Overcoming the Obstacles to Firearms Purchases
How Retailers Can Better Facilitate a Firearms Purchase
Purchasing a firearm — or any costly, important item — often requires navigating around a series of firewalls. The obstacles involved can be equal parts annoying and prohibitive for consumers. As most gun owners know, buying a firearm is not as simple as plucking one off the shelf, scanning a barcode, and skipping off to enjoy your new purchase.
No, the process of obtaining anything of value is difficult by design. But what if those hurdles could be cleared out of the way? What if a better path to purchasing a firearm existed for interested buyers? And what can retailers do to sign up?
Precious Few Options
Much like buying a car or a roomful of furniture, a few big challenges can impede a successful firearm purchase. The most common is obvious: a lack of available funds. This happens to everyone from time to time, right? We’ve all seen a shiny, beautiful object and wanted it now — regardless of whether we can afford it. But desire only goes so far without dollars.
If a new tool or toy is out of financial reach, consumers have a few options. They can complete the purchase by charging the firearm to a high-interest credit card — and pay much, much more than necessary as a result. This isn’t an ideal option for buyers who are already cash-strapped.
Another not-so-great avenue to ownership is utilizing a layaway program, but plenty can go wrong between the point of sale and completing the payment plan. Experienced firearms dealers know: Layaway can help some, but it also increases the risk of purchase abandonment for the simple fact that the passage of time alters the needs, wants, and financial abilities of the consumer.
While there is little that retailers can do to directly impact a customer’s income or finances, there are proven ways to assist in making customers’ desired items more attainable. Slashing prices and having amazing sales is well and good, but one hard truth in the firearm industry is that the margins are incredibly thin. There’s precious little wiggle room in pricing — unless the retailer wants to risk not making any profit on the sale (any takers?).
So what is a forward-thinking retailer to do? Easy: Offer buy now, pay later payment methods like Credova at checkout. Go above and beyond to provide customers with helpful tools to make the purchases they want, when they want them.
Less Stress, More Sales
For a first-time buyer, purchasing a firearm can be daunting. Completing the requisite forms and finding answers to complicated questions can make a customer’s head spin. It’s up to responsible retailers to alleviate these pain points and provide clearer, easier paths to checkout.
Like nearly every other industry, it’s steadily becoming the norm for customers to turn to e-commerce sites to purchase firearms. In fact, some of the largest merchants in the space operate online. Therefore, it’s crucial for retailers to have FAQ and information pages on their websites; explaining the online checkout process can ensure an educated customer base and address many of the questions they may have.
People are more likely to abandon a cart if they aren’t sure about particulars such as shipping, cost, pickup location, or anything about the shopping process. Eliminating those questions and concerns up front decreases abandonment rates and, in turn, has the capacity to increase overall sales. Make sure to explain things clearly, even if you think the information is common knowledge. Don’t assume people know what you know.
A Best-in-Class Solution
Many gun retailers know firsthand that layaway abandonment is a very real risk. Historically, firearm merchants have not had access to financing methods that other retailer industry verticals may have, so they are forced to turn to layaway options so customers can make the purchases they otherwise cannot immediately afford. With Credova, merchants can reduce abandonment rates with point-of-sale financing options.
By using Credova, you have a dedicated, best-in-class team to support your business and help you reach your goals. Credova provides access to FAQ and information pages that explain the financing process. Not only that, but retailers have daily access to some of the best customer- and merchant-support individuals in the industry. When a customer uses Credova, there’s no question that gets left unanswered.
Perhaps best of all for firearm retailers, a buy now, pay later payment method can immediately eliminate some of the customer’s hesitancy to complete his or her desired purchase. Instead of, say, $500 up front, they could be paying as low as $27 per month on a fixed plan, which makes it a much more reasonable purchase that doesn’t totally break the bank or blow up the budget.
When merchants offer buy now, pay later payment options for customers, they establish their business as one that cares about its clientele. That commitment to the customer influences them to return as repeat buyers, as personalized attention to direct consumer needs heightens engagement and increases the likelihood of more sales down the road.
You owe it to your business to learn what Credova can do for your bottom line. Contact us today!