Price

When buying a new tire, there are a few things every person should know before making a purchase. Price is one of those things. Here are some tips on how to get the best deal on your new tires:

• Shop around. There are a lot of different tire brands and models out there, so it’s important to compare prices before making a purchase.

• Be prepared to pay more for branded tires. Many branded tires tend to cost more than their generic counterparts, but that doesn’t mean they’re always worth the extra money. Test drive the tires you’re interested in before purchasing to ensure they fit your vehicle and meet your needs.

• Consider factors such as weight and size when shopping for tires. Heavy or oversized tires will increase your car’s overall price, so be sure to factor that into your decision-making process.

• Get multiple quotes from different dealerships or suppliers. It can be helpful to get numerous quotes so you can get an idea of what each option costs and which is best for your specific needs and budget.

By following these five tips, you’ll be able to make an informed decision when choosing the right tires for your needs.

Longevity

Most people do not realize the importance of properly caring for their tires. You can increase your tires’ lifespan and save money by taking some simple steps. Here are a few tips to keep in mind:

Check the tread depth regularly

If your tires have less than 4/32 inches of tread left, it is time to replace them. 4/32 inches is the minimum legal limit for tread depth in most states.

Don’t drive on bald or deeply worn tires

Driving on these surfaces can cause your tire to wear out sooner and increase your risk of getting a blowout.

Replace your tires every 7,500 miles

This is the recommended interval for most cars and trucks. Over time, driving on worn-out tires will cause them to lose air pressure, impacting your ride and handling ability.

Store tires properly

Keep them inflated at least 30 pounds per tire and out of direct sunlight or extreme temperatures. Extended storage at high pressures can also damage tires over time.

Size

When it comes to tires, size is essential. Not only do different sizes fit different cars, but each size also has unique properties that can affect how a car drives. The smallest tire you can buy for your car will almost always be the cheapest option, but it might not be the best choice for your needs. Here are five things you should know about tire size before buying:

1. A car’s weight affects the size of its tires. Bigger cars need bigger tires to handle the extra weight, while smaller cars need smaller tires.

• The type of terrain you’ll be driving on also affects tire size. For example, dry roads call for narrower tires than wet ones because water can cause the rubber to break down prematurely.

• Tires require air pressure to work correctly; too little air pressure and your tires will wear quickly, while too much air pressure can create unsafe conditions on the road. Check your owner’s manual to find out how to check and adjust your air pressure regularly (usually every 3 months). And remember: never drive with flat or low-pressure tires!

• Tires come in various widths that affect how they grip the road. The most popular widths are P-Metals (for SUVs and sedans), all-terrain tires, and city tires. Choosing the correct width for your vehicle is essential so you don’t have to replace your tires too often.

Speed Rating

Every time you get in your car, you rely on the tires to provide a safe and comfortable ride. When it comes to tire purchases, it is essential to understand each tire’s speed rating. 

Tires come in different types and sizes, so you must use the correct speed rating for your vehicle. If you don’t know what the speed rating for your car is, there are a few quick ways to find out.

The first way to determine the speed rating is to check the owner’s manual or look online. The second way to determine the speed rating is by using a wheel calculator. Wheel calculators can be found at most convenience stores or automotive retailers. The wheel calculator will list the speed ratings for all of the available tires on your vehicle.

If you still can’t find the necessary information, your local tire dealer can help you determine which tires will fit your vehicle and meet your desired performance requirements.

Driving Needs

Before you buy any tires, you first need to determine what type of driving you will be doing. Will you be primarily driving on flat roads or in mountainous terrain? Will you be driving in cold weather conditions or hot weather conditions? Depending on your answers to these questions, you may need different types of tires suited to your specific needs.

Final Thoughts

There are a few things every person should know before making a tire purchase, as the price can be deceiving. Here are four final thoughts on the topic:

1. Always compare prices before making a decision. There is no one “right” price for any tire, so be sure to shop around and find the best deal.

