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Retailers Quietly Eliminate Layaway Programs

Finding success in buy now, pay later technology.

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Many retailers have been quietly shutting down their layaway programs, including big retailers such as Walmart (Bentonville, AR), reports CNBC.

The main reason for this move is that shoppers have a wider selection of online programs like After Pay (Melbourne, Australia) and Affirm (San Francisco) at their availability that allow them to purchase now and pay later over time. These plans are mostly interest free as well.

According to RBC Capital Markets, shoppers who use these programs will buy more items at a time, bringing incremental sales up to 20 to 30 percent per transaction.

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Moving Up — Not Out — with Wilkerson

Trish Parks has always wanted to be in the jewelry business and that passion has fueled her success. The original Corinth Jewelers opened in the Mississippi town of the same name in 2007. This year, Parks moved her business from its original strip mall location to a 10,000-square foot standalone store. To make room for fresh, new merchandise, she asked Wilkerson to organize a moving sale. “What I remember most about the sale is the outpouring excitement and appreciation from our customers,” says Parks. Would she recommend Wilkerson to other jewelers? “I would recommend Wilkerson because they came in, did what they were supposed to and made us all comfortable. And we met our goals.”

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