Offer finance for premium eyewear

Offer Finance for Premium Eyewear

Introduction

In today's world, eyewear is not just a necessity for vision correction but also a fashion statement. The demand for premium eyewear has been on the rise, with consumers seeking high-quality frames and lenses that reflect their personal style. However, the cost of premium eyewear can often be prohibitive for many customers. This is where offering finance options for premium eyewear becomes a crucial factor in enhancing accessibility and customer satisfaction.

By providing flexible payment solutions, retailers can not only increase sales but also build stronger relationships with their clientele. In this article, we will explore the benefits of offering finance for premium eyewear and how it can transform your business. Additionally, we will highlight how Kandoo, a UK-based retail finance broker, can help retailers implement effective financing solutions.

Why Offer Finance for Premium Eyewear?

The eyewear market has seen significant growth in recent years, driven by both medical necessity and consumer interest in designer frames and advanced lens technology. While this growth is promising, the cost of premium eyewear, which can range from £200 to £1000 or more, can present a barrier for many customers.

By offering finance options, you can make premium eyewear more accessible, allowing customers to spread the cost over time. This can be particularly beneficial for those who require prescription lenses, which can already be an expensive necessity.

Here are some key reasons why offering finance for premium eyewear is a win-win for both retailers and customers:

1. Increased Sales and Average Transaction Value

When customers are presented with the option to spread the cost of their purchase, they are more likely to opt for higher-end products. Offering finance enables customers to upgrade their choices—whether that’s selecting designer frames, high-performance lenses, or additional features like anti-glare coatings or blue light filters—without worrying about the immediate financial burden.

2. Improved Customer Loyalty

Offering finance shows customers that you care about their financial well-being and are willing to provide them with flexible payment options. This can help foster customer loyalty and encourage repeat business. Customers who feel supported in their purchasing decisions are more likely to return and recommend your business to others.

3. Competitive Advantage

With many retailers offering finance options for high-ticket items, businesses that don’t offer similar payment plans may find themselves at a disadvantage. By offering finance for premium eyewear, you can stay competitive in the market and attract a broader customer base.

4. Accessibility for a Broader Audience

Premium eyewear is often seen as a luxury that only certain individuals can afford. By providing finance options, you open the door to a wider demographic, including students, young professionals, and families who might otherwise be unable to afford high-end eyewear.

Types of Finance Options for Premium Eyewear

There are several types of finance options that retailers can offer to their customers. Each has its own advantages, and the choice of which one to offer will depend on your business model and customer preferences. Here are some common options:

1. Interest-Free Credit (0% APR)

Interest-free credit is one of the most attractive finance options for customers. It allows them to spread the cost of their eyewear over a set period without incurring any additional interest charges. Typically, interest-free credit is offered over 6 to 12 months, making it an ideal solution for those who need to manage their finances carefully.

2. Buy Now, Pay Later (BNPL)

BNPL options allow customers to take their eyewear home immediately and defer payments for a set period, often 30 to 90 days. After this initial period, they can either pay off the balance in full or spread the cost over a longer term. BNPL can be a great option for customers who need eyewear immediately but may not have the funds available at the time of purchase.

3. Low-Interest Finance

For customers who prefer to spread the cost of their eyewear over a longer period, low-interest finance options can be a good solution. These plans typically involve paying a small amount of interest, but they allow for extended payment terms, often ranging from 12 to 36 months.

4. Subscription Models

Some retailers have started offering subscription models for eyewear, where customers pay a monthly fee to access premium eyewear and lens upgrades. This can be a good option for customers who like to frequently update their frames or need regular prescription changes.

How to Implement Finance Options in Your Eyewear Business

Offering finance options for premium eyewear may seem like a complex process, but with the right partner, it can be a seamless addition to your business model. Here are some steps to help you implement finance options effectively:

1. Partner with a Reputable Finance Broker

The first step to offering finance is to partner with a finance broker that can facilitate the process. A retail finance broker like Kandoo can help you set up a variety of payment plans that suit your business and your customers. Kandoo works with a range of lenders across the UK, ensuring that your customers have access to competitive finance options.

