Tips On How To Build Your Fitness Brand And Drive Sales With Point Of Sale Consumer Financing
COVID-19 has changed all aspects of our lives and has made us aware of just how important our family, friends, and personal health are. It has emphasized just how important it is to nurture our relationships with each other and forced us to take a deep look into our health and well-being. It has also made us aware of things we did not notice before, such as germs lurking on the surfaces in public places like a gym. While some gyms still remain shut across the country, those that are open are not experiencing the same foot traffic as they did before the pandemic. There are many reasons to explain the drop – it could be that gym memberships are simply not affordable anymore, or that people are just scared to be in an environment that may leave them exposed to possibly contracting the virus from touching equipment that is frequently in use by others. The reality is that more and more people have invested in home gyms and it’s not hard to see why. There are no gym fees, no sharing of personal items like towels, equipment, or bathrooms, and no masks required during a strenuous workout in the comfort of your own home.
According to market research, fitness equipment sales grew by a whopping 170% during the COVID-19 lockdown. Sales for stationary bikes grew by 197% and electric bicycles by 187%! Over 2.5 billion fitness and health apps were downloaded from January to November 2020 across the globe, a 45% increase compared to the same period in 2019. With these apps and free tutorials on Youtube, the at-home fitness space will only continue to grow and so will the competition in the market.
If you are in the fitness equipment retail space or is an industry you are considering getting into, here are a few tips on how to optimize the shopping experience and build your brand!
Build A Community
Fitness goes beyond the individual. It is a community-centric lifestyle that is used to fuel, improve and motivate. The download stats listed above are enough testament to this crucial factor. Besides selling fitness products, take your brand one step further by adding value. Build a community around your brand with insightful newsletters, blogs, tutorial videos, and offer live stream sessions with instructors using your equipment. This will not only help the customer stay motivated to actually use your products and potentially buy more in the future, but will also help establish your brand as a trusted source of valuable information that enables your customers to reach their fitness and health goals.
Offer Buy Now Pay Later Fitness Equipment Financing
One of the most challenging factors when it comes to gym equipment is the price. Depending on the type of exercise your customers enjoy, fitness equipment like stationary bikes can range from $2000 and upwards! A high-quality yoga mat can even set your customers back $100 – an amount some customers just simply can’t afford. While we all wish that we could lower prices at will for each and every customer, unfortunately, it is just not a possibility. There are also overheads you need to reach in order for your business to survive. Offering Buy Now Pay Later or Point Of Sale consumer financing from ChargeAfter for fitness equipment is a solution for both parties. You are able to set a fair price and your customers are able to pay off their purchase in smaller, more affordable amounts over a few months. This form of instant financing has become a payment method customers expect when shopping online, which is why it should not be overlooked.
Be Transparent About Total Costs
When customers are browsing your store, especially one that sells high ticket items, price is a sensitive topic. Don’t ruin the shopping journey for your customers by listing the price of the product without the additional taxes or shipping. When a customer adds a $2000 product to the shopping cart only to find they have to pay an additional $300 to cover the additional charges, it is certainly going to add to the sticker shock and may sway their decision to leave your store and never return. Instead, be upfront about the total price as and when a customer lands on the product page. Don’t leave any room for confusion. It is always better for a customer to have all the facts and details about the product up front so that they can make a clear decision on whether or not they are going to finalize the sale.
Putting these three tips into action can help elevate your brand and build trust with your customers. By giving them value, an enjoyable shopping experience, and affordable Buy Now Pay Later financing, you are showing your customers that you have their best interests top of mind!