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With the fact that consumer spending is increasing at the beginning of the year with internet shopping continuing to grow throughout all ages, businesses are faced with more chances and competition for the money of their customers. It is a requirement for them to find new ways that cater to the needs of consumers by offering more options for shopping on your brand or your website. One of the best places for starting is to take a look at your checkout procedure as well as ways to make it more convenient for your customers. The final step in the purchase process is to provide different payment options to customers which will improve your customers' satisfaction.
One of the new trends that are rapidly gaining recognition in the world of online shopping, is the "Buy right now" along with the "Pay Later" (BNPL) option when you the checkout. BNPL is a form of payment which allows customers to split the cost of the purchase into a manageable amount and spread it in periods of time. certain cases, just several weeks in others are spread across a time period.
Purchase now and pay later will increase
A growing number of customers choose to pay over time to ensure that they're easily accessible. The year 2023 saw online retailers saw a huge growth in sales generated by BNPL as well as the total increasing by 42.5 percent in comparison to previous year. It means BNPL has deposited approximately $16.6 billion into merchant accounts over the last month of the year. This trend should continue for Adobe believes that the number will increase until 2024.
The amount of customers thought to be about 93.3 million users will be using BNPL until 2024 according to EMarketer Additionally, American Banker reported that the BNPL market in the US could reach as much up to $8.3 billion before 2028. BNPL is increasingly accepted from online-based stores, like Amazon.com and could increase its growth and make the offer more appealing to people that shop on the internet.
That's why BNPL an attractive option for companies to consider as they attempt to be competitive in the crowded marketplace of online.
Make a purchase now and then pay for it later on The following are some aspects that should be considered
The launch of BNPL options for checking out earlier rather than later offers retailers more possibilities to draw new customers and lay the foundation to build a sustainable relationship.
If a store doesn't offer an BNPL option at checkout area, this might be the ideal chance to incorporate it on the menu. If the retailer offers it, making the BNPL option available on their website when you are checking out or by announcing that the option is offered through ads can increase awareness of their name and enhance the customer experience.
The more often the BNPL option appears on the store's site along with the speed at which they announce the feature through emails and social media and social media platforms and social media channels, the more likely they will be intrigued by the information and aiding the merchant in getting more customers onto their site to complete the purchase.
BNPL can allow sellers to increase their offer to customers who are looking to buy now, but they want to manage the flow of cash that aren't backed by credit. The possibility of breaking up the costs of buying in four equal installments, which are free of interest every 2 weeks, ensures that customers will be able to purchase what they want in short amounts of duration. There are a few BNPL service providers like Affirm. provide longer-term contracts which range from three months, as long as 3 years to purchase large carts or expensive products.
Although adding a payment method in the middle of an online shop could prove to seem like a huge undertaking for smaller-scale stores with little time for this task, there are alternatives which easy and fast that can simplify the entire procedure both for the seller as well as the merchant. This is the case, for instance, retail stores typically benefit from already-built integrations designed specifically for online sales, such as those that use Affirm Payments. This allows an easy integration of a BNPL payment method to the checkout pages of their stores.
Advantages of offering Buy Now and pay later in Woo stores
What are the advantages that the BNPL integration offer? The first benefit is that it will make shopping easier for growing numbers of customers who want to pay in time. Additionally, keeping customers in your shop and helping customers to complete their purchases is essential particularly for customers in their teens who have a habit of shopping on the internet. A study of the National Retail Federation reports that nearly fifty percent (46 percent) from Gen Z customers consider a straightforward checkout procedure essential for buying.
One of the primary elements to take into consideration when it comes to integration is the effect it will have on the end user. Customers must be able see the payment options that are available to them and complete the authorization process without the need to visit a separate website. If you integrate with a built-in system, retailers will make it easy and simple for customers to be sure their choice is not in the way of making purchases.
A smooth checkout experience could aid in reducing the rate of abandonment of carts. A recent Baymard Institute metastudy of 49 research studies found the abandonment rate of carts is around 70% that isn't significantly different in the last decade. One of the main reasons why carts fail to be abandoned is the checkout procedure that was long or difficult (22 percent of the time) and also the website did not offer enough options in terms of payment (responsible in between 13% and 13% of abandoned carts). Thanks to the highly connected BNPL solution, merchants are able to resolve both concerns of the customer in one go.
Which is the most effective method to choose a buy today, pay later service
The choice of an BNPL service provider who is in line with the requirements of your business and also your client's demands is vital for determining the most suitable solution. Affirm is an illustration. Affirm provides custom payment solutions to retail companies - they provide both short- and long-term solutions that include zero-interest alternatives. Offering payment plans that meet the needs of consumers as well as their cost, merchants can increase accessibility for customers and sell in a competitive manner against competitors.
One of the unique characteristics that is offered by Affirm is its Adaptive Checkout technology. It provides dynamically the best options to charge your clients depending on the cost of each item and price of your cart. Individualization is a key characteristic of online gaming. Affirm allows you to alter the length of time as well as the price of interest for each purchase, offering a variety of options to spread costs over time for clients. This is all part of the same seamless customer experience.
What are you able to do to make sure that the clients you were previously dealing with and are likely to most likely purchase from you be aware of the BNPL option before they finalize the purchase? With regard to the kind of business you're trying to reach, it's feasible to share the information on the social media sites. Retail Dive asserts that 85% of customers' purchasing decisions are influenced by social media. So, making sure you advertise the availability of BNPL via the channels could offer you a competitive advantage. If you're targeting Gen Z be aware that more than 45 percent of the respondents identified TikTok and Instagram as top choices to influence their purchasing choice.
In the summer, which is a slow season for both business and companies It is an ideal time for retail stores to focus on make sure they've got BNPL running on their site prior to the point when it begins to fill up. The rush to school for the end of the school season indicates that it is one of the most busy times leading to the winter vacation. It is the period to think carefully concerning suppliers, solve the issues that arise with technology and evaluate the effectiveness of a campaign that announces the introduction of BNPL as a new payment method that is used at the time of payment.
The BNPL option at checkout, and making it public via social media could alter the regulations for businesses looking to increase sales on the internet and compete with the other merchants.
Are you considering integrating an option for adjusting the payment method to your existing payment method? Apply to Affirm to start with Affirm Payments and incorporate to the Affirm Payments extension that provides the possibility of making payments over time when you pay.
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Affirm offers payment solutions. Although Affirm is subject to credit check and may not be available all around the globe. It is only available by lenders who can be found in the table below: affirm.com/lenders.
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