Kandoo makes it easy for retailers to offer finance by handling the administrative and regulatory aspects of the process. This allows you to focus on running your business while providing your customers with flexible payment options.

2. Train Your Staff

Your staff plays a crucial role in promoting finance options to customers. Ensure that your sales team is trained to explain the benefits of financing and can answer any questions customers may have. This will help build trust and confidence in the finance options you offer.

3. Promote Finance Options in Your Marketing

Once you have partnered with a finance broker and trained your staff, it’s important to promote your finance options across all marketing channels. Highlight the availability of finance on your website, in-store displays, and through social media campaigns. This will ensure that customers are aware of the flexible payment options available to them.

4. Make the Application Process Simple

One of the key factors in successfully offering finance is making the application process as simple and straightforward as possible. With Kandoo, customers can apply for finance online or in-store, with quick approval times and minimal paperwork. This enhances the customer experience and encourages more people to take advantage of the finance options available.

The Role of Kandoo in Offering Eyewear Finance

Kandoo is a UK-based retail finance broker that helps businesses across various industries, including eyewear retailers, to offer flexible finance options to their customers. Kandoo works with multiple lenders, providing a wide range of finance solutions that can be tailored to your specific business needs.

1. A Wide Range of Lenders

Kandoo has established partnerships with multiple lenders, giving your customers access to a variety of finance options. Whether you want to offer interest-free credit, low-interest finance, or BNPL plans, Kandoo can connect you with the right lenders to suit your business model.

2. Simple Integration

Kandoo’s platform is designed to be user-friendly and easy to integrate into your existing sales process. Whether you sell eyewear in-store or online, Kandoo can provide a seamless experience for both you and your customers.

3. FCA-Regulated

Kandoo is fully regulated by the Financial Conduct Authority (FCA), ensuring that all finance options offered through their platform are compliant with UK financial regulations. This gives both you and your customers peace of mind, knowing that the finance options provided are trustworthy and secure.

4. Fast and Flexible

Kandoo offers quick approval times and flexible payment terms, making it easier for customers to commit to their purchases. The streamlined process reduces barriers to purchase, allowing your customers to get the premium eyewear they want without the stress of immediate payment.

Customer Benefits of Eyewear Finance

Offering finance for premium eyewear not only benefits retailers but also provides significant advantages for customers. Here are some key customer benefits:

1. Affordability

Finance options make premium eyewear more affordable by allowing customers to spread the cost over several months. This reduces the immediate financial burden and makes it easier for customers to invest in high-quality frames and lenses.

2. Flexibility

With multiple finance options available, customers can choose the payment plan that best suits their financial situation. Whether they prefer interest-free credit or low-interest finance, customers have the flexibility to make their purchase in a way that works for them.

3. Immediate Access

For customers who need prescription eyewear, finance options allow them to get the glasses they need without delay. This is particularly important for those who may not have the funds available upfront but require eyewear for day-to-day activities.

4. Enhanced Choices

By offering finance, customers can choose from a wider range of products, including designer frames and advanced lenses, without worrying about the cost. This enhances the overall customer experience and allows them to select eyewear that meets both their functional and aesthetic needs.

Conclusion

Offering finance for premium eyewear is an excellent way to make high-quality products more accessible to a broader audience. It not only boosts sales and customer satisfaction but also helps build loyalty and trust. By partnering with a reputable finance broker like Kandoo, eyewear retailers can provide flexible payment solutions that meet the needs of their customers while staying competitive in the market.

In an industry where premium products often come with premium price tags, offering finance is an effective strategy to enhance customer experience and drive business growth. Whether you’re a small independent optician or a large eyewear retailer, finance options can help you tap into a wider market and ensure that your customers can enjoy the benefits of premium eyewear without the financial strain.