How Integrated Affordability Solutions (EMI) Can Help Retail Businesses Sell More


Providing affordability or emi solution can help consumers to purchase high-ticket items and retailers can grow their business

Kumar Mukul   | Senior Manager - Product

Apr 15, 2020

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How Integrated Affordability Solutions (EMI) can help Retail Businesses sell more?

Retail businesses selling high-ticket items such as premium furniture, electronic gadgets, luxury automobiles or even luxury apparel face a common challenge: how to bring in sales volumes by making their products affordable to their customers. While luxury and high ticket purchases are first on the bucket list for every consumer, they are also the early ones that get struck out over insufficient budgets. Insufficient finances and budget often reduce the purchasing power of your customer, thereby directly impacting sales for such high-ticket businesses.

For instance:

A man with a salary of ₹30,000 plans to buy a smartphone. His dream phone is Google Pixel 3, which is worth ₹58,000. With his current salary, he can only afford a mobile ranging between ₹15,000 to ₹20,000, that comfortably fits his budget (current buying capacity).

Similarly a family that is planning to buy a piece of furniture or an electrical appliance like a washing machine for their home, will first consider their budget. Their purchasing power will be a critical decision factor in the purchase of furniture or of a washing machine.

But what if, as a retailer you could increase their purchasing power irrespective of the income?

Wondering how?

By adopting instant and integrated payment affordability solutions like EMI!

EMI payment solution allows your customer to buy an expensive product and pay for it in future via instalments. So, considering the above example, you could sell a premium phone if you offered a flexible payment option.

Apart from the above point, here are a few reasons why you should think of integrating affordability solution or EMI solution into your existing payment system:

Make Big-Ticket Purchases Affordable for Customers

People often hesitate from buying high-end products due to lack of income and their ability to manage it well. We all want to live a luxurious and digitally savvy life, but affordability deters us from doing so. However, when you offer EMI options, you make sky-high prices feasible for the customer. This means you can convince your customer to buy a superior and higher-priced product, which otherwise he couldn’t afford.

Attract Customers with Instant Cashbacks

There are multiple banks that offer instant cashback on EMI payment. By enabling affordability solutions, you are also providing cashback offers to your customers, which helps you attract more and more customers.

Increase Revenue by Upselling Products

Say, you have a furniture store and a customer walks in to buy a plush sofa. If you don’t offer the flexibility of paying in parts, you will sell only the sofa. But, if you provide EMI options, you can persuade them to buy a wingback chair as well to complement the sofa.

Real-Time Tracking

With our, i.e. Ezetap’s Affordability Solution, you can receive real-time transaction data along with the daily settlement update. It helps you stay abreast of whether your customer is making timely payments. The transaction details contain data such as time of the transaction, the status of the payment received, contact details of the customer, and more.

Enhance Customer Experience

Integrating EMI solution into your payment system can help you lend a pleasant and uninterrupted customer experience. Your customer can pay for the purchased goods in easy monthly instalments using any credit or debit card. Our affordability solution incorporates all EMI solutions namely debit/credit card EMI, bank EMI, brand EMI discounts, and NBFC EMI into a single inter-connected payment system.

With most payment providers, an affordability solution does not come as a part of a payment solution or is not integrated, in which case you need a separate terminal to process EMI payments and reconciliation is a pain.

With Ezetap we can help you integrate EMI payments within our Universal Payment Platform solution. You can save operational effort and expenses and have a streamlined payment process. Payment aggregators such as us, at Ezetap, enable all kinds of EMI including Bank, NBFC, etc. under one interconnected system.

At Ezetap, we provide affordability solutions, which help you convert a sale into an EMI without any hassle. We also offer a smart payment solution that digitises offline touchpoints like the billing counter, anywhere within the store, at the doorstep, kiosk, etc. for you.

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