Why is eCommerce important to Pawn?
I think there are many reasons, so I will only hit a few in the article.
1. First answer is retail. The more customers that you put in front of your merchandise the more you get$ and the faster you sell it. Half of your effort in the pawn business is selling stuff and If you haven’t noticed every retailer in the world is moving their entire inventory to the web.
2. How do you sell on the web? There are a lot of test scenarios. The easiest test is to put stuff on EBay. It’s not a slam dunk. It’s a lot of work to figure out. But when you see how fast and effective it can be, you will understand why it continues to grow every year.
3. Second answer is your Loan Business. If you can figure out a faster and more profitable method of selling, you are apt to start lending more. It is our pawnbroker nature. If you can figure out how to lend more with the same default rate, why not? Here is your path to loan portfolio growth, without adding a single customer. A 150k loan portfolio increase of 20% is 30k @ average APR of 120% = $36,000.00 per year more. What is yours?
4. Marketing and Brand building. Nothing is more effective than customers seeing your name and the frequency on the web. Bravo does all of this for you for free.
5. How do I get started? Start selling the small stuff and get your feet wet. Build your customer base. How often do your current walk-in customers come into your store to shop? On Maxpawn.com 20% of our customers will visit your store every day to shop. Web customers are loyal. Average sale on Maxpawn.com currently is $105.00.
6. They love pawnshops, they love to shop, they want to see every day what is in your shop. From their home or office.
7. A big surprise selling on the web is – FUNJ. Yes it’s fun when you get an offer online and the eventual deal when the funds hit your account. J
Below is an example of an item reaching relevance and position on Google. Bravo submits thousands of items from your store each day.
