Layaway Payments! A New Trend In Ecommerce World

When you find your e-business growth has stopped but the sales are constant then it’s the right time to change your strategy and adapt a new one with a contingency plan in place. There are different ways of increasing growth and some of them are

  • Market Development
  • Penetration
  • Launch new product in existing market
  • Product Improvement

card layaway

Out of all these methods the penetration is the only method which does not demand any research work thus reduces the cost of implementing the strategy. The penetration is defined as offering the products and services at low price than that of your competitors and target price conscious and low budget customers. This strategy might not be successful for the store with low profit margins due to high cost of manufacturing, operating and selling. Here is the tip for these kinds of e-merchants i.e. start selling on installments. Yes! With the introduction of technology and legislations the online installment selling has been made possible. There are hundreds of modules like Magento payment module which are available for the stores using open source program like Magento, prestashop etc to setup a proper partial payment function in the store. However before actually starting a Layaway program take the precautionary measure as stated below!

  • Develop written agreement and get it signed from the customer for future legal proceedings and do discuss every information about the pricing, extra charges and payment methods and time period.
  • Promote your plan as much possible as you can. Go viral in advertising and let you voice reach the customers who were looking forward to buy your product but unable to purchase because of their tight budget.
  • Restrict your layaway program to only those countries which do have legislation. You can restrict those customers using Magento IP restriction module or any other similar module offered in your respect open source software.
  • Keep the inventory high as there will be more customers to jump in and buy products, when you are big brand there are high chances that people will like to have your product by availing layaway opportunity.
  • Target the special events like Christmas as it is the best time to introduce your layaway program or re market your existing program to capture maximum audience.
4 years ago by in Community News | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
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