Selling big-ticket furniture items both online and in-store can be challenging — especially when these items could take up a significant portion of a shopper’s budget. Offering flexible payment options can help make customer purchasing decisions easier.
With this in mind, a “lease-to-own” payment option has become a significant furniture ecommerce trend that could lead to a larger customer base and increased total ticket sales. Here, we’ll discuss the lease-to-own payment option and why it can elevate your omnicommerce shopping strategy.
Reasons To Offer Lease-To-Own Furniture on Your Website
In the lease-to-own model, instead of a one-time payment, a buyer will make payments while the furniture is in their possession. Once the furniture is paid off in a set period, they take full ownership. This lease-to-own payment option is a popular trend — especially among millennials — that is forecasted to continue in 2023 amidst inflation and fears of a recession. Furniture retailers should consider implementing this furniture industry trend for three reasons:
1. Lease-To-Own Furniture Offers Additional Options to Traditional Financing
While traditional financing options are a key part of your furniture ecommerce platform, many shoppers struggle with poor or no credit. These potential customers could have trouble getting approved for financing but may be able to lease-to-own. Paying as they make use of their furniture can also help the buyer to validate their purchase, making them feel satisfied that they invested in their selection.
Inclusive Experiences Can Build Trust and Brand Loyalty
If ecommerce retailers wish to connect with all of their potential customers and gain their trust, an inclusive shopping experience can help. When a shopper who otherwise may not have been able to make a purchase, is able to through a lease-to-own option, they are more likely to develop trust, and become a repeat customer. They may also leave a positive review or recommend your furniture store to their friends and family.
2. Lease-To-Own Can Increase Online Sales
Adding a lease-to-own option creates a growth opportunity for retailers because it allows for an extended customer base. Additionally, shoppers may be more interested in recommended or related products if they can lease-to-own all of their choices versus being able to only purchase one item at a time. Flexible payment options can enhance the user experience of the website by increasing buying power, which can boost overall online sales.
3. Pairs With Millennial Furniture Ecommerce Trends
Millennials now represent the dominant force in the furniture-shopping consumer market. Since they grew up with technology, millennials are accustomed to a quick and convenient lifestyle — including their online shopping experiences.
When you understand this generation’s values, you can personalize the shopping journey. One way to cater to online millennial shoppers is to offer flexible payment options that fit into their budget. If they get declined for traditional financing, a lease-to-own option could help make their dream of owning a specific item a reality.
Stay on Top of Ecommerce Furniture Trends
Having multiple payment options on your ecommerce website can help your business reach its full growth potential. However, a cloud-based platform with built-in integrations may be needed to adopt furniture ecommerce trends. Additionally, your platform service provider should be able to assist with your adaptation to industry trends with the right technology and world-class support.
Explore the must-have capabilities for your website with our Furniture Ecommerce Punch List.