In the furniture industry, where high-value transactions are the norm, the way customers pay can significantly impact the bottom line – and the latest Xero Payments Report offers essential insights for furniture retailers, manufacturers, and suppliers, revealing how evolving payment preferences are shaping consumer behaviour, and why adapting to these trends is vital for growth …
The report highlights that while 86% of consumers rely on credit or debit cards, the demand for flexible options like digital wallets (such as Apple Pay and Google Pay) and buy now, pay later (BNPL) services is growing rapidly, particularly among younger demographics.
Businesses flexible in choosing the payment methods tend to be received better by customers and have more favourable reviews, says accounting software specialist Xero: "For furniture retailers, offering diverse payment methods isn’t just a convenience – it’s a competitive edge, ensuring you capture sales and meet customer expectations at the point of purchase."
Delayed payments are another challenge addressed by the report. Businesses that embrace digital payment systems often receive funds up to 15 days faster than those relying on manual methods. For suppliers and manufacturers, faster payments means better cash flow and smoother operations, allowing them to reinvest in stock and innovation, as well as building a reliable experience to the business' partners, says Xero.
"When it comes to digital payments, transparency and security are more important than ever to customers," adds Xero. "With 66% of consumers citing hidden fees as a top frustration, rigid payment systems risk driving them to competitors. Implementing secure, flexible, and transparent payment systems builds trust and enhances the buying experience, helping to secure repeat business and long-term loyalty.
"By understanding these trends and integrating modern payment solutions, furniture professionals can create a seamless purchasing journey that benefits both their customers and their bottom line. Download the Xero Payments Report to learn more about today’s payment trends and how you can evolve your business to meet your customers’ expectations."