• Consider your needs and wants when choosing a tire. Whether you need a specific size or type of tire or want something that will last long, take time to think about what you need and what you want in a tire.

• Don’t be fooled by inflated prices. While it may be tempting to overspend on tires, remember that they will only last as long as they’re properly cared for – which means getting regular replacements from your dealer.

• Be sure to understand all the terms associated with tires – and don’t be afraid to ask your dealer about them! Knowing the words can help you make an informed decision about which tires are suitable for your vehicle.

Thanks for reading! Find more articles from Joe The Finance Guy here.

1. Size

One of a laptop’s best qualities is its ability to fit into a laptop bag and travel wherever you go. The best option if portability concerns you is to look at laptops with smaller screens and a thin, light design. Watch out for the term “Ultrabook” in marketing these laptops.

What you’ll need the laptop for is the most crucial factor to consider when looking for the best laptop you can afford. Rarely is there a situation where one solution fits all? Some users require a lighter, more portable option. Other users require discrete graphics for tasks like running high-end games or video editing. You will almost certainly need to look for something more significant if you require a PC with an optical drive or long battery life.

The search for the best laptop becomes much simpler once you’ve determined its size and form factor because you can start to filter your search results by those criteria.

2. RAM

Random access memory, or RAM, is essential to computer performance, particularly if you frequently multitask on your laptop, such as editing photos, writing word documents, and browsing the web simultaneously. The more RAM your computer has, the quicker it will be able to access data, and the more smoothly you can run multiple applications at once. The bare minimum is 4GB of RAM. You should look for 8GB or more if you frequently use high-powered software.

Another crucial distinction is whether your laptop’s RAM is single- or dual-channel. Generally speaking, a dual-channel laptop is preferable to one with an equivalent amount of single-channel memory clocked at the same transfer speed, even though it may not make much of a difference in most everyday use cases. This is because dual-channel RAM can transfer more data at once.

3. Screen Quality

You’ll likely spend hours each day staring at your laptop screen if you’re like most of us. Therefore, be sure to choose a laptop with an easy-to-read screen. Remember that higher-gloss screens tend to reflect light from their surroundings. Consider the advantages and disadvantages. Take into account that touchscreen laptops will have glossy screens.

The screen resolution of your laptop will also be crucial, depending on how you plan to use it. A full HD screen has a resolution of 1920 by 1080 pixels. You’ll have excellent image quality and lots of space to keep your windows visible.

Finally, viewing angles are very significant. Laptop screens provide the widest viewing angles and best user comfort with IPS (in-plane switching) technology. A laptop with an IPS display is typically preferred over one without because it’s likely that you won’t always be using it in its intended environment.

4. Battery Life

Once more, if portability is important to you (even if that means carrying your laptop from your desk to your bed!), battery life is something to consider. The battery life of a computer is frequently much shorter in reality than it is stated on the packaging. How long the battery lasts depends on the on-screen brightness and the programs you use.

The factors influencing battery life are too numerous. Factors to consider include the screen’s brightness, resolution, number of background applications, and whether or not you actively maintain a connection to Bluetooth or Wi-Fi networks.

Suppose you run programs that require a lot of processing power, stream many online videos, play graphics-intensive games or transfer files over a wireless network. In that case, your battery will drain much faster than the manufacturer claims.

5. CPU

Consider your laptop’s central processing unit (CPU) as its beating heart. Few CPUs can compare to Intel’s Core-based lineup. The most likely processors found in new laptops are Core i3, Core i5, or Core i7.

• Core i3 can be found in budget laptops.

• The majority of mid-range laptops feature Core i5.

• More expensive laptops will have Core i7 processors. Core i7 offers the best performance but can generate heat from the device’s bottom. Keep this in mind if you intend to use your computer on your lap.

Intel’s i9 Core processors are now also found in some larger laptops. Even more powerful than laptops with Core i7 processors are those with Core i9 processors. Although they can perform on par with desktops, they are significantly more expensive than laptops with i7, i5, or i3 Core Processors.

