Offer finance for eyewear (glasses, contact lenses)

Why Offer Finance for Eyewear?

In today’s fast-paced world, eyewear is no longer just a necessity for clear vision—it has evolved into a fashion statement and an essential part of our daily lives. Whether it's prescription glasses, contact lenses, or stylish sunglasses, eyewear can be a significant investment for many. Offering finance options for eyewear not only makes it more accessible to customers but also allows businesses to expand their customer base and increase sales.

Providing flexible payment solutions can make a significant difference, especially in the eyewear industry, where the cost of quality lenses and frames can sometimes be prohibitive. By offering finance for eyewear, you are empowering your customers to purchase the products they need without the burden of paying the full amount upfront.

In this article, we will explore the benefits of offering finance for eyewear, how it works, and why partnering with a retail finance broker like Kandoo can be a smart move for your business.

The Growing Demand for Eyewear

The demand for eyewear is on the rise, driven by several factors:

• Aging Population: As the population ages, more people are experiencing vision problems and requiring prescription glasses or contact lenses.
• Increased Screen Time: With the rise of digital devices, more people are suffering from eye strain and other vision-related issues, leading to a higher demand for eyewear.
• Fashion Trends: Glasses have become a fashion accessory, with many people choosing designer frames to complement their personal style.
• Technological Advancements: New lens technologies, such as blue light filtering and photochromic lenses, are driving up the cost of eyewear, making financing an attractive option for consumers.

While these factors contribute to the growing demand for eyewear, they also highlight the need for more flexible payment options to ensure that customers can afford the products they require.

Why Finance is Essential for Eyewear Purchases

Eyewear, especially prescription glasses and contact lenses, is not a luxury but a necessity for millions of people. However, the costs associated with eyewear can be substantial. High-quality lenses, designer frames, and specialised contact lenses can add up quickly, making it difficult for some customers to pay the full amount upfront.

Offering finance for eyewear purchases allows customers to spread the cost over a more manageable period, making it easier for them to access the products they need without financial strain. This is particularly important for families, individuals on a tight budget, or those who require multiple pairs of glasses for different purposes (e.g., reading, driving, or outdoor activities).

Benefits for Customers

1. Affordability: Finance options allow customers to break down the cost of their eyewear into smaller, more manageable monthly payments. This can be particularly helpful for customers who require expensive lenses or designer frames.

2. Access to Premium Products: By offering finance, you enable customers to choose higher-quality lenses, coatings, or frames that they may not have been able to afford otherwise. This improves their overall satisfaction and experience with their eyewear purchase.

3. Flexibility: Customers can choose a payment plan that suits their financial situation, allowing them to spread the cost over several months or even years, depending on the finance options available.

4. Immediate Access: Rather than waiting to save up for a new pair of glasses or contact lenses, customers can access the products they need immediately and pay for them over time.

Benefits for Retailers

1. Increased Sales: Offering finance options can increase your average order value as customers are more likely to choose premium products when they have the option to spread the cost over time. This can lead to higher revenue for your business.

2. Broader Customer Base: By offering finance, you make your products more accessible to a wider range of customers, including those who may not have been able to afford the full upfront cost.

3. Customer Loyalty: Providing flexible payment solutions can enhance customer satisfaction, leading to repeat business and long-term loyalty.

4. Competitive Advantage: Offering finance options can set your business apart from competitors who do not provide this service, giving you a competitive edge in the marketplace.

How Eyewear Finance Works

Offering finance for eyewear is a straightforward process, and it can be easily integrated into your business operations. Here's how it typically works:

1. Partner with a Finance Provider: The first step is to partner with a retail finance broker, such as Kandoo, who can provide the necessary infrastructure to offer finance to your customers. Kandoo works with a panel of lenders to offer a wide range of finance options, making it easier for customers to find a plan that suits their needs.

2. Offer Finance at the Point of Sale: Once you’ve partnered with a finance provider, you can offer finance options directly to customers at the point of sale, whether in-store or online. Customers can apply for finance during the checkout process, and the application is usually quick and simple.

3. Credit Check and Approval: The finance provider will carry out a credit check to assess the customer's eligibility for finance. If approved, the customer can choose from a range of payment plans, typically ranging from 6 to 36 months.

4. Payment to the Retailer: Once the finance application is approved, the finance provider will pay the full amount of the eyewear purchase directly to your business. This means you receive the full payment upfront, while the customer repays the finance provider over time.

5. Customer Repayments: The customer will then make monthly repayments to the finance provider over the agreed term. This allows them to spread the cost of their eyewear purchase without having to pay the full amount upfront.

Why Choose Kandoo as Your Retail Finance Broker?

When it comes to offering finance for eyewear, partnering with the right finance provider is crucial. Kandoo is a UK-based retail finance broker that specialises in helping businesses offer flexible payment solutions to their customers. Here are some of the reasons why Kandoo is an excellent choice for eyewear retailers:

Wide Range of Finance Options

Kandoo works with a panel of trusted lenders to offer a variety of finance options, including interest-free credit and low-interest payment plans. This means that customers can choose a finance option that best suits their needs and budget, making eyewear purchases more accessible to a wider audience.

Simple Integration

Kandoo makes it easy for retailers to integrate finance options into their business, whether you're operating online or in-store. The application process is quick and straightforward, allowing customers to apply for finance in just a few clicks. This seamless experience can help to increase conversions and boost sales.

Fast Approval Process

Kandoo’s streamlined approval process means that customers can get a decision on their finance application within minutes. This ensures that customers can complete their purchase without unnecessary delays, improving their overall shopping experience.

Full Payment Upfront

When you partner with Kandoo, you receive the full payment for the eyewear purchase upfront, regardless of the finance option chosen by the customer. This means that you can maintain a healthy cash flow while offering flexible payment solutions to your customers.

Trusted and Regulated

Kandoo is fully regulated by the Financial Conduct Authority (FCA), ensuring that both retailers and customers are protected. This gives you peace of mind that you are working with a reputable finance broker that adheres to strict industry standards.

How to Promote Finance for Eyewear

Once you’ve partnered with a finance provider like Kandoo, it’s important to promote the availability of finance options to your customers. Here are some strategies for doing so:

In-Store Promotions

If you have a physical store, make sure that customers are aware of your finance options by displaying clear signage at the point of sale. Train your staff to inform customers about the availability of finance, especially for higher-priced items.

Online Marketing

If you operate an online store, make sure to highlight your finance options on your website. Display finance information prominently on product pages and during the checkout process. You can also promote your finance offerings through email marketing campaigns and social media.

Bundled Offers

Consider offering bundled packages that include eyewear and related accessories, such as lens cleaning kits or protective cases, with the option to finance the entire bundle. This can encourage customers to purchase additional items and increase their overall order value.

Conclusion

Offering finance for eyewear is a smart move for both retailers and customers. It provides an affordable and flexible way for customers to purchase the eyewear they need, while also helping businesses to increase sales and attract a broader customer base.

By partnering with a retail finance broker like Kandoo, you can offer a wide range of finance options to your customers, making eyewear more accessible and improving customer satisfaction. With Kandoo’s simple integration process, fast approval times, and trusted reputation, you can confidently offer finance solutions that benefit both your business and your customers.

In today’s competitive eyewear market, offering finance could be the key to staying ahead of the competition and providing your customers with the best possible shopping experience.