Could your online shop be putting off customers?
Buy now, pay later finance is a proven way to make life easier for shoppers and to increase your sales. However, the prospect of adding finance options to your ecommerce site can put merchants off.
Read on to learn some of the key benefits of offering buy now pay later shopping in your online store.
1. Expand Your Reach
If the only finance option for your customers is a credit card then you may be missing out on sales. While credit cards are still popular, usage is falling throughout Australia. In just the last year, the percentage of Australians with credit cards has fallen by 3%.
In contrast, the number of Australians using buy now, pay later services more than doubled.
As Australians become used to digital payment options, not offering buy now, pay later may not only put them off, but could push them to your competitors.
2. Increase your Conversion Rates
While customers love online shopping, almost 70% of shopping carts are abandoned.
One of the most common reasons for this is that although the customer is happy with the individual prices of everything they add to their cart, seeing the total price can put them off. That is where flexible buy now pay later options come in. Smaller, regular payments are easier to budget for, and the sticker shock is reduced when you can show lower payment options right at the cart.
3. Tap Into a Millennial Trend
With 55.9% of Afterpay and Zip users being under the age of 35, Millennials and Gen Z are driving the popularity of buy now, pay later services.
Younger shoppers enjoy the freedom that spread out payments provide, without having to worry about the dangers of mounting credit card debt. It is often seen as lay-by for the digital age, and helps them fit larger purchases into their budgets.
4. Improve Your UX
Whether instore or online, today's customers want transparent and simple ways to pay. And nothing is more convenient than by now, pay later. We can seamlessly integrate buy now, pay later offerings into Woocommerce online stores, taking the stress away from your customers by showing them exactly what their options are.
With our help, Rixon Hair's customers now see their Afterpay payment plan options before a product is even added to the cart, without having to think about financing or fill out additional information.
5. More Affordable
When customers are ready to make a big purchase, the last thing they want to worry about is unexpected interest driving up the price. Buy now, pay later options are especially effective when coupled with 0% interest rates from providers like Zip. Easy access to finance with no downside to the customer is an attractive prospect that may push your customers towards a sale.
There is no risk for you as the merchant. Buy now, pay later providers take on all the risk. Depending on the provider you will be paid the whole sum, minus a small fee, at the point of purchase, or on a set payment schedule.
The Benefits of Buy now, Pay Later Shopping
As you can see, adding buy now pay later options to your website gives a better experience for your customers, will help boost conversion rates, and expand your customer base. There is no need to deal with repayments or worry about credit checking, so there a lot to gain by adding buy now pay later options, and nothing to lose.
If you want to incorporate buy now pay later into your website, contact us today at Lift Strategies. We pride ourselves in producing websites that offer a hassle-free, seamless shopping experience with flexible payment options.