Offer finance for electric scooters

Why Offer Finance for Electric Scooters?

Electric scooters have surged in popularity over the past few years, with more people turning to them as a sustainable, efficient, and cost-effective mode of transportation. Offering finance options for electric scooters can be a game-changer for retailers, enabling them to reach a broader customer base and make these eco-friendly vehicles more accessible to all.

In this article, we will explore the benefits of offering finance for electric scooters, how it can drive sales, and the role of retail finance brokers like Kandoo in making this process seamless for both businesses and consumers.

The Rise of Electric Scooters

Electric scooters, or e-scooters, have quickly become a preferred choice for short-distance travel in urban areas. With growing concerns about climate change, pollution, and rising fuel costs, many people are seeking greener alternatives to cars and motorbikes. Electric scooters provide a convenient and affordable solution, allowing individuals to navigate city streets while reducing their carbon footprint.

As governments worldwide continue to promote eco-friendly transportation options, the demand for electric scooters is expected to grow even further. In the UK, for example, the government has rolled out several initiatives to encourage the use of e-scooters, including trials of rental schemes in major cities.

Despite their many benefits, however, the upfront cost of purchasing an electric scooter can be a barrier for some consumers. That’s where offering finance options can help.

The Benefits of Offering Finance for Electric Scooters

1. Making Electric Scooters More Affordable

One of the main reasons to offer finance for electric scooters is to make them more affordable to a larger audience. The initial cost of a quality electric scooter can range anywhere from £300 to over £1,000, depending on the brand and features. For many potential buyers, this upfront expense may be prohibitive.

By offering finance, you allow customers to spread the cost of their purchase over a period of time, making it more manageable and affordable. This opens up your product range to a wider audience, including those who may not have been able to afford an electric scooter outright.

2. Increasing Sales and Customer Base

When you provide finance options, you're not only making your products more accessible, but you're also increasing the likelihood of closing sales. Research shows that consumers are more likely to make a purchase when flexible payment options are available. By offering finance, you're reducing the financial pressure on your customers, which can lead to higher conversion rates and increased sales.

Additionally, customers who may have been considering a lower-priced scooter may now feel comfortable upgrading to a more premium model if they have the option to pay in instalments. This can help boost your average transaction value.

3. Enhancing Customer Loyalty

Offering finance options can improve customer loyalty. When customers know they can rely on you to provide flexible payment solutions, they’re more likely to return for future purchases or recommend your business to friends and family. Moreover, offering finance demonstrates that you care about your customers’ financial well-being, which can strengthen your relationship with them.

4. Staying Competitive

In today’s market, many businesses are offering finance options for their products, from electronics to home goods. If you’re not offering finance for electric scooters, you may be losing out to competitors who do. By providing finance solutions, you ensure that you stay competitive and attract customers who prefer to pay in instalments.

5. Promoting Eco-Friendly Transportation

By making electric scooters more accessible through finance options, you’re also contributing to a larger movement toward eco-friendly transportation. This can be a powerful selling point, especially for environmentally-conscious consumers who are looking to reduce their carbon footprint but may not have the upfront funds to invest in an electric scooter.

How Retail Finance Brokers Like Kandoo Can Help

If you're considering offering finance for electric scooters, partnering with a retail finance broker like Kandoo can simplify the process for your business. Kandoo is a UK-based finance broker that specialises in helping retailers offer flexible payment solutions to their customers.

1. Streamlined Application Process

Kandoo offers a streamlined application process that makes it easy for customers to apply for finance. With an online application form, customers can quickly see if they’re eligible for finance and receive an instant decision. This seamless process helps reduce friction in the buying journey, making it more likely that customers will go through with their purchase.

2. Flexible Finance Options

Kandoo provides a range of finance options to suit different customer needs. Whether your customers are looking for interest-free credit or longer-term repayment plans, Kandoo can help you offer the right solution. This flexibility ensures that you can cater to a diverse range of customers, increasing the likelihood of closing sales.

3. Increased Customer Trust

Kandoo is a trusted and reputable finance broker in the UK, regulated by the Financial Conduct Authority (FCA). By partnering with Kandoo, you can provide your customers with peace of mind, knowing that they’re dealing with a legitimate and reliable finance provider. This can help build trust in your brand and encourage more customers to take advantage of your finance options.

4. No Hidden Costs for Retailers

One of the advantages of working with Kandoo is that they don’t charge hidden fees to retailers. This means you can offer finance to your customers without worrying about additional costs eating into your profit margins. Kandoo handles the finance process from start to finish, allowing you to focus on what you do best—selling electric scooters.

5. Boosting Conversion Rates

With Kandoo’s finance solutions, you can expect to see an increase in conversion rates. By offering finance, you’re making it easier for customers to say "yes" to their purchase. Whether they’re looking for a more budget-friendly option or a premium scooter, Kandoo’s finance options can help you meet their needs and close more sales.

The Role of Finance in Encouraging Sustainability

The finance options you offer for electric scooters can play a significant role in promoting sustainability. As mentioned earlier, one of the biggest barriers to adopting eco-friendly transportation methods is the upfront cost. By providing flexible payment plans, you’re enabling more people to make the switch from traditional petrol-powered vehicles to electric scooters.

This, in turn, helps reduce greenhouse gas emissions, air pollution, and traffic congestion in urban areas. As a retailer, you can position yourself as part of the solution to environmental challenges, which can resonate with customers who are passionate about sustainability.

How to Implement Finance for Electric Scooters in Your Business

If you're ready to offer finance for electric scooters, here are some steps you can take to implement this option in your business:

1. Partner with a Retail Finance Broker

The first step is to partner with a retail finance broker like Kandoo. They can help you set up a finance programme tailored to your business and customer base. Kandoo will guide you through the process, ensuring that you understand the different finance options available and how to promote them effectively to your customers.

2. Train Your Staff

It’s important that your staff are well-versed in the finance options you offer so they can confidently explain them to customers. Training your team to highlight the benefits of financing, such as the ability to spread payments over time, will help encourage more customers to take advantage of this option.

3. Promote Your Finance Options

Make sure your customers know that you offer finance for electric scooters. Promote this option on your website, social media channels, and in-store. Use clear messaging that highlights the benefits of financing, such as "Buy now, pay later" or "Spread the cost of your new electric scooter with flexible payment plans." The more visible your finance options are, the more likely customers are to consider them.

4. Offer a Range of Finance Plans

Not all customers have the same financial situation, so it’s important to offer a variety of finance plans to suit different needs. With Kandoo, you can provide options such as interest-free credit, low-interest instalment plans, and longer-term payment plans. This flexibility will make your products more appealing to a wider audience.

5. Monitor and Optimise

Once you’ve implemented finance options, it’s important to monitor their performance and optimise where necessary. Keep track of how many customers are choosing finance and whether it’s helping to increase your sales. If needed, adjust your promotional strategies or work with your finance broker to refine your offerings.

Conclusion

Offering finance for electric scooters is a smart way to make these eco-friendly vehicles more accessible to a broader audience. Not only does it help reduce the upfront cost for customers, but it also drives sales, increases customer loyalty, and keeps you competitive in a growing market.

Partnering with a retail finance broker like Kandoo can simplify the process, providing you with the tools and support you need to offer flexible payment options to your customers. By making electric scooters more affordable through finance, you can play a key role in promoting sustainable transportation and growing your business at the same time.

If you're ready to take the next step, consider reaching out to Kandoo to explore how they can help you offer finance for electric scooters and boost your sales.