This may sound very old fashioned, but there are some distinct advantages to layby.
In a world run by the plastic card, you may think there’s no place for layby anymore. Not according to data – there’s actually been no decline in the use of layby over the last five years. Almost 10% of people use layby payment options if they are available.
Why you probably don’t offer layby:
- Everyone’s got credit cards now, who needs layby? True, most people have credit cards, but layby offers a guilt free option – customers aren’t spending money they don’t have.
- It would require a greater storage area. If you had the choice of having the item on the shelf for three months (and then having to put it on sale), or having it in storage out the back for three months with the safe bet it will be sold, is there much difference?
- There’s too many rules & regs: actually, it’s pretty straight-forward – check out this link:
- How would I keep payments organized? That’s where ourlayby voucher system comes in. There are 100 records per book, with 5 copies of each record, so you can tear out a copy and give it to the customer with each installment.
Why you should offer layby:
- People tend to double the value of the sale if they layby the order as opposed to paying for it and taking it home.
- Because the main purpose for layby is to secure a gift early for Christmas, you can tap into some of that buying frenzyearlier in the year.
- With the economy precarious, people are shying away from outlaying large amounts on their credit cards and are a lot more receptive to the idea of a layby as a way to avoid fees and impulse spending.
- People are able to buy higher-end things that they wouldn’t normally be able to afford
Going to offer layby?
Let people know. Don’t wait for them to ask. If they are tossing up on some high ticket item, mention the layby option, and you will probably secure the sale.
Have terms and conditions of the layby procedure visible. These don’t have to be complex (hint: our layby voucher system has T&C preprinted on them)