4 Reasons You Need POS Financing for Your eCommerce Site
Running an eCommerce store comes with many challenges. From attracting new consumers to keeping them engaged and converting them into returning customers, there are several hurdles to jump on your way to becoming one of the best online stores in your industry. In the world of online selling, it is important that businesses utilize new tools to gain a competitive advantage. One such tool is online POS financing, a solution from leading fintech providers that enables customers to buy more easily from your online platform.
POS financing is a powerful integration that benefits the consumer by allowing them to make purchases more efficiently and affordably and also benefits businesses by increasing conversion rates and customer lifetime values. In this article, we discuss the reasons that you need to consider integrating online POS financing for your eCommerce platform.
1. Competitors Are Using POS Financing
If you have not integrated POS financing online, then you are missing out on consumers shopping with eCommerce platforms that already have the integration. Online or BNPL financing is proving invaluable and many online stores are utilizing the feature. Without it, you run the risk of losing customers to these online stores. This is because BNPL financing offers a number of appealing consumer benefits. eCommerce platforms that take advantage of the benefits of BNPL financing are attracting more consumers than ever before, bridging the gap between the best and all the other online stores operating in the competitive digital retail space.
2. Customers Are Abandoning Their Carts
While you may have traffic on your website, that does not guarantee that consumers are converting. Many online stores suffer from high abandon cart rates, an indication that consumers do not have many incentives to make a purchase. If your abandon cart rates are high, you should consider integrating BNPL financing. BNPL financing can greatly reduce your abandon cart rates by encouraging purchases. The ability to receive on-demand financing for purchases at the push of a button is a very appealing prospect for the modern consumer. This feature is a great way of closing a sale and, therefore, increasing the rate at which customers actively move through the checkout process in the consumer journey.
3. Consumers Are Losing Interest
Customers are drawn to online stores that provide new and modern features. Online POS financing is a novel integration that showcases a brand’s desire to push the boundaries of online shopping. As a result, businesses that use BNPL financing online attract consumer interest. New customers that arrive on these eCommerce platforms are eager to purchase using the new features, taking advantage of the ample benefits associated with online BNPL financing.
4. Customers Are Not Buying Again
Customer retention is a critical aspect of running a successful online store. Keeping customers actively shopping is far less costly than acquiring new customers. Therefore, another advantage of introducing BNPL financing online is that it is an appealing selling point to keep consumers engaged for longer. Online stores that offer BNPL financing online benefit long-term customers by consistently keeping them coming back for more of the feature. Customers who shop with stores with online financing can confidently purchase multiple times, acquiring their orders and moving through the sales funnel more frequently. This can have a significant impact on your revenue generation as your return on investment is greater with return customers utilizing this financing option.
BNPL financing online is a great addition to your eCommerce platform that can help you circumnavigate typical problems associated with online selling. BNPL financing can help you stay ahead of the competition, reduce abandon cart rates, keep customers interested, and keep shoppers returning to make more purchases.
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