Oscar Udhaar: How to Sell More With Store Credit
Store credit has the power to do many things. It’s more than just another payment option for retail customers — it can help boost retention and inspire brand loyalty. You can increase spending and grow your store’s revenue by using store credit deliberately and in more innovative ways. That’s why the most successful retailers offer store credit in a variety of forms — they’ve seen the benefits and doubled down.
The Benefits of Issuing Store Credit
There’s a reason the world’s most successful retailers use store credit — a few reasons actually. The bottom line is that store credit offers you flexibility and an added tool to help inspire customer spending and loyalty.
- Better, long-term customer retention and loyalty
Store credit is one way retailers can boost customer retention and loyalty. In other words, store credit offers customers an additional incentive to come back to your shop instead of looking elsewhere. As one facet of a robust customer loyalty program, store credit gives you yet another tool to showcase to customers what their repeated business means to you.
- Encourage customers to spend more
Using store credit to encourage customers to spend more money might seem counterintuitive — but it works. Customers also feel better about spending more when stores offer a reasonable return policy. So, if you use store credit to allow for more flexible returns, you’re helping customers feel comfortable spending with you.
- Lose less revenue to returns
Returns and exchanges can put retailers in a bind. You want to be flexible and provide customers with a good, satisfying experience, but returns mean lost revenue, period. Offering store credit is one way you can avoid losing revenue to returns and help turn those transactions into exchanges instead.
Store credit enables you to expand your return policy to a longer timeframe or accept returns without a receipt — making your policy more customer friendly. This also ensures more money stays within the business, helping to ease the burden of returns on your business.
Innovative Ways to Use Store Credit to Grow Customer Retention
Finding innovative ways to offer store credit can set your business a notch above competitors and go that much further in helping to boost customer retention and overall spending.
Oscar Udhaar is the ideal platform for businesses that manages credit and improves the overall cash flow. Managing credit can be challenging especially if owners lose track of their customers to whom they have supplied goods on loan. Luckily, Oscar Udhaar helps you keep track of your debts as well as give credit to customers easily and efficiently.
With Oscar Udhaar, business owners may never miss an opportunity to achieve growth, profits, and overall positive results.
Oscar Udhaar features are easy to use and are offered in both Urdu and English which makes it accessible to store owners from all areas across Pakistan.
With Udhaar, storeowners can keep track of their customers khata online and offline whilst keeping their information confidential.
Business owners can add their customers’ names and phone numbers, whilst data is saved and encrypted as soon as the user makes an entry in the Customer Phonebook. This will help in automating your account ledgers instead of having to rely on man power.
Moreover, Udhaar’s tracking feature allows businesses to keep track of their customers’ payment schedule so that each payment is made without delay or any sort of fraud.
And lastly, the amount of credit to be given can be easily added and the payments receivable can also be calculated efficiently.
Store credit is a lot more than just another way for customers to pay. It’s a tool you can use to help grow customer retention and increase sales. Finding innovative new ways to do that can bring big benefits to your store.
When we talk about the effect of a good return policy on sales, we’re usually focused on ecommerce brands — but the same applies to brick-and-mortar retailers.
As mentioned above, store credit is one of the ways you can add leniency and flexibility to your return policy and capitalize on those increased sales. Offering store credit for returns means you can allow customers a longer return timeframe and be more flexible about receipts and tags required — all while ensuring you don’t lose out on revenue.