6. Storage

You must consider both the quantity and type of storage. Back in the day, hard disk drives were popular. As laptops become thinner and lighter, hard drives are becoming less popular. Many laptop owners are instead opting for solid-state drives, which are faster, quieter, and, you guessed it, more expensive.

You should probably choose 1TB or more SSD storage if you install many programs or have a sizable game or movie library. You’d be surprised at how quickly even 1TB or 2TB fill up, but with the additional GB on board, you’ll have more room to diversify and add a few more items you like. We are confident you won’t complain about the extra space when you can download the game you want from Steam.

You Might Decide To Save Money On A Laptop By Purchasing One With A Smaller 128GB Or 256GB SSD If You Plan To Store Most Of Your Files In The Cloud Or On An External Drive. If You Choose To Do This, You Should Remember That You Will Need An Internet Connection To Access Your Files When Needed.

7. USB Type-C Ports

These days, you should probably consider purchasing a different laptop if it has just one USB Type-C port. Ideally, it would help if you searched for a computer with a few ports. Although you can find a dongle for anything on Amazon, it’s usually a better bet to ensure your next laptop has them. They’re the most popular connector port in the industry.

In addition to the standard functionality that USB Type-C ports provide (such as the ability to connect an external hard drive or SSD for data backup or to connect a traditional mouse or a fancy keyboard to your laptop), USB Type-C ports are also significantly faster than USB 2.0 and 3.0 ports. Data transfers via USB Type-C ports, therefore, proceed much more quickly.

Many contemporary peripherals frequently perform best on USB Type-C or need it to work.

The best option for Type-C ports is Thunderbolt 4 ports. Forty gigabits per second is the maximum data transfer speed for Thunderbolt 4 ports. A compelling feature is that they allow you to connect your laptop to one or more 8K displays and faster charging.

It must balance these features with your budget and consumer needs, and some compromises may be required. It’s uncommon to find a laptop that checks all the boxes, especially in price.

Let us know in the comments if you value other aspects of a laptop more (for example, better gaming performance, a rugged build, or a computer that can convert to a tablet), and if you need assistance deciding where to purchase or shopping for a laptop and how no credit lease-to-own options can be beneficial to you, please don’t hesitate to reach out to us.

Personal Lease Options now available allow for a new revenue stream even better than lay-away as the business owner has no additional cost of goods sold and they get funded right away.  It might sound too good to be true but it is not. Once you sign up with Joseph Stepke, aka Joe The Finance Guy, every day you have access to credit for your shoppers, to increase your retail sales. Are you wondering what kind of retail sales are eligible for this type of financing?  There are a large host of retail sales that qualify including tires, wheels, electronics, appliances, jewelry, furniture, and more. Learn more on the home page of Joe The Finance Guy under the In Retail heading.

Traditional financing

Let’s unpack what traditional financing is: it is defined as a loan or a line of credit secured through a financial institution under conventional terms based on the “four C” namely: character, collateral, capital, and capacity.

Take a look at the table below and see the comparison made of the advantages and disadvantages of traditional financing.

All of this is good but nowhere does it mention having support or bringing in an influx of clients after this credit has been given. Leaving you as a business owner at risk.

Customer Financing with Joe The Finance Guy

Joe The Finance Guy often emphasizes the alternative funding he provides.  When you go through his website and YouTube videos you get to learn that his company is the one that will take on the risk for retailers by providing the money they are borrowing, to complete the sale transaction with the retailer upfront. You as a partner (business owner) will gain a new client (customer) sell them the goods, and earn your profit while the customer also enjoys their new product.

Another great benefit is that the offered funding option has no fee to the business owner, so you earn more than if they were to utilize a credit card to make the purchase.  There is transparency and this helps the partnership.

The funding is designated for customers who do not have the cash, don’t qualify for the traditional credit but still want to purchase the product. There are different requirements depending on which business the customer wants to purchase from. As described in 6 Reasons Everyone NEEDS to Get The Damn Winter Tires, the qualifications for a loan are pretty simple, including:

• 3 Months of recurring income
• 90 days with a checking account
• Earn over $1000 a month

Solutions and Flexibility

As a business owner, you have got to admit that having a partner like Joe The Finance guy is a dream. He brings about solutions other financial institutions do not have. The service allows you to gain more customers without any additional risk to you.

