Bank disguised as a store: The power of your own credit

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The title of this article may seem a bit shocking to you at first. But I believe that this is a subject that you, as a retailer, should really think about very carefully. Your own credit system is really very powerful!

It is clear that stores that work with credit have very attractive facebook database benefits for consumers from emerging classes (C and D).

In store communications, for example, it is very common to see businesses highlighting installment sales.

They always try to highlight the possibilities of paying in installments on credit , communicating: ENTIRE STORE IN 5 INTEREST-FREE INSTALLMENTS or BUY NOW AND THE FIRST INSTALLMENT IS DUE AFTER CARNIVAL.

What a host of benefits for the customer, right? But what about the store? What are the benefits of this type of campaign? Ensuring sales? Ensuring receipts?

That's what we're going to understand in this article. Come with me!

Own credit: more profit and relationships
I believe that by advertising installment sales, the benefits to the store are much greater than simply guaranteeing a sale or receipt.

There is a key point in credit, which is strengthening the relationship with the customer. And, of course, that's not all. This operation can also bring many financial gains.

Strengthening the relationship
The challenge of having a bank disguised as a store is something that is still little explored by most retailers who use their own credit operations just to sell more.

But you will realize here that the possibilities go beyond the gains…

And if you still have doubts about credit as a tool to attract consumers and strengthen customer relationships, think about it: what customer wouldn't be happy to be able to make their purchases and finance them directly with the seller?

We can't deny it, it's an irresistible proposal.

In Brazil, we know that the credit customer profile is concentrated mainly among consumers from emerging classes. The SPC survey revealed that women are the ones who most often use credit in stores (31%), in addition to consumers from classes C, D and E (27%).

In the same survey, among those interviewed who used credit, 21% said they were attracted by the longer payment terms and 39% said they were unable to pay in cash.

We see, then, that the emerging classes – a large part of which is unbanked – are a “golden goose” for the store that sells on credit.

These are customers with needs that the bank does not meet. Therefore, they are consumers in need of credit, but also of good relationships and GOOD SERVICE!

It's not enough to sell on credit, you know? Credit is the starting point for building a relationship between the customer and the store, but other aspects need to be addressed as well.

In the case of after-sales, credit also helps in the relationship. With the important data recorded in the registry, it is possible to develop personalized loyalty strategies that are actually attractive to customers.

There are indeed countless advantageous possibilities. Having said all that, let's look at the other benefit of taking out your own credit: the profits!

Does your store know how to take advantage of each customer visit to the store to make a new sale? Learn how in this video!