Offer finance for hiking and outdoor gear

Why Offering Finance for Hiking and Outdoor Gear is a Smart Move

The hiking and outdoor gear industry has seen a significant rise in popularity over recent years. As more people embrace outdoor activities for health, fitness, and recreation, the demand for high-quality equipment has grown. However, premium hiking gear, from boots to backpacks and technical clothing, often comes with a hefty price tag. This is where offering finance options can make a significant difference for both customers and businesses alike.

In this article, we’ll explore the benefits of offering finance for hiking and outdoor gear, how it can boost your business, and how partnering with a retail finance broker like Kandoo can streamline the process and enhance customer satisfaction.

The Rising Popularity of Outdoor Activities

Outdoor activities, particularly hiking, have become increasingly popular in the UK. With national parks, scenic coastal paths, and a variety of outdoor destinations, the British countryside offers an abundance of opportunities for outdoor enthusiasts. Whether people are seeking adventure, a break from urban life, or simply a way to stay fit, the great outdoors is a natural choice.

However, outdoor pursuits require the right equipment. From sturdy hiking boots to weatherproof jackets, tents, and GPS devices, quality gear is essential for both safety and comfort. The demand for this equipment has created a booming market, with brands competing to offer the latest in durable, innovative, and eco-friendly products.

Why High-Quality Gear is Important

For those who spend a lot of time outdoors, investing in the right equipment is crucial. Cheap or poorly made gear can break easily, fail in adverse weather conditions, or simply not perform as expected. For example, a low-quality tent might not withstand a sudden downpour, or budget hiking boots might cause discomfort after just a few miles. These scenarios can not only ruin an outdoor experience but also pose safety risks.

As a result, consumers are increasingly willing to invest in premium gear that guarantees durability, comfort, and performance. However, high-quality outdoor equipment comes at a price. This is where offering finance options can provide a win-win solution for both businesses and consumers.

The Benefits of Offering Finance for Outdoor Gear

Many consumers are eager to invest in top-tier outdoor gear but may hesitate due to the upfront costs. Offering finance options allows customers to spread the cost of their purchases over time, making high-end products more accessible. Here are some of the key benefits:

1. Increased Sales and Average Order Value

By offering finance options, you open the door to a larger audience. Customers who may have previously hesitated to make a purchase due to the cost can now buy the products they want without worrying about the financial burden of paying the full amount upfront.

Moreover, when customers have the option to spread payments, they are more likely to purchase higher-value items or add additional products to their order. This can lead to an increase in your average order value, boosting your overall revenue.

2. Improved Customer Loyalty

Customers appreciate flexibility when it comes to payment options. By offering finance, you’re not only making it easier for them to afford the gear they need, but you’re also showing that you understand their financial situation and are willing to accommodate them. This can foster customer loyalty and encourage repeat business.

Additionally, satisfied customers who feel they’ve been treated fairly are more likely to recommend your business to others. Word-of-mouth referrals and positive online reviews can significantly impact your reputation and attract new customers.

3. Competitive Advantage

In an increasingly competitive market, offering finance can set your business apart from others. Many retailers, especially smaller independent shops, may not yet offer this option, giving you a distinct advantage. Customers who have the choice between a retailer that offers finance and one that doesn’t are more likely to choose the former, especially when making larger purchases.

4. Reduced Cart Abandonment

Cart abandonment is a common problem for online retailers, particularly when customers are faced with high final costs at checkout. By offering finance options, you can reduce cart abandonment rates, as customers are more likely to proceed with their purchase when they know they can spread the cost over several months.

5. Better Cash Flow for Your Business

Offering finance doesn’t mean you have to wait for your money. When you partner with a retail finance broker, you receive the full payment upfront, while the customer pays the finance provider in instalments. This ensures that your cash flow remains steady, enabling you to reinvest in stock, marketing, or other areas of your business.

How Kandoo Can Help You Offer Finance for Hiking and Outdoor Gear

Kandoo is a UK-based retail finance broker that specialises in helping businesses offer finance solutions to their customers. By partnering with Kandoo, you can provide flexible finance options to your customers, allowing them to spread the cost of their purchases over time.

1. A Simple and Streamlined Process

Kandoo makes it easy for businesses to offer finance options to their customers. They provide a seamless integration with your existing online store or point-of-sale system, ensuring that the process is as simple as possible for both you and your customers.

When a customer chooses to finance their purchase, Kandoo takes care of the entire process, from the credit check to the approval and payment. This means you don’t have to worry about managing the finance yourself – Kandoo handles everything on your behalf.

2. Flexible Finance Options

Kandoo offers a range of flexible finance options, allowing customers to choose a payment plan that suits their needs. Whether they prefer to spread the cost over six months, a year, or longer, Kandoo provides options that make it easy for customers to find a solution that works for them.

These flexible finance options are particularly appealing to customers purchasing expensive outdoor gear, as they can spread the cost without having to compromise on quality.

3. Access to a Wide Range of Lenders

Kandoo works with a wide network of reputable lenders, ensuring that your customers have access to competitive rates and a variety of finance options. This increases the likelihood that customers will be approved for finance, even if they have a limited credit history.

By offering a range of lenders, Kandoo can help ensure that your customers are more likely to find a finance option that suits their needs, which in turn helps you close more sales.

4. Compliance and Security

Kandoo is fully regulated by the Financial Conduct Authority (FCA), ensuring that all finance agreements are compliant with UK regulations. This provides peace of mind for both you and your customers, knowing that the finance process is secure, transparent, and fully compliant with the law.

Additionally, Kandoo takes data security seriously, using the latest encryption and security measures to protect customer information.

5. A Trusted Partner

Kandoo has a proven track record of helping UK businesses offer finance solutions to their customers. By partnering with a trusted and experienced retail finance broker like Kandoo, you can rest assured that you’re providing a reliable service that will enhance your customers’ shopping experience.

How to Get Started with Offering Finance for Outdoor Gear

If you’re ready to start offering finance for hiking and outdoor gear, here are the steps to get started:

1. Partner with a Retail Finance Broker

The first step is to partner with a reputable retail finance broker like Kandoo. They will guide you through the process of setting up finance options for your customers and ensure that the system integrates seamlessly with your existing business operations.

2. Promote Your Finance Options

Once you’ve set up your finance options, it’s important to let your customers know about them. Promote your finance offerings on your website, in-store, and across your marketing channels. Highlight the benefits of spreading the cost, and make it clear that finance is available for all types of outdoor gear purchases.

3. Train Your Staff

If you have a physical store, ensure that your staff are knowledgeable about the finance options available. They should be able to explain the benefits to customers and guide them through the process of applying for finance.

4. Monitor and Optimise

Once you’ve started offering finance, monitor the results. Are customers taking advantage of the finance options? Is it helping to increase sales and reduce cart abandonment? Use this data to optimise your approach and ensure that you’re getting the most out of offering finance.

Conclusion: A Win-Win for Both Customers and Retailers

Offering finance for hiking and outdoor gear is a smart move that benefits both customers and retailers. It allows customers to access high-quality gear without the financial burden of paying upfront, while businesses can increase sales, reduce cart abandonment, and foster customer loyalty.

Partnering with a retail finance broker like Kandoo makes the process simple, secure, and compliant, ensuring that both you and your customers enjoy a seamless experience. As the demand for outdoor gear continues to grow, offering finance options can give your business a competitive edge and help you meet the needs of today’s adventurous consumers.

By making outdoor gear more accessible, you’re not only helping customers enjoy their outdoor experiences but also positioning your business for long-term success in a thriving market.