Payback solutions for the shoppers who sign up for these personal leases include some flexibility including choosing from 90 days to pay back the debt, extensions ranging from 12 months to 24, no prepayment penalties, and more. The shoppers also get to leave with the product they purchase right away, instead of having to wait until all the payments are made with an old-fashioned layaway program

No Doubt at all

Now, after everything you’ve read do you still think this is too good to be true? It might sound too good to be true but this game-changing financing is real.  If you are running a retail business and looking to increase sales please reach out to Joe The Finance Guy to discuss how you can get your business set up today.

If you’re a smaller retailer going up against online or enterprise retailers, time is of the essence especially for you.

The Freedonia Group (link: https://www.freedoniagroup.com/), a renowned market research firm, projects consumer demand for outdoor products to increase 3.8% annually.  That means sales close to $12 Billion by 2024.¹

Covid-19 caused demand to boom once lockdowns became an ever-present reality in 2020. And for many states, this reality is still very much the case, whether by government mandate or self-imposed by individuals.

For retailers in this vertical, residential and commercial consumers see your outdoor furnishings and appliances for their outdoor kitchens as a necessary investment.  These items are no longer discretionary, and that’s great news when it comes to what used to be a harder to sell item like smart-home integration.

Who are your top buyers?

In the new normal, that would be almost every major demographic, albeit for different reasons.

1. Millenials – want entry-level outdoor furnishings for their starter homes.
2. Gen X – are going after the nifty upgrades and up-sells to go with their outdoor kitchens.
3. Boomers – while downsizing, are still making big investments in their quality of life on the home front.
4. Urbanites of Any Demo – need smaller-scaled furnishings for tiny-living environments.

Gotta think that the new normal will remain even after lockdowns are lifted.  Consumers now realize that “la dolce vita” can happen at home instead of elsewhere.  And if consumers work from home, working al fresco overlooking their outdoor kitchen and newly landscaped backyard oasis definitely has its benefits.

Take a look at these stats from Overstock.com… by 4/1/2020 right after lockdowns took place, they saw a 225% increase (year over year) in patio furniture sales with a 360% increase (year over year) in pool and gardening products.²

Now, how do your prospects finance something like outdoor patio furniture or a gourmet grill if they have bad credit?

There’s a simple no-cost solution for you to give your customers the shelter-in-place retreat they deserve.

Joe The Finance Guy has a No-Credit-Needed Payment Program that can approve customers for up to $5000 within 25 seconds regardless of credit history. Customers can complete a quick 1-page application online or by phone. 

All one needs to qualify is:

·        3 months consecutive income

·        90 days with a checking account

·        Make over $1000 a month

Joseph Stepke is here to serve the Home Furnishings Community and give your retail customers the peace of mind needed for themselves and their families. 

¹ Salandro, Vincent – https://www.remodeling.hw.net/products/freedonia-group-projects-demand-for-outdoor-furniture-and-grills-will-weather-coronavirus-impact-and-grow-in-long-run_o

² Settembre, Jeanette – https://www.foxbusiness.com/lifestyle/outdoor-furniture-sales-up-ahead-of-summerby

80% of winter tire owners think that winter tires saved their lives.  That stat is from a 2019 Leger survey by the Tire & Rubber Association of Canada.

The statics above help create a clear picture of how passing up on financial solutions to get the damn winter tires cost people in the long run!

One would think of all the inclement weather drivers to survey… Canada has some of the most experienced hazardous-weather drivers around.  Take note that our neighbors to the north understand the importance of winter tires.

These seasoned drivers know that a used $50 all-season tire isn’t going to cut it.

So, what makes the everyone else dither over the cost?

Do people really think that $500 for a set of 4 winter tires (before installation) outweighs the value of human lives?

