Pawn shows and awareness around the industry has glorified collateralized loans and how much money can be made. It seemed everybody wanted to open a pawn shop or for those already in the business, they wanted to expand. Fast forward to today – pawn shop growth has slowed dramatically and even stopped in many cases. The fact is, most pawn stores have seen a major decline in profitability. But why the decline?
Nowadays, pawn operators are struggling and they all say the same thing: “The industry is changing – Customers aren’t coming in as frequently and they are shopping online.” From my experience as a fifth generation pawnbroker, CEO at Bravo Pawn Systems, and working with pawn stores all over the United States, we believe we’ve uncovered the problem and today, I’d love to share that with you here.
But before I give you the “magic pill” to make everything better, let’s look at this New World of Shopping….
How to Cure What Ails You
It’s been said in the business world, that revenue cures all ills. Sales and revenue hide a lot of “sin” in your business and mask operational issues. When revenue and sales decline, profit goes away and a giant light is shed upon your business deficiencies.
Look, it’s pretty simple: A business that isn’t evolving and changing, is dying. Complacency is “The Killer” and a major contributor to why pawn shops are struggling now. The pawn industry is resilient and for years, pawnbrokers were content with their profits. Gold boomed, then declined, and when gold prices fell, competitors moved in, online shopping became popular and profits went down. But pawn operators still ran the business the way they always did, refusing to change, hesitating to evolve…..and online competitors (aka Amazon) kept popping up.
What Are the Possibilities?
I mentioned above that revenue cure all ills… but so does convenience. And today’s consumers demand it. So how do you get more sales, layaway payments, and loan payments in this New World of Online Shopping, eCommerce and Mobile?
And how much more money could you make if you got your customers to shop your store online 24/7 — without having to hire extra employees or spend thousands of dollars on marketing? How much more money could you make if your store was open an additional 3.5 days per week with NO additional overhead? [Here is my math: average pawn shops are open for, let’s just say, 10 hours a day. That means the store is closed for 14 hours. 14 hours closed per day x 7 days = 98 extra hours open per week.]
InstaPawn is the Future of the Pawn Industry
Bravo Pawn Systems offers InstaPawn, the most important product ever to hit pawnbrokers and their customers. Imagine telling your customers “Download our mobile app and shop / make payments at our pawnshop online 24/7!” – well, imagine no more!
Now your customers can shop your store 24 hours a day, make payments on Loans & Lay-Away, get Notifications — all seamlessly through Bravo’s Platform.
Customer satisfaction is guaranteed to sky rocket when you offer Mobile Shopping and Payments. Customers will pawn more frequently and bring in more merchandise. They’ll put more items on layaway and they’ll make on-time payments.
Look at all these exciting features in InstaPawn:
- Shopping 24/7: Shopping has never been easier. Entice your customers to purchase with Coupon Promotions, increase loyalty and sell your merchandise faster.
- Shop all your Stores: Operate like a national chain and have all your customers from one store or multiple stores see your entire inventory 24/7 in real time. Any item purchased through the mobile app will automatically feed into future loans tied to the customer. Loan – Sell – Loan again.
- Lay-Away Payments: Customers love the pawnshop lay-away, and now it’s easier with fewer cancellations. Bravo gives you flexibility to set up any term and payment frequency. And customers get gentle reminders on their mobile phone to make a payment.
- Mobile Notifications: The #1 reason pawn customers default on their loan is because they forget! They pawned because they wanted it back. Everyone wins when the customer pays. Make it easier and more convenient.
- Company Branded Mobile: InstaPawn can be customized for your store to build your brand. Bravo customizes each company to the way you want to run your business.
Today’s Customers Demand Convenience
Why not give it to them? In a technological society that demands immediate gratification, InstaPawn is an idea whose time is long overdue. Did you know the iPhone came out in 2007, that was 10 YEARS AGO. Mobile Shopping is not the future, it’s the present, and if you’re not on-board, you will not survive in the New World of Mobile Commerce.
Bravo has created the pawn industry’s first mobile app to usher us into this brave new world of customer service and convenience!
Still need more convincing?
Ask yourself, do you want to be a part of this New World of Mobile Shopping and Mobile Transactions? Or will you keep sitting on the sidelines and doing business ‘as usual’ until it’s too late?
Your store CAN grow revenue and profits, just like TNT Pawn, with locations in Arizona and Nevada.
TNT Pawn is a Bravo customer who’s one of the 1st pawn companies to utilize InstaPawn and has never looked back. See how they’re successfully marketing InstaPawn at http://www.pawntnt.com/instapawn/.
Ready to get on-board with Bravo and InstaPawn?
I see you nodding yes……
The time is now.
Call us at 888-407-6287 or email email@example.com