Fullscreen Menu - Background

Subscribe to SME News Search for an article Our amazing team

Ground Floor, Suites B-D, The Maltsters,
1-2 Wetmore Road, Burton upon Trent
Staffordshire, DE14 1LS

Background
Posted 16th October 2019

Quarter of SME retailers missing the bill on consumer finance boom

A quarter of UK retailers are not capitalising on the rise in consumers spending on finance, according to new research. The study, conducted by innovative finance solutions provider, Duologi, found that consumer finance is on the rise, with 16% of consumers now purchasing on finance, rather than credit cards and bank loans, compared to just 6% in 2017.

Mouse Scroll AnimationScroll to keep reading
Fixed Badge - Right
quarter of sme retailers missing the bill on consumer finance boom.


Quarter of SME retailers missing the bill on consumer finance boom

A quarter of UK retailers are not capitalising on the rise in consumers spending on finance, according to new research.

The study, conducted by innovative finance solutions provider, Duologi, found that consumer finance is on the rise, with 16% of consumers now purchasing on finance, rather than credit cards and bank loans, compared to just 6% in 2017.

Moreover, 83% of consumers said they would consider using point-of-sale (POS) finance in the future, compared to 78% in 2017.

With 168,490 registered SME retailers in the UK, it means that approximately 42,000 businesses are not offering POS finance, and therefore missing out on this growing opportunity.

The report, Finance: an SME issue, surveyed 500 SMEs across a range of retail sectors about their concerns for the future and their knowledge and understanding of point-of-sale (POS) finance.

For the SME retailers that do offer finance as part of their business model, there is a certain degree of awareness around the business benefits it can bring. However, there is also a clear push from consumers. More than a quarter (27%) of retailers said that their customers simply expect finance in the current climate, with another 28% saying that customers were directly asking them to provide it.

Michael Bevan, CEO of Duologi, said: “Clearly consumer demand for finance is increasing and they are now more willing to borrow funds than ever before. As such, there is a huge opportunity for SME retailers to offer a helping hand, as well as boost sales and their own bottom line.

“However, there are still a lot of retailers that aren’t capitalising on this growing market, despite fierce competition and pressure to keep pace with the demands of this ever-changing industry.

“If retailers are to thrive in the future it’s important that they are empowered with the knowledge and tools needed to excel. Fortunately, there are now a range of POS finance options available that are quick and easy to implement and can make paying by finance as easy as paying with a card.”

For the full report visit: https://www.duologi.com/download-sme

Categories: Business News, News, People


You might also like...
How to Save Money as a Small Business OwnerFinance3rd November 2022How to Save Money as a Small Business Owner

Tom Church is Co-Founder of LatestDeals.co.uk, a small business he set up in 2016 which now has a team of 30 people. The company has grown organically to 7-figure revenues without paying for any advertising. The online website helps people save money by findin

International Women’s Day 2020- Meet Farah Asemi, CEO & Founder of ecofleetNews6th March 2020International Women’s Day 2020- Meet Farah Asemi, CEO & Founder of ecofleet

"The logistics industry has traditionally been male dominated, especially at senior levels. I see this during regular attendance at logistics conferences in the UK and overseas. Perhaps it’s time for women to make a dent and open opportunities for other wome

SME News Media Pack

Every quarter we offer a new issue of SME News which is published on our website, shared to our social media following and circulated to our opt-in subscribers from various sectors across the UK SME marketplace.

  • TickExpand your reach.
  • TickGrow your enterprise.
  • TickSecure new clients.
View Media Pack
Media Pack - Bottom Slant Gradient
we are sme.
Arrow