Global Pawn Shop Market: Overview
Pawn shop is a one of a unique place for buying and selling including tools, jewelry, guns, electronics, and other merchandises or getting cash loans at an installment cost settled upon by both the parties. These shops are considered as great option to retail unimportant and old products at a reasonable value as opposed to sell the items at a piece shop. They are taken care of by proficient staff for better worth expectation and confirmation of the item during resale.
Global Pawn Shop Market: Notable Developments
Initiatives taken by the players consist as a key and most significant notable development in the growth of the market. In the pawn shop market players are taking significant steps to stand out among other players and to get a firm hold in the market. Some of the key players include DFC Global Corp., EZCORP INC., Valley Pawn, KVP Group, American Pawn Company, Borro Private Finance, Luxury Asset Capital LLC, Cash Converters Pty Ltd, UEDA Co. Ltd, and Tiger Pawn Store. Prominent players are also investing in various organic and inorganic activities to get a stronger hold in the market.
For example, Borro Private Finance established in the U.S. and in U.K. pawnbroker organization, raised a store of US$ 112 million from Victory Park Capital Advisors, LLC (a U.S. based speculation firm). The subsidizing permitted Borro to extend its business over the U.K. what's more, to build its loaning ability to US$ 2 million for each benefit.
Additionally, later in 2016, Bravo Pawn Systems, a market head in programming advancement for pawn broking, propelled first versatile application, 'Mobile Pawn', which gives pawn administrations to its clients at a solitary snap on their cell phones.
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Global Pawn Shop Market: Drivers and Restraints
The global pawn shop market is expected to increase huge footing during the forecast period due to the simple and snappy access to cash at pawn shops. Cash got by pawning the thing can be utilized to satisfy essential necessities, for example, paying rents, power bills or for fuelling the vehicle. For example, as indicated by National Pawnbrokers Association, in the U.S, as per U.S. Financial Census of 2012, there were around 6,000 pawn foundations in 2007, which expanded to around 10,000 pawn foundations in 2012. Expanding requirement for speedy access to cash is relied upon to drive development of the pawn shop market.
Be that as it may, stringent government guidelines, for example, 'USA Patriot Act' and 'Truth in Lending Act' forced on pawn broking, so as to guarantee customer assurance and to counteract tax evasion occurrences is relied upon to obstruct the worldwide pawn shop market development.
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Global Pawn Shop Market: Regional Growth Prospects
Regionally, the global pawn shop market covers North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Of these regions, analysts’ states that North America is expected to lead the global pawn shop market in the coming years. Increasing trend of online earning and online trading is booming in the region which makes this region highly susceptible for growth. Moreover, in this region trend of quick and convenient methods of loan provision that are given for short term has also gained huge trend and are now widely preferred by the people. Furthermore, availability of various products along with huge variety of shops has further augmented growth in North America pawn shop market. Other factors include cheap pricing of the goods. Besides, growth in other regions including Europe and Asia Pacific the demand for pawn shop is also rising at a considerable rate.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.