Lol .. Belk’s demographic do not use/understand google pay, Apple Pay, quad pay, etc.. Layaway Pay is the preferred method of payment. My Nana said so..
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But Belk doesn’t have the employees or space to handle layaway. Y’all know what go backs looked like during quarantine. Who is going to restock the random cr-p that no one picks up? How would the STH system view the inventory? In stock? Cause you know they wouldn’t pay to recode the whole thing
Third party “layaway” is actually great for stores in need of revenue. People buy MUCH more when they’re making payments, and the third party assumes the risk; Belk gets paid in full immediately. It’s accepted online and in store. Dillards has done great with it.
in store layaway is much better then a online payment plan due to the fact customers go into the store to conduct the're payments this brings in foot trafic meaning more sales and if conducted in house the company can keep even more margins imagine back to school shopping season and holidays its perfect
Layaway is highly profitable because
A) There is a non-refundable fee charged for keeping item(s) for a determined period of time.
B) If customer didn’t show up at agreed time, the item(s) goes back to the floor. Stores already in profit.
I happened to see many times how customer paid $5 to keep about $10 item till next week and never came back.
But it requires stuff, space, and high level of control over this operation. It’s for companies who are doing well and wants to add up this function just for fun and “why not”.
Layaway is outdated and would cost them too much overhead.
They should, however, offer Afterpay or Klarna or QuadPay, like every other retailer with an online presence does. Most of them can be used IN store, too, if Belk were to upgrade and get with Apple/Google Pay.
Their cost cutting will literally be their death.
thats not how layaway works even boscovs offers a layaway service it's a good idea
Let’s hold full price merch off the floor till it gets marked down and THEN they will come to purchase. This strategy will be great for margin
Great idea for a normal store. They won't give over any staff for it.
layaway is still a competitive selling strategy that still has higher profit margins then a thrd party monthly payment plan like what macys offers
Hahahahaha.. ok. This isn’t 1979. Here inlies a problem. Not the problem but still..