Be a good sport: Help customers spread the cost this summer
Wednesday 29th May 2024
UK homeowners are getting ready to splash out on garden improvements ready for a summer full of sport. So now’s the time to get set up with a finance provider that can help your business make the most of this increased consumer spending.
Spending more to spend more time outside
Novuna Personal Finance, part of the wider Novuna group, found that a third (32%) of homeowners are planning to transform their outdoor spaces.
While the summer months always prompt homeowners to get gardening, this year is set to be particularly special. We’re all looking forward to a bumper summer of sport so, whether your customers are cycling enthusiasts, tennis fans or football fanatics, they’re bound to be looking forward to this season’s sporting events.
Customers understandably want to make sure their gardens are in tip-top condition for outdoor viewing parties, celebratory BBQs and even the odd DIY sports day. But that’s not the only reason they’re doing up their outdoor space. Almost half (43%) of those surveyed were also improving their garden in anticipation of heatwaves, with 30% simply wanting to keep up with their neighbours.
Consumers are expected to shell out over £1,000 on sprucing up their gardens
Not only are customers getting ready to renovate their gardens – they’re getting ready to spend a lot on transforming their outdoor space. Research revealed that homeowners are planning on spending £955 on their garden this year, with the figure rising to over £1,400 for sports fans planning to host events at their home.
So, what are consumers splashing the cash on?
- 61% of homeowners are upgrading their garden furniture
- 32% want a new patio
- 28% are installing new decking
- 28% will invest in a water feature
- 27% are buying children’s play equipment
- 23% are on the hunt for a hot tub
Retailers can capitalise on this buying boom by making their offering as attractive as possible to customers.
Get ready for a bumper summer of sales
All this research indicates outdoor living retailers can expect increased sales this summer. You can attract customers and divert them away from the competition by offering the most attractive payment options.
With our flexible finance, you can support customers in spreading the cost of a significant purchase. This could make it much more manageable for them to buy that new hot tub or invest in a new outdoor furniture set knowing they can either buy now and pay later, or fit the cost into their monthly budget.
Knowing flexible finance options are available, your customers could be tempted to shop sooner, spend more and return to your store when they’re ready to make another purchase.
Here’s how you can get set for the summer by working with us:
1. Choose payment options that suit you and your customers
The three main types of retail finance solutions are interest free credit, interest bearing credit and buy now pay later finance – you can read about the key differences here.
You may wish to offer just one option or a combination of all three, depending on your business needs and what finance options your customers expect to see.
With a busy sales period on the horizon, now is a good time to review your finance package and make sure it still suits you.
2. Ask us about our tailored finance options
Whether you’re already one of Novuna’s retail partners or you’re considering switching provider, ask us about our tailored finance to make sure you are offering the best options for your customers.
For example, our max loan offering may come in handy this summer as customers flock to upgrade their outdoor space. Many will have a strict budget in mind but could well spend more if they know they can afford to borrow extra. With our max loan feature, we’ll tell eligible customers how much we could lend them so they can upgrade their purchase with confidence.
We also have accept and decline tailoring options available, allowing your customers to select a finance package that’s most affordable for them.
3. Promote your finance offering
Whether you have a physical store or operate predominantly online, you must ensure your payment options are advertised at the very start of the customer journey. This helps to ensure your customers shop with finance in mind, potentially allowing them to extend their spending limit knowing they can spread the cost.
From digital banners on your homepage to POS materials clearly visible throughout your store, make sure no stone is left unturned when promoting your finance options so you can capitalise on this summer’s predicted sales boom.
Our blog contains plenty of tips if you’re looking for guidance on how to promote your retail finance offering compliantly.
4. Keep an eye on your sales figures
It can be tricky to keep track of your finance transactions and analyse what this means for your business long-term. Even more so during peak seasons when you may start seeing unexpected patterns and out-of-the-ordinary buying behaviour.
Our specialist Relationship Managers will monitor your data on a regular basis. They’ll make strategic suggestions to help ensure finance is delivering strong returns and boosting profitability for your business.
As sales heat up over the coming months, it’s so important to partner with a provider who offers additional insights and support.
Talk to us about improving your finance options
Get ahead of the summer rush and upgrade your finance offering. With our swift integration process and smooth onboarding, we’ll have you up and running in no time.