Winter tires are only used in what would be the winter months by definition, so it’s pretty easy to spread 30,000 miles over the course of several winters.

The cost of winter tires spread out over 30,000 miles equates to pennies on the dollar to keep people and their families safe.

Why are many putting others including themselves and their loved ones at risk when they don’t have to?  Perhaps they are not considering the value of using winter tires compared to the cost of making the purchase?

Here are the 6 main reasons everyone needs to take advantage of financial solutions now available to all, to get the damn winter tires.

Winter tires aren’t what they used to be.  Thirty years ago, they had a reputation for mushy handling.  Those days are gone if we are to heed Edmunds and Consumer Reports.  And frankly, all should heed the message they are both reporting on the matter.

In fact, according to a 2016 report by John Woodrooffe (Sustainable Worldwide Transportation of the University of Michigan) found that at least SIX of the reasons winter tires save lives are because:

1. Winter tires now have improved tire adhesion, braking and cornering performance.
2. Winter tires now have improved traction on roads that are below 45 degrees F.  Doesn’t matter if snow and ice are present.  Traction improved by leaps and bounds on all roads affected by cold-weather conditions.
3. Winter tires now have a shorter stopping distance by up to 35% than all-season tires and by up to 50% than summer tires.
4. Winter tires reduce crash frequency (and therefore insurance claims).
5. With winter tires, there is no need to buy a 4-wheel drive vehicle if you put (4) winter tires on a 2-wheel drive vehicle.  Winter tires on that 2-wheel drive vehicle will outperform a 4-wheel drive with only all-season tires.
6. With innovations in crash-avoidance technologies, winter tires now play an even bigger role in functionality and stability control.

What’s the takeaway?

For the safety of everyone’s family, it’s better to have winter tires, so no one is ever in the position of a scary wipeout as they fight the loss of traction.  Humans all have the tragic flaw of underestimating grip on dry roads and overestimating grip in the snow.  Either one is a recipe for a serious collision.

Now, how do you finance something like $500 if you have bad credit?

That’s an even easier decision than whether to get the damn winter tires.

For Tire Retailers, Joe The Finance Guy has a No-Credit-Needed Payment Program that can approve customers for up to $5000 within 25 seconds regardless of credit history. Customers can complete a quick 1-page application online or by phone. 

All one needs to qualify is:

·        3 months consecutive income

·        90 days with a checking account

·        Make over $1000 a month

Joseph Stepke is here to serve the Tire & Wheel Community and give retail customers the security needed for themselves and/or within their family. 

There are a couple options you can choose from when looking to finance a new bed, below we will discuss what options exist, the benefits, drawbacks, and common companies used today.

Here’s a quick breakdown of how the furniture & mattress industry financing landscape looks like:

90 Day – 18 Month Payment Plans:

The most common choice used in the industry today includes a 90 day cash payoff option. This option does not require the applicant to have any credit, just an active income of $1000 or more and an active checking account. Down payments for this type can range typically from as little as $40 down to $60 down.

Traditional checking accounts work best and are what most financing companies look for, but companies like Acima are now accepting Chime bank accounts. Traditionally, 90 day payoff plans don’t help build credit, but Acima has changed that by now offering reporting to the Experian credit agency. This is a game changer!

12-36 Month Payment Plans:

For buyers spending a large amount and are looking to pay off their purchases over longer periods of time, they are going to need to have established good credit. Usually, a score of 700 or better is what they are looking for. This will get you interest free plans ranging from 6 months – 36 month. Minimum down payments usually range from $0 down to $50 down.

Popular companies in that category include Synchrony, Tower Loan, Klarna, and a few others. Be sure to take a look at the fine print, as there may be penalties for late fees and even low interest rates, depending on which company you choose.

Which financing option is best for you?

Choose whichever plan suits your financial needs best. We don’t recommend paying the interest if you go over the 90 day cash payoff, so avoid that if you can. Typical interest rates can be anywhere from 1.5-2.5x the purchase price, meaning you might pay more than double the actual cost for your mattress if you go over the 90 day period.

