Consumer Financing for Pet Shop Owners
Americans spend close to $60 billion a year on pet-related items, including pet food, healthcare, toys, clothing and accessories. However, running a pet store can be a difficult business venture. Here are a few tips, including consumer financing to consider as you develop a growth strategy that can assist you in building up profits:
1. Focus on Customer Service
It’s not enough to have a wide variety of items available – you have to also make the customer feel like they’re an important part of your business. Be knowledgeable about the products you’re selling and be able to give them the pros and cons of each and help them find what is perfect for their pet. Even if they don’t ask for advice, offer up some tidbits about their choices – they’ll appreciate your thoughtfulness.
2. Offer Extra Services
The bulk of your sales might come through treats and food, but you can also give your customer base another reason to come into your shop. For instance, if you have the extra space and a dedicated employee, you can offer a doggie daycare. Furthermore, grooming services are a popular item for longhair breeds, so see if you can either hire a full time employee for that job or contract out.
3. Be Wary of Health Concerns
While there is no real substitute for a trusted veterinarian, you can help your customers with the upkeep of their pet’s health by keeping your staff knowledgeable of the latest vitamins and healthy foods that can add to the overall health and happiness of the pet. Treats are an often overlooked item that can be bad for pets, so make sure you’re stocking healthy options that are grain free and don’t contain any chemicals that can be bad for pets over time.
4. Practice Good Business Sense
For retail shops that are heavy on the inventory, establishing an inventory management strategy is vital to the success of the store. Know your item turnover ratios and know when to liquidate stock that is taking up valuable space on your shelves and not moving. Many businesses bring in a Point of Sale system that helps them track sales, create reports, and help analyze data that can assist you in making more fact-based decisions about the direction of your business.
5. Offer Consumer Financing
For many consumers, going to a retail store and having the luxury of a consumer financing option at checkout is what they look for in a business they will frequent. Rather putting down $80 at once for a big bag of organic dog food, they’ll put it on their retailer-specific credit card and pay low monthly payments. It’s a service that more and more retailers are offering today and it’s important for you to also implement it in your growth strategy.
The HELPcard is ready to work with you to offer your clients the consumer financing solution they want today. Contact us and let’s discuss your wants and needs.