The three reasons for \”buy first and then pay\” during the holiday

The holiday is coming, we have some good news!

There is a single strategy that can achieve five key goals for your store: transform more customers, increase the value of the average order, increase the loyalty of customers, reduce return and reduce shopping carts.

You already know that the holiday is the largest shopping season of the year. What you need is a method that increases income without adding more jobs for yourself. This is the place where you buy immediately and pay the payment options later.

If you don’t have much time before the holiday, adding the BNPL option may be the most effective improvement you can make on your store. This is a very simple task.

Purchase now, the working principle of future payment

Customers can pay in installments instead of all payment. However, unlike the payment plan for banks, long -term applications, and complex credit inspections, BNPL uses a simpler and almost instant approval process for customers. When the customer pays in installments, the owner will receive the entire purchase amount in advance.

There are many choices, but the basic ideas of BNPL usually include:

[

[ 123] interest -free or low -interest payment

• Payment is scattered in a short period of time, from a few weeks to several months
• Customers can choose to pay the amount, quantity and payment frequency, and through the service through the service Provider applications or websites manage their payment

You can use

AFFIRM

, afterPay or klarna and other service providers will BNPL function is added to your store. You need to use the service provider you chose to create a merchant account, install their WOOCOMMERCE expansion program and connect it to your store. Most of them have built -in options to promote the payment method at the time of checkout. According to data from C \u0026 Amp; R Research, 60% of consumers said they had used the BNPL service. Why is this service so popular? let’s see.

Three reasons for providing your customers with \”Buy now, pay later\” options

1. Customers like it -especially young customers

Consumers say they PreferredHuan BNPL instead of using a credit card, because:

Payment is easier

] It provides greater flexibility than credit cards

1. It has a more favorable interest rate
2. The approval process is simple and will not affect the credit score
3. BNPL allows customers to be in Buy more things without budget. Many people prefer to use it, even if they have the ability to pay the purchase fee at one time.
4. According to AfterPay data, it is most popular among young people. 69% of the millennial shoppers and 42% of generations Z -generation shoppers can be purchased if they can use BNPL to buy.

2. It reduced the shopping cart

Klarna, a BNPL service provider, said, \”Let the shoppers freely buy what they like and pay later, which helps improve the average order order Value and conversion rates, and reduce the abandonment rate of shopping carts. \”

This makes sense, because one reason for people to abandon the shopping cart is that the total price of all their items is higher than their expectations. By letting them choose to share payment within a few months, they can reduce the impact.

3. It earns more money for your business -especially during the holidays [ 123] There are many things to say about this -especially about the upcoming holiday. As you will see below, BNPL can consume more consumption by increasing the burden and helping customers today, thereby increasing people’s consumption amount and purchases. In the final analysis, income may be your main goal. If this is the case, BNPL is a good way to achieve this goal.

Purchase immediately, pay later, increase your holiday income

BNPL began to look like one of the largest merchant game rules for several years.

View these numbers in the AFTERPAY survey:

BNPL users spend an average of $ 1141 during the 2020 holiday. What is the average cost of buyers using traditional payment methods? $ 150. This is

7 times

by BNPL users!

Shoppers using BNPL were purchased five times on average. There are three other shoppers. These are quite amazing numbers. Few single strategies can have such a great impact. Which BNPL service option should you use?

Woocommerce allows you to use three most prestigious and well -known BNPL providers in the world. Each serves a specific area of \u200b\u200bthe world. This is detailed, as well as some benefits of each:

AFFIRM currently applicable to American merchants.

They currently cooperate with more than 29,000 companies, the average conversion rate has increased by 20%, the income of each customer has increased by 10%, and the average order value increases by 85%, which is shocking.

AFFIRM dynamically provides the most related payment options for each customer -whether it is installment, installment payment, or both. Customers will know how much they will pay, when to pay, and how much they pay. For the appearance example of the AFFIRM appearance on your website, please refer to the picture.

There is no cost, no compound profit. AFFIRM allows orders to be between $ 50 and $ 17,500, and their approved consumers are 20%more services than other BNPL services. In addition, you can start and run in less than an hour. Understand how to set confirmation on Wooocommerce.

Regardless of your business in the European Union, the United Kingdom, the United States, or Australia, KLARNA is a good choice.

They provide services to more than 90 million consumers and 200,000 companies in 20 countries. They bear all the risks of credit and fraud to protect your business. The average order value of some customers increased by 36-61%.

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KLARNA provides four different payment methods: