum of financial situations and shopping preferences, you open the door to a level of loyalty that transcends the confines of a one-time shopping experience. It's about more than just securing a sale ; it's about fostering a connection that will bring customers back time and time again. Offering a lease-to-own solution shows your store's commitment to understanding customer needs, which creates a strong sense of trust that leads to higher conversions, as customers prefer a dependable, accommodating store.

More than just an increase in sales, trust nurtures customer loyalty. Shoppers who view your store as a reliable source for their electronics needs — and the ability to shop for those electronics — will return for future shopping decisions, ensuring a steady flow of repeat business and ultimately boosting long-term profitability.

These satisfied customers, now turned into loyal brand ambassadors, become a cornerstone of your business's growth and sustainability. Once customers experience the ease and flexibility of lease-to-own, they can become your store's most ardent advocates, eagerly recommending your business to their friends and family. They leave behind positive reviews that reverberate in the digital marketplace, contributing to the bolstering of your brand reputation. 

Increase Sales and Average Order Value (AOV):

It's not uncommon for shoppers to abandon their carts when they don't find suitable payment options. But when you offer alternatives to financing like Acima Leasing’s lease-to-own solution*, you open the door to increased sales and higher average order values. Customers can now make purchases they might have abandoned due to payment constraints. By offering lease-to-own, you remove a significant pain point in the shopping process, creating a frictionless checkout experience that benefits both you and your customers.

With lease-to-own, customers gain shopping power. They can confidently purchase high-value electronics without immediate payment constraints, reducing cart abandonment rates — a major frustration for both shoppers and retailers.

How Acima Leasing Can Help

At Acima Leasing, our goal is to make life easier for both you and your customers. Our lease-to-own solution* is designed to help customers access name-brand electronics and other items at prices, payments and lease agreements they can afford. We eliminate the need for customers to pay the full price upfront or rely on credit to obtain the brand-name products they desire from their favorite stores. This is an empowering addition for anyone looking to shop for items like electronics without normal financial constraints. It's all about flexibility, accessibility and providing customers with the shopping power they might not have had access to before.

Stay Competitive and Valuable to Customers

In the ever-evolving landscape of electronics retail, staying competitive and meeting customer demands is essential. Offering lease-to-own solutions can set your business apart, attract new customers, nurture loyalty, and boost your sales and average order values. It's ALSO about empowering your customers to make the purchases they desire without the large financial burden.

Like any business endeavor, it's crucial to continuously monitor and optimize your tools to enhance the customer experience. What’s more, identifying opportunities for growth and ensuring that both your business and your customers get the best possible experience are also key. And if you’re searching for an alternative to financing solution, Acima Leasing is here to support your business.

If you believe that a lease-to-own solution could benefit your customer base and help you achieve your business objectives, we’re ready to provide the support you need! To learn more about how we can assist you, visit our website today. With lease-to-own, the future of electronics retail is more accessible and exciting than ever before.