In the furniture industry, where high-value purchases are common, customer payment preferences play a crucial role in influencing sales and profitability. A recent Xero Payments Report provides vital insights for furniture retailers, manufacturers, and suppliers, highlighting how evolving payment methods are shaping consumer behaviour and the importance of adapting to these trends to drive growth.
Photo: Dreamstime.
The report reveals that while 86% of consumers continue to favour credit and debit cards, there is a growing demand for flexible payment options, such as digital wallets like Apple Pay and Google Pay, as well as buy now, pay later (BNPL) services. These payment methods are particularly popular among younger consumers, prompting businesses to offer a variety of options to meet shifting expectations. Xero notes, 'For furniture retailers, providing a range of payment options isn't just convenient – it's a competitive advantage that ensures customer satisfaction and helps secure sales at the point of purchase.'
Delays in payment processing also pose challenges for businesses. The report highlights that firms adopting digital payment systems often receive funds up to 15 days faster compared to those relying on traditional methods. Faster payments enable suppliers and manufacturers to maintain better cash flow, reinvest in stock, and improve operations, ultimately contributing to a smoother business experience. Xero emphasises, 'For suppliers and manufacturers, quicker payments mean more efficient operations and the ability to build stronger relationships with partners.'
The importance of transparency and security in payment systems has also grown, with 66% of consumers identifying hidden fees as a major frustration. Rigid or outdated payment systems risk driving customers to competitors. Implementing secure, flexible, and transparent payment solutions builds trust and enhances the overall buying experience, helping businesses secure repeat custom and long-term loyalty. Xero states, 'By adopting modern payment solutions, furniture professionals can create seamless purchasing journeys that benefit both customers and their bottom line.'
Furniture retailers looking to stay competitive must understand these emerging payment trends and integrate modern solutions to meet customer expectations. To learn more about payment trends and how to evolve their businesses, Xero encourages businesses to download the full Xero Payments Report.
Source: www.furniturenews.net