Originally established over 70 years ago, RETRA is now one of the UK’s leading trade associations for independent electrical retailers. Along with brokering point of sale retail finance solutions, they also offer a range of added value services, including extended product warranties and stock management systems, through approximately 1,000 like-minded partners.
In a competitive market-place, RETRA found themselves looking for an innovative way to assist their membership base in driving sales.
Understanding that consumers are looking for flexibility on purchases at competitive rates, RETRA started its search for a POS finance partner to fit the bill.
Matt Sheldrake of RETRA said: “Hitachi Capital was a frontrunner, from the very beginning of our search. Not only did they offer the support we were looking for in terms of increasing our sales, but they also had a system in place that was simple for our retailers on the shop floor to interact and transact with.”
After comparing the products and services of Hitachi Capital with that of some of its biggest competitors, they soon landed on a decision. Due to the simplicity of the systems, flexibility of the products and the competitive rates, RETRA added Hitachi to its panel of selected lenders.
They were also impressed by their assigned relationship manager who took complete ownership and provided exceptional levels of support. A benefit that many of Hitachi Capital’s competitors couldn’t provide.
Five years on and the relationship has gone from strength to strength. The upturn in business across the membership has been significant, due to the simplicity of the offering, rates and the centralised support provided.
Putting this into numbers, in 2012 paid out credit sales for RETRA members totalled £64,700. Fast forward to how the relationship has performed during 2016 and this figure had risen to £2,300,000. At present, even though we are only half way through 2017 total paid out credit sales since January 2017 was in excess of £5 million pounds and at the current run rate should exceed £10 million pounds by the end of the year.
Since 2016 sales for RETRA’s retailers has increased by over 122% which alone highlights the value Hitachi’s credit offering can add to a business’s top and bottom line.
Matt Sheldrake said: “Overall the level of service we receive is exceptional. Our account manager has been supportive at every level. As a result of the service we receive we no longer use the other providers we had as part of our portfolio. Hitachi is now our sole provider.”
Chris Shelton, RETRA’s Relationship Manager at Hitachi Capital said: “I’ve overseen the RETRA relationship since August 2016. It’s been great working with the team at RETRA and the various members who utilise the facility. In a competitive market, the Hitachi finance facility allows RETRA members to keep pace with their competition within the electrical sector by offering versatile facilities both in-store and online.”
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