How Jewelers Can Save Time and Improve Sales with Soft Credit Pulls

A soft credit pull could be just what jewelers need to save time and money in their business.

Retail consumers spend on average $600 on jewelry per year—and if your business wants to tap into their spending, a soft credit pull can fast-track sales.

Key Takeaways:

• A soft credit pull helps jewelers prequalify customers and streamline the buying process by verifying a consumer’s credit history and enhances customer satisfaction rates by speeding up the buying process.
• Discover why jewelers are guaranteed to save time and money if they leverage soft credit pulls in their business.

Understanding The Soft Credit Pull—A Brief Overview

Also known as a soft credit inquiry, a soft credit pull provides a consumer’s credit report to a business, like a jewelry store. When a customer wants to purchase an item in your jewelry store, you can use a soft credit pull to see if they pre-qualify for financing, if necessary.

The most crucial aspect of a soft credit pull is that it doesn’t affect the consumer’s credit score or rating.

They allow businesses to gather information like:

• Consumer Credit Score
• Defaults
• Payment History

Any business selling high-value items can benefit from using soft credit pulls, but specifically, how can jewelers benefit from them?

How A Soft Credit Pull Improves Your Sales & Saves You Time

Pre-Qualification on Steroids

With a soft credit pull, jewelers can pre-qualify customers without them ever visiting the store. Gathering basic credit information helps jewelers assess customer buying power.

If you know whether a customer is qualified for a high-value purchase, you can refine your marketing strategy and save money.

Pre-qualification increases the ROI for your marketing campaigns and in-store purchases.

Expedites Financing

Traditional methods of pulling customer data involve tons of documents and delayed buying processes. However, with a soft credit pull, jewelers easily expedite financing and receive the preliminary credit assessment they need.

From there, sales representatives are better equipped to offer immediate financing options. This results in reduced wait times for customers and increases the odds of closing the deal on the sale fast.

Fast sales are an exceptional way to scale business and keep customers satisfied.

Personalized Customer Service

The global jewelry market is set to expand from 270 billion in 2022 to 330 billion by 2026, according to a report from Statista. But customized luxury jewelry isn’t the only thing that customers want—they also want a personalized customer service experience.

One way you can offer the experience your customers are after is by tailoring the buying process according to their finances. A soft credit pull makes that possible.

Sales reps can devote more time and energy to finding out what your customers want and then direct them toward it once pre-qualification is out of the way.

With less time spent on administrative tasks, your customers will find the buying process simple, easy, and a no-brainer.

Reduces Incidents of Fraud

Soft credit pulls offer invaluable information about your customer’s credit history, giving you a chance to spot red flags before they turn into MAJOR issues.

This proactive approach protects your business and creates a more secure and trustworthy sales environment for customers.

Data Generation

A soft credit pull generates valuable information for jewelers. Jewelers can analyze credit information to identify trends, target demographics, and preferences.

Data has the power to inform your inventory stock, generate new and improved marketing strategies, and help you make better business decisions.

Ultimately, the more business decisions you leave up to data, the more efficiently your business will run, and soft credit pulls are a precise way to grab that data.

Optimize Inventory

Inventory management depends on hard data. Pre-qualification from soft credit pulls helps jewelers anticipate what their sales may be in the following days, weeks, and even months.

Understanding market demand and capability sets business owners up for success. When customers know you have what they’re looking for, you build brand loyalty. And that’s priceless.

Gives You the Competitive Advantage

Jewelers can drive revenue growth by using a soft credit pull to distinguish their business from others in the market.

Over 90% of customers say that an immediate response to their questions is essential or very important, according to HubSpot.

Clearly, pre-qualification is one of the biggest “unknowns” for your customers. Get it out of the way upfront and your jewelry business will stand out.

Customers Want to Give You Their Information

Research shows that over half of all consumers don’t mind sharing personal information in exchange for better service.

Requesting information from your customers sets them up for success while shopping. So, jewelers who use a soft credit pull are providing quality service that helps consumers get precisely what they want.

When customers know what they can afford to buy in your store, they are far more likely to make the purchase, as well.

As it turns out, requesting soft data from customers is exactly what THEY want.

It Helps You Understand Payment History

Some jewelers offer buy now pay later campaigns on their products, and a soft credit pull helps you better understand their payment history.

Investing in customers who fail to make on-time payments can cost businesses big down the line. Playing it smart by using relevant data prevents delinquent accounts.

Soft Credit Pulls Are A Strategic Move For Jewelers

To summarize, leveraging soft credit pulls is a strategic move for jewelers who want to save time, improve sales, and optimize their overall operations.

The greatest benefit to soft credit pulls includes efficient pre-qualification, expedited financing, enhanced customer service, reduction in fraud risks, and increased competitive advantage.

Make the most out of this revenue-driving tool by reaching out to our team.

We help jewelers and other business owners improve their sales and business operations with soft credit pulls along with other services including:

• ID Verification & Fraud
• Alternative Credit Data
• Automated Income Check

Improve your sales numbers and enhance the security of your business with our targeted business solutions.