Why should I change what I'm doing? I've been doing fine this far!
These are all things we've heard from pawnbrokers in the past. In fact, one of the most common things pawnbrokers say is:
“If it ain’t broke, don’t fix it.”
But this type of thinking - maintaining the "status quo" - may be hurting your business. After all, a padlock and deadbolt might work perfectly fine for locking up your store's front door, but thieves are getting smarter. It's a no-brainer to have video cameras in your pawnshop! But why stop there? Customers are getting smarter too, so your point-of-sale that was last updated in the 90's will no longer be enough to keep up.
Covid-19 showed the world that "normal business practices" can change overnight. While it used to be you versus the other brick-and-mortar shops on the block, now it's you versus Amazon, eBay and every retailer on the planet.
Of course, it is natural to want to stick to what we know or what worked in the past. Pawnbrokers shouldn't be afraid to try something new. Stepping out of your comfort zone might actually produce better results.
Why is it important to leave the status quo behind? Hear from Steve Mack and Yigal Adato, two successful pawn enterprise owners and industry experts, talk about why pawnbrokers need to stop running their pawnshops "like a pawnshop": Click here to listen to our latest webinar.
What Can Pawnshops Do Differently?
There can be a lot of reasons for wanting to do things the same way. Changing or updating current workflow practices can mean downtime while you learn new systems and get employees up to speed - and we know that in pawn, time is money. But pawnshops that are late to adopting new tools or technology will eventually be at risk.
Our latest PawnTech report shows that consumers are leaning more heavily towards mobile and online services to do their shopping, meaning that pawnshops that don't have the right technology are missing out on a large market of potential customers.
At Bravo, we believe that adaptation should be part of every business model, so we make it as easy as possible to learn and make sure we're available anytime you need help.
The first step to breaking out of your pawnshop's rut is to make sure your point of sale platform is fully integrated with all other aspects of your business.
The Benefits of Integration
Integration means that a piece of software communicates with another software program to provide an additional layer of services or benefits. Think of it like using PayPal to draw funds from your bank account… The two platforms work together to make your purchase process easier and more secure. Or, if we go back to our store security scenario - it's unthinkable now to have an alarm system that DOESN'T automatically call the police when someone breaks in.
Integration with e-commerce
As a fully-integrated, omnichannel platform, Bravo Point of Sale is equipped with the ability to connect to work seamlessly with other programs and platforms such as:
- Your Website*
- eBay
- Craigslist
- Buya
- Etc.
*Bravo can offer a branded website to any shop that has not yet created a website.
One benefit of this type of integration is that new items added to your inventory are easily logged into your system and simultaneously posted to your desired e-commerce platform, i.e. eBay.
From there, you've conveniently entered the mobile shopping market and can take advantage of the millions of buyers who shop using their phones. While an online shop feels like a brand new storefront, you're still only managing one inventory! Bravo's integration means items that are purchased off the showroom floor are automatically removed from your online listings.
So, with a platform that can be integrated with a wide range of e-commerce sites, you can effectively expand your customer base and open new storefronts without creating any extra work.
Mobile integration
Bravo is also integrated with MobilePawn, an online shopping app that can help customers manage loans, ask questions and make purchases directly with their pawnbroker. Still on the fence about moving to mobile? Consider this:
- 52% of consumers have push notifications enabled, and they check their phone 50+ times a day
- 85% of Pawnbrokers operate a website and use social media
- 3 out of 4 pawnbrokers are using eBay, Craigslist, Buya and other sites to sell online
- 9 out of 10 consumers want a seamless omni-channel experience
- The average customer checks their phone 52x per day
- SMS/text messages are opened 98% of the time
- 75% of customers prefer to receive promotions via text message
MobilePawn has over 100,000 downloads in the Google Play Store alone - and that number continues to grow at an exponential rate as people become more accustomed to shopping on their phones. It's easy for customers to download and start using, plus they'll be directly connected to your store.
It's Time to Make the Change
What are you waiting for? Bravo makes it easy to reach that many more customers - and all you have to do is take a step into doing things just a little differently than you used to. It's time to break away from the status quo and do better than "good enough."
Learn how Bravo Point of Sale can help you move inventory, increase buys, sells and loans—AND increase the visibility of your shop to consumers. Click on the banner below to schedule a personalized demo.
About the Author:
Tally Mack is a fifth-generation pawnbroker and eCommerce enthusiast. She loves traveling, being outside, and working out.
Before taking the reins as CEO, Tally served as Bravo's Vice President of Business Development, leading the company's sales and marketing organization. She's been instrumental in leading and executing many of the company's strategic shifts, including the acquisition of CompuPawn and the recent launch of UsedGuns.com.
Tally earned her Doctorate of Law (J.D.) from DePaul University College of Law in 2013 after attending the University of Colorado at Boulder, where she earned her B.A. in Communication Studies. She also completed the Key Executives Program from Harvard Business School in 2013.
Tally is a pawnshop lover and eCommerce enthusiast—dedicated to the success of both her employees and customers!
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