If you have good credit and are thinking about picking this option, keep in mind an application will run a credit check and leave a hard inquiry on your credit profile. Are you about to make a big purchase, like a house or a car? If so, this may not be the best option for you.

Whatever you decide, it’s important to budget & plan for the unexpected, just in case you’re unable to pay in the time you originally thought you would be able to.

If you have any questions about financing give Joe the finance guy a call, he’s an expert at getting people approved & making sure there are no unexpected bumps along the way.

Author Box:

Whitney Mike Segura, co-owner of Mattress Doctor Lafayette, is an expert mattress salesman and very experienced in getting people approved for financing, visit his website where you can learn more about financing a mattress in Lafayette Louisiana. He is very passionate about helping under qualified people get approved and find a bed within their budget, which they can afford to pay off before interest fees kick in. Whitney Mike and his company are extremely passionate about helping customers save money, get more value out of their dollar, and gain increased quality of life through a good night’s sleep.

Given the upheaval of 2020, one would expect the rest of the year to look grim for retailers who usually make the lion’s share of their income during the holidays as shoppers flock to stores to find the perfect gifts for their loved ones.  Surprisingly, however, 2020 may not end as bleak for retailers as one would think.  Deloitte recently stated that it expects overall holiday spending to remain flat or even increase.  Consumer confidence in a return to normalcy combined with many households having slightly higher gift-giving budgets thanks to lower travel and experiential expenses throughout the year may contribute to a better-than-expected season, per the report.

While people may show up en masse to vote, it is less likely that retailers will see a typical Black Friday crowd lined up to steal the deals.  As Coronavirus cases continue to spike, state and local governments are encouraging constituents to continue social distancing and avoid mass gatherings whenever possible.  So, even if consumers are confident in a return to normalcy, it will be a new normal full of ecommerce and “buy online, pick up” (BOPU) purchases. 

The pandemic has fundamentally changed how people shop.  New users engaging in online purchases and an uptick in the frequency of purchases has and will continue to have a lasting impact on retail, with ecommerce sales projected to account for 14.4% of all US retail spending in 2020.  eMarketer predicts that US ecommerce sales will reach $794.50 billion this year, up 32.4% year-over-year, and rise to 19.2% of all US retail spending by 2024.

How can businesses that have already transitioned to ecommerce or added an ecommerce component in 2020 out of necessity leverage this new asset to its full potential over the holidays? First and foremost, businesses should aim to provide consumers with a frictionless omnichannel experience and prepare for a longer holiday shopping season filled with well-informed customers looking to get the best price and value for their money.  Planning inventory and preparing for supply chain issues is a necessity to ensure a seamless buying experience. Optimizing the store, planning and polishing content, and creating a sense of urgency round out the must-do’s to compete fully in the crowded online retail space. 

But one thing that can differentiate one retailer from another and push customers into buying when they may not otherwise is offering flexible payment options. Annalisa Agoston, the executive creative director at Guidance, recently said that offering a pay-over-time solution will be essential for small businesses to capitalize on 2020’s ecommerce and BOPU trends.  “These make holiday shopping more seamless for shoppers who are on a tight budget, but still need to get gifts,” she says. “This is probably the hottest trend for the holiday season. There are many good third-party service providers.” 

Per Big Commerce, the pay-over-time method is a modern, convenient twist on an old practice. Instead of using an in-store “layaway” option, shoppers pay for an item via monthly installments over a set period of time while the ecommerce merchant is paid immediately for the goods.  This practice makes expensive items, such as sofas or flat screen televisions, more affordable to budget-conscious consumers.  And it could prove to be just the thing for retailers to cater to customers who need to make ends meet but still want to hold onto a sense of normalcy in this unprecedented time by giving their families a happy holiday this season. 

If you are an ecommerce retailer who is interested to learn more about how offering lease-to-own products can benefit your business, visit https://joethefinanceguy.com/ today.

