Pay later integrations and solutions can help eCommerce businesses in a number of different ways. From reducing abandoned carts to increasing average order value (AOV) and improving conversion rates on larger value items.
Pay later solutions provide payment flexibility for consumers. This comes in various guises; buy now pay later (BNPL), financing solutions, store or gift cards, payment plans, and more.
Offering different payment options can help reduce abandoned cart rates. Solutions that require no payment up front from the customer or provide the ability to spread cost can play a convincing role in securing that sale.
Transactions might also see higher AOV, as the larger more expensive items become more accessible to customers. Another way to increase your AOV is to offer free shipping over a certain value, i.e. spend £50 and enjoy free shipping options.
All of the above methods offer different way for customers to pay and often can increase the average order value and the conversion rate. Additionally, it allows for the customers to make purchases that they might not have been able to do otherwise. As always, it’s important to keep in mind the industry, the target audience and the type of products and services you offer before deciding on any solution, to make sure it aligns with your business goals.
For other ways to turbocharge your sales and have a successful 2023, read our FREE guide to eCommerce trends
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