Boost E-Commerce Sales Easy With Buy Now Pay Later Options
Hey Savvy Business owner,
It's a new month, and you are launching new projects, new goals and new services. But, have you researched what it is your clients are seeking from you this year.
If not, don’t fret! Here at Brianca Jay Designs and Multimedia have done the research so you don’t have to.
According to Answerthepublic.com, a database goldmine of consumer insights collected from search engines like googles, bing and yahoo, consumers are seeking out websites that offer greater pay flexibility.
The top searches are indicating that your clients want pay flexibility!!
WHY BUY NOW PAY LATER
In 2021, financial services like Klarna, After Pay, and Sezzle became household names with easy payment options that allow clients to buy now and pay later.
Consumers jumped at the opportunity to purchase items and pay overtime, but it also had a second benefit: sales for companies who choose to accept financial services like Klarna saw an increase in sales.
Retailers typically see a 68% increase in average order value with Klarna Installments.
A 58% boost in average order value for retailers offering Klarna Financing, and a 20% increase in purchase frequency for customers shopping with Klarna Pay in 30 days.
But, that’s not all other payment options, like Apple Pay and Google pay are also in high demand. Some E-commerce merchants are saying “ in the time since we implemented Apple Pay, we have seen a 10-20% increase in sales on mobile devices. In addition, it should also be noted that there has been a decrease in abandoned orders that had been started on a mobile device”.
Even in our personal experience, we can attest that in offering clients varying financial options including PayPal credit and pay in 4 have been a game changer in the consumer decision making process. Especially, with websites being a higher ticket purchase, the opportunity to break up payments has led to a 'yes' much quicker.
How can you offer BUY NOW PAY LATER options
This varies from business to business. For service providers, include the option in invoices, and clients can access credit use right there.
However, for E-commerce stores it is best to discuss this option when designing a web store as all CMS are not equal.
Providers like square space only offer After Pay, and that’s after you agree to a larger hosting package.
On the other hand, providers like WooCommerce and Shopify allow you to offer all options at no additional cost. However, you may need a little help with integration.
Most recently, payment processor stripe has gotten involved allowing you to offer credit services affirm and Afterpay to product links.
This is an exciting opportunity for small businesses who need to retain capital and can't risk financing in-house. AS As a business, you are able to serve your client with financial options and be paid in full on the date of sale.
Your next step is to get ahead of the competion by adding these options to your website.
.Don’t know which one is right for you? Give us a call ☎️ and let’s map out your digital strategy today.
Love this post? Let me know below in the comments. And, don’t forget to purchase my new E-Book, designed to help you boost sales.
My name is Brianca Jay and you haven't already guessed it...I love business I love reviewing & discussing business strategies & just talking about money in general
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