Offer finance for sports equipment (golf clubs, tennis rackets)

Why Offer Finance for Sports Equipment?

In today's world, sports enthusiasts are continually seeking to upgrade their equipment, whether it's for personal improvement, to keep up with trends, or to enhance their overall experience. High-quality sports gear, such as golf clubs, tennis rackets, and other specialist equipment, can be expensive. Offering finance options for sports equipment is a strategic way to make these products more accessible to a broader range of customers.

By providing finance options, retailers can increase sales, improve customer loyalty, and differentiate themselves from competitors. This article will explore the benefits of offering finance for sports equipment, how it works, and how partnering with a retail finance broker like Kandoo can help streamline the process.

The Growing Demand for Sports Equipment

Sports and fitness are an integral part of many people’s lives, with golf and tennis being two particularly popular sports in the UK. As participation in these sports continues to grow, so does the demand for high-quality equipment.

Golfers, for example, are always on the lookout for the latest golf clubs that can improve their swing and enhance their performance. Similarly, tennis players are often in search of the best tennis rackets to give them an edge on the court. However, this equipment can be costly, with premium golf clubs and tennis rackets often costing hundreds or even thousands of pounds.

For many customers, the upfront cost of this equipment can be prohibitive. Offering finance solutions allows customers to spread the cost over time, making it easier for them to purchase the gear they need without the financial strain of a large, one-off payment.

The Benefits of Offering Finance for Sports Equipment

1. Increased Sales and Higher Average Order Value

One of the most immediate benefits of offering finance options is the potential for increased sales. When customers are given the option to pay in instalments, they are more likely to make a purchase. This is particularly true for high-ticket items such as premium golf clubs or tennis rackets, where the upfront cost might otherwise deter them.

Moreover, finance options can encourage customers to spend more. Instead of opting for a budget-friendly option, they might choose a more expensive product when they know they can spread the cost over several months. This can lead to a higher average order value, benefiting your business’s bottom line.

2. Improved Customer Satisfaction and Loyalty

Offering finance options can also improve customer satisfaction. Many customers appreciate the flexibility that comes with being able to spread payments over time, particularly for high-cost items. This flexibility can lead to a more positive shopping experience, which in turn can foster customer loyalty.

Customers who feel that a retailer has helped them access high-quality equipment that they might not have otherwise been able to afford are more likely to return for future purchases. They are also more likely to recommend the retailer to friends and family, further expanding the business’s customer base.

3. Competitive Advantage

In a crowded market, offering finance options can set a retailer apart from its competitors. Many customers will choose to shop with a retailer that offers flexible payment options over one that requires full payment upfront. By providing finance solutions, retailers can attract more customers and build a reputation as a customer-focused business.

How Finance for Sports Equipment Works

Retail finance is a simple and effective way to help customers manage the cost of their purchases. When a customer chooses to finance their sports equipment, they agree to pay for the product in instalments over a set period, rather than paying the full amount upfront.

The retailer receives the full payment for the item from the finance provider, and the customer makes regular payments to the finance provider until the balance is paid off. The customer may be offered a variety of repayment terms, such as 6, 12, or 24 months, depending on the value of the item and the finance provider’s terms.

Interest-Free vs. Interest-Bearing Finance

There are two main types of finance options that retailers can offer: interest-free finance and interest-bearing finance.

• Interest-Free Finance: This option allows customers to spread the cost of their purchase over a set period without paying any interest. This can be particularly appealing to customers, as they are essentially borrowing money at no extra cost. However, interest-free finance is typically offered over shorter terms, such as 6 or 12 months.

• Interest-Bearing Finance: In this option, customers spread the cost of their purchase over a longer period but pay interest on the loan. While this option can make high-ticket items more affordable by reducing the monthly payments, customers will ultimately pay more for the product due to the interest.

Retailers can choose which type of finance to offer, or they may provide both options, allowing customers to select the one that best suits their needs.

The Role of Retail Finance Brokers

While offering finance options can provide numerous benefits, managing the process in-house can be complex and time-consuming. This is where retail finance brokers like Kandoo come in.

Kandoo is a UK-based retail finance broker that specialises in helping retailers offer finance solutions to their customers. By partnering with Kandoo, retailers can access a range of finance providers, making it easier to offer flexible payment options to customers without the administrative burden.

How Kandoo Can Help

Kandoo provides a simple and effective way for retailers to offer finance solutions to their customers. Here are some of the key ways Kandoo can help:

• Access to Multiple Finance Providers: Kandoo works with a wide range of finance providers, giving retailers access to a variety of finance options. This means that retailers can offer their customers more choice when it comes to repayment terms and interest rates, increasing the likelihood that customers will find a finance option that suits their needs.

• Streamlined Application Process: Kandoo’s platform simplifies the application process for both retailers and customers. The application is completed online, and customers can receive a decision in minutes. This fast and efficient process can help to increase conversion rates and reduce the likelihood of customers abandoning their purchase.

• No Financial Risk to Retailers: When a retailer partners with Kandoo, they receive full payment for the item upfront from the finance provider. This means that the retailer takes on no financial risk, as the customer makes their repayments directly to the finance provider.

• Enhanced Customer Support: Kandoo provides excellent customer support, helping retailers and their customers navigate the finance process. This can improve the overall customer experience and reduce the likelihood of any issues arising during the repayment period.

Why Choose Kandoo?

Kandoo is a trusted retail finance broker that has helped countless retailers across the UK offer finance solutions to their customers. By partnering with Kandoo, retailers can benefit from:

• A Wide Range of Finance Options: Kandoo works with a variety of finance providers, giving retailers the flexibility to offer multiple finance options to their customers.

• Simple Integration: Kandoo’s platform is easy to integrate with existing e-commerce systems, allowing retailers to start offering finance options quickly and without hassle.

• Increased Sales and Customer Satisfaction: Retailers that offer finance options through Kandoo often see increased sales and improved customer satisfaction, as customers appreciate the flexibility and convenience of being able to spread the cost of their purchases.

• Compliance and Regulation: Kandoo ensures that all finance solutions offered are fully compliant with UK regulations, giving retailers peace of mind that they are operating within the law.

Conclusion

Offering finance for sports equipment such as golf clubs and tennis rackets can be a game-changer for retailers. By providing customers with the option to spread the cost of their purchases, retailers can increase sales, improve customer satisfaction, and set themselves apart from competitors.

However, managing the finance process in-house can be complex, which is why partnering with a retail finance broker like Kandoo is a smart choice. Kandoo’s platform simplifies the process, providing access to a wide range of finance providers and ensuring a seamless experience for both retailers and customers.

In a competitive market, offering finance solutions can help retailers attract more customers, increase their average order value, and build long-term customer loyalty. By working with Kandoo, retailers can offer these benefits without the administrative burden, allowing them to focus on what they do best – providing high-quality sports equipment to their customers.

Ready to Get Started?

If you're a retailer looking to offer finance for sports equipment, Kandoo can help. Get in touch with Kandoo today to learn more about how their retail finance solutions can benefit your business and your customers.