In recent years we’ve seen more and more financing solutions appearing at eCommerce checkouts. And this trend has grown even stronger over the last year, as the pandemic gave online shopping its final push.
Demand for flexible payment methods in eCommerce grew alongside purchases during lockdown, but it didn’t stop there. Months later, customers are still choosing these payment methods for their purchases.
I’m talking about payment methods that integrate into the payment gateways of online or offline stores and let customers buy now and pay later for the products they purchase (whether through installments or other methods, such as pay-in-15-days, that are revolutionizing the market).
But what benefits do these flexible payment solutions bring to online stores? Let me tell you!
5 benefits of flexible payment methods for online stores
Flexible payment methods have been shown to improve results in some of the areas eCommerce businesses care about most, such as conversion rate, average order value and even repeat purchases. Today I’ll show you with numbers.
- Higher average order value: thanks to financing, your eCommerce’s average order value could increase by up to 184%. Why? Nobody likes making large purchases; it feels like “shelling out” a lot of money at once. With these payment methods, however, purchases become more affordable for customers, who can split the total into as many installments as they choose.
- Higher conversion rate: yes, that’s another benefit. Your store’s conversion rate can increase by up to 30% with pay-in-15-days and by up to 20% with deferred payment. That’s because, with these payment methods, customers say goodbye to the well-known “pain of paying”, which sometimes leads customers not to convert because of your product prices. The flexibility of these payment methods nips this problem in the bud, as the conversion rates of thousands of eCommerce businesses show.
- Repeat purchases: linked to the previous point, flexible payment and the absence of the pain of paying make customers return to your online store 200% more often. Financing can also be a hook for customers who haven’t looked at your store’s catalog in a while: copy like “Discover the new gaming laptop and pay in up to 36 installments” can help you win back your customer’s heart.
- CTR: which proves that financing is a draw. Your paid campaigns will benefit if you back them with copy like “Up to 36 months interest-free”.
- Sales: obviously, the previous benefits are reflected in the macro-conversion every eCommerce dreams of: sales can increase by up to 50% thanks to flexible payment methods.
I invite you to try it: add a flexible payment method to your website and use the benefits I’ve described as your KPIs. I promise you’ll write to me, and not to complain. Many stores already back up what I’m telling you.
And these results improve even further when financing is instant, as with Aplazame, a financing solution that lets your customers pay for their purchases in installments in a matter of seconds. Because it’s so hard to get customers to the last step of your checkout, the payment, the payment methods you offer there should be fast, dynamic and intuitive. And above all, transparent.
With Aplazame you get the security of the only deferred payment platform backed by the financial strength of a bank, along with a transparent payment method where your customers always know what they’ll pay, when they’ll pay it and when they’ll finish paying. Because it’s important to give customers complete peace of mind at checkout. They decide when to pay their installments and how many to pay. Aplazame makes it easy for them.
If you’d like to learn more about this service, which you can now integrate into your store thanks to Trilogi, contact us and tell us about your project!
