It’s a ShoutOut to all the shopping freaks out there…How exciting it would be if you can buy now & pay later in installments! No need for credit cards or your needs to join pennies to buy your favourite stuff online.
And, if you’re an Ecommerce Entrepreneurs, gear up to get your stock shelves empty with this brand new concept. Bridging the gap between buyers & sellers, Buy Now-Pay Later is shaping Ecommerce in a whole new way.
The overall idea is to encourage shoppers to buy the desired products even if they don’t want to spend a wholesome amount at the moment. Also, sellers are jumping into this new concept with a vision to empty the shelves.
Let us share some more details about this.
What is Buy Now, Pay Later?
‘Buy Now, Pay Later’ – as the name suggests, is a policy to attract modern shoppers to shop the product at the moment & pay for it later. This sounds so amazing! A customer doesn’t need to fork over the cash to make the purchase.
You may think – why do I need BNPL policy when I have a credit card payment facility? It is here to attract impulse buyers & empty the stock with a foolproof strategy.
Why are retailers offering Buy Now, Pay Later?
The Ecommerce industry is growing rapidly.
If retailers don’t stay upbeat with trends, cart-abandonment may increase. To not see such gloomy days, retailers are offering investment solutions to customers.
More financing options means empowering customers to pay as per their convenience & worrying less if your high-priced products will sell.
BNPL is spiking sales & brands are observing higher conversion rates when BNPL is offered at checkout.
Benefits of BNPL for Ecommerce
- Enhances lifetime shopping value of customers
- More chances of customers returning to your site to avail BNPL
- High Lead-generation & better conversion rates
- Better shopping experience
- Lesser cart-abandonment
How to add Buy now-Pay later to your website?
Adding buy now, pay later facility means simply introducing financing into your Ecommerce store. You can do it with any one or more of the reliable payment gateways preferred by most Ecommerce stores these days.
Here they are:
- Afterpay
- ZipPay
- PayItLater
Is it right for your store?
BNPL is benefitting every business that wants to sell the products/services and doesn’t just want potential buyers to get disappointed with non-impressive checkout options. Initiate competitive analysis before deciding to add the BNPL option for your Ecommerce store. See what others are doing in your niche. Several constraints apply for BNPL policy implementation like minimum pricing, interest rates, and more. Also, think about the provider you would like to add to your site. You will have to manage the transaction fees, flat rate, etc.
The Takeaway
911Digital is here to serve you with reliable Ecommerce Website Development with the BNPL option. We have experts who can infuse the latest features & functionalities to your Ecommerce website. And, also ensure that you generate leads with BNPL along with trending checkout options.
So, what are you waiting for? Would you not like to have this feature for your Ecommerce website? We are eager to integrate it for you. Reach out to our Ecommerce Development Company, Australia now!