Boost Important Magento eCommerce Metrics With Point of Sale Consumer Financing From ChargeAfter
Many Magento merchants get a massive shock when they sit in with their marketing teams and run through their Google Analytics. Figures presented may show very low average order values or few repeat customer purchases, creating headaches among the marketing department as to what strategies are working and what’s not. In many cases, the final and most critical consumer touchpoint – checkout – is being ignored. Whether business owners are aware of new checkout-based marketing tools or yet to discover the options available to them, point of sale consumer financing is proving to be a crucial component for boosting important Magento eCommerce metrics.
In this article, we will list five of these key eCommerce metrics and showcase how point of sale consumer financing from ChargeAfter can improve these results.
1. Cost of Acquiring New Customers
Acquiring new customers is a cornerstone of business success but it does not come cheaply. Every consumer touchpoint needs consideration and marketing teams for Magento merchants to place an extensive amount of time, resources, and advertising budget to promote brand awareness to new customers. That said, your cost of acquiring new customers can be significantly reduced by providing new shoppers with tools to make a purchase, such as consumer financing from ChargerAfter. This feature enables first-time shoppers to quickly and easily convert to paying customers through the provision of funds needed to buy what’s in their cart.
2. Cart Abandonment Rate
While many new customers may checkout and purchase their online cart full of goods, others are quickly driven away from your site when they see the total cost. Some consumers may not have the funds to order their goods and others may have found an alternative Magento merchant offering a better customer experience. Either way, cart abandonment rates can be minimized with consumer financing as it gives all customers access to personalizing funding options. These customers are then more inclined to pay for what they’ve added to their cart.
3. Average Order Value
The benefit of facilitating orders in online shoppers’ carts through consumer financing is also in the fact that more customers are capable of purchasing large-ticket items. The ability to receive loan support on bigger orders means that Magento merchants using ChargeAfter’s multi-lender platform experience higher average order values.
4. Conversion Rate
When it comes down to advertising spend, conversions are the critical eCommerce metric that justifies one’s extensive ad budgets. There is little point in spending hundreds of dollars on conversion ads that return zero or very little sales. But, it’s often difficult to determine where exactly the issue is that causes shoppers to flee from an online retailer. Or is it? In most cases, conversion rates are impacted at the checkout stage when customers decide, for one reason or the other, to abandon their carts. Magento merchants can boost their conversion rates, helping customers old and new make purchases, through offering ChargeAfter’s first-rate consumer financing options.
5. Repeat Customer Rate
While acquiring new customers is one part of the marketing funnel, retaining existing companies is another entirely and requires its own financial and time investment. Magento retailers need to adopt new techniques to promote customer retention, one such being the implementation of exceptional consumer financing solutions. Through the integration of ChargeAfter’s multi-lender platform, merchants can experience the benefit of a streamlined checkout process that encourages their consumers to make more purchases. This platform takes the hassle out of online shopping for the customer as well as frees up time for your marketing team to focus on customer retention strategies such as email campaigns.
There is no end to the benefits of introducing a powerful consumer financing platform into your online store, and Magento retailers can experience increased new customer acquisition, lower cart abandonment rates, larger average order values, higher conversion rates, and greater customer retention with ChargeAfter’s solution.