Rediscovering Layaways

Underrated for years, layaways are sweetening sales in a sour economy

Reprinted from The Register - News and information for the Microsoft Dynamics RMS community - April 2009

Often overlooked in our "buy now, pay later" culture, layaways are making a comeback, among both customers and retailers. It's easy to see why. Customers are finding multiple benefits. First, there's no interest to pay. Why pay high credit card interest and perhaps even find yourself still paying for something years after its useful life? Layaways also don't promote the empty calories of impulse buying, buyer's remorse, and the consequent returns. And, many people are enjoying a new sense of control over their lives as they get back to the basics of actually planning their purchases and saving. Retailers, too (including big national chains) are rediscovering the lost art of layaways. Not only do layaways expand sales during downturns, when customers are more careful with their dollars, but layaways bring customers back into the store on a regular basis to make payments. Layaways also reduce the number of returns, which has increased in recent years to become a costly percentage of sales. Then there is the customer loyalty and community that layaways and other customer-friendly policies nurture - possibly the most valuable and most overlooked benefit of all.

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