Words 631

References Linked in Article:

https://www.emarketer.com/content/us-ecommerce-growth-jumps-more-than-30-accelerating-online-shopping-shift-by-nearly-2-years

https://www.moodysanalytics.com/about-us/press-releases/2020-10-15-morning-consult-and-moodys-analytics-debut-research-series-on-the-pandemic-economy

https://www.bloomberg.com/news/articles/2020-09-15/total-holiday-spending-seen-rising-this-year-despite-covid-19

https://www.entrepreneur.com/article/358084

https://blog.hubspot.com/service/omni-channel-experience

https://www.forbes.com/sites/pamdanziger/2020/09/27/e-commerce-will-explode-this-holiday-and-put-retailers-online-strategies-to-the-test/#630543d162f1

https://www.bigcommerce.com/blog/pay-over-time-ecommerce/ https://www.cnbc.com/2020/10/26/average-daily-new-coronavirus-cases-in-us-hit-all-time-high-as-health-officials-warn-exponential-spread-is-coming.html

There are, according to the American Psychological Association, numerous cognitive benefits of playing video games, including improved spatial navigation, reasoning, memory and perceptions.  While it is up to a parent to monitor the content of their children’s video games, they can rest assured that the games themselves are powerful education tools because they force players to both pay close attention to what is on the screen and control the motions.  By playing video games, children also develop other important life skills, including resilience (because games are hard and failure is inevitable) and the ability to problem solve and make course corrections with just-in-time feedback.  Additionally, the social nature of newer video games enables children to interact in a community, empowering them to develop social skills that will serve them well into adulthood.   

Are video games just for children?  Nope.  The APA reported that playing video games benefits people throughout the lifespan.  Adults can improve dexterity, cognitive function, spatial skills, and reflex time by engaging in video game play.  PCMag reported in June that people, both children and adults, have been playing video games more often in sessions lasting up to or longer than four hours a day.  While 34% of the respondents reported playing on both home consoles like PlayStation and Xbox One, nearly an equal percentage of respondents reported using a smartphone or tablet. 

The rising popularity of free-to-play mobile games, cheap portable hybrid options like the Switch, and even high-end game streaming on low-end hardware could make pricey new iterations of PlayStation and Xbox seem less appealing.  And, considering the upcoming Playstation 5 and Xbox X will be retailing for around $500, that could be a worrisome proposition for retailers.  While the cost of these consoles in relation to median household income have remained relatively stable, the state of the economy during these unprecedented times may make affordability a challenge.

Although unemployment rates in the United States are falling as firms begin to rehire their staff, overall unemployment remains higher than it was prior to the quarantine.  And, those who are still working are finding themselves underemployed as workers work less hours than they want or are underutilized because of the pandemic.   

So, if home consoles are costing significantly more than online or mobile gaming, how can retailers convince consumers to spend?  The good news is that gamers generally have an undying loyalty toward their console of choice, so it is likely that they will want to upgrade when new consoles come out.  Unfortunately, traditional alternatives to cash purchases, such as credit cards, layaway, or traditional financing are not ideal for retailers, as they require high fees or are not cost effective.  

However, a lease-to-own program may be a good alternative.  Customers with an income can take home their console and pay it off over time while retailers get paid immediately and can invest the money back into their business. 

To learn more about how offering lease-to-own products can benefit your business, visit https://joethefinanceguy.com/ 

Sources

https://www.apa.org/monitor/2014/02/video-game

https://www.apa.org/news/press/releases/2008/08/video-games

https://www.usatoday.com/story/opinion/2020/04/02/coronavirus-home-schooling-video-games-teach-children-column/5099270002/

https://arstechnica.com/gaming/2020/02/is-the-us-market-ready-to-embrace-a-500-game-console/

https://www.usatoday.com/story/money/2020/09/09/job-search-covid-19-pandemic-workers-underemployed-unemployment/5751028002/

https://www.bbc.com/news/business-54029361

Did you also know that 30% of American Consumers have such awful credit scores they can’t qualify for new lines of credit?

So, it should be no surprise that some Americans choose to keep their outdated cell phones. Because the latest models in your store/s are well over $1000. 

How many times as a B2C (Business To Customer) Cell Phone Retailer have you heard “No. My phone is good enough for now. It can wait”? Think back to your latest prospect. How old was their mobile phone? Was it 3, 4, or even 5 models back?

With each new iteration of cell phone technology, prices balloon beyond what the majority of Americans can afford on their own with or without credit.

At this rate, Smartphone makers may have to re-engineer cell phones to achieve a lower price point in exchange for lower quality.  The net effect of this re-engineering solves nothing for B2C retailers in the Smartphone vertical.

How much margin can you stand to make on those products?

 Instead, why not provide an innovative payment solution for what human ambition deems as a necessity for daily living?  And, while you’re at it… why not highlight the pain points inherently manifest if a consumer DOESN’T upgrade.

Cell phones aren’t just a convenience for staying connected. Cell phones are an essential security measure.

That’s not an exaggeration.  Don’t believe me?

Let me give you an example.

On May 25th, 2018, I was on the road to visit Retail Businesses I service. A line of police squad cars zoomed past me heading in the opposite direction. I didn’t think anything of it.  Of course something bad had happened, but what concern was it of mine?

Or, so I thought.

My wife called me on my cell phone.  There was a shooting at one of the schools in our area.  Possibly one of the schools our own children attended.

Authorities were not giving details to the public.  All we knew was there was an active shooter at one school and an attempt at our high school.

I immediately headed home. I had 3 kids in 3 different schools.  And, there was NO way of reaching any of them to make sure they were safe.  Of course, I had a cell phone, but they did not.

Have you ever seen Bruce Willis’ movie, Die Hard With A Vengeance? 

There is a scene where the bad guy, Simon (played by Jeremy Irons), is on the radio announcing he has planted a bomb in one of the schools. 

Cut to the next scene of an emergency call center.  A woman states that half of the panicked city just dialed 911!

 That’s exactly what it was like in our town. All of us wanted to get our children home safely.

Two out of my 3 children didn’t have a cell phone. I couldn’t reach them.  More importantly, they couldn’t reach me, and I felt like I was failing as a parent in my duty to protect them.

 My third child’s cell phone was outdated and not working properly.  Could I feel any more helpless as a parent?

Needless to say, after a scary, anxiety-ridden 5 hours everyone was safely home… which left me rethinking our family cell phone needs and redefining the word “necessity”. 

What realization smacked me in the face?  The same realization that many of your customers already have discovered, but they can’t afford!!

Cell phones are for emergencies to stay in contact with friends, family, and loved ones. 

However, Is there still a way for your customers to get a cell phone when they don’t have the cash or credit to do so? 

Yes, there is. 

The solution for you is to offer an alternative funding program within your cell phone retail stores.  

 Cell phone store owners need to capitalize on the fact that cell phones are emergency devices that their customers absolutely need to take care of themselves and their families.  

What good is a cell phone that is so hopelessly out-of-date that it might not work?  Ask my eldest daughter about that day on May 25^th, 2018, when her cell phone didn’t work in a potential emergency situation. I can promise you she will be quite candid.

Joe the Finance Guy offers an alternative funding program that is perfect for the Cell Phone market. 

If you’re a Cell Phone Business Owner (or owner of any handheld electronic location), please call me for a free demo at 615-775-1597. 

Let me add an extra $60,000 to your Top Line Revenue!!

I can approve your customers for up to $1500 within 25 seconds. Your customers can complete our quick 1-page application online or by phone. 

All your customer needs is to qualify is:

·        3 months consecutive income

·        90 days with a checking account

·        Make over $1000 a month

I am here to serve the Cell Phone Dealer / Owner Community and give your retail customers the security they need for themselves and/or within their family. 

Go to joethefinanceguy.com to sign up or learn more about our program.

Joseph Stepke, 615-775-1597, Joseph.stepke@acimacredit.com