Boost Shopify eCommerce Conversion Rates With Buy Now Pay Later Financing From ChargeAfter
When it comes to Shopify eCommerce, competition can be rife and online stores across all industries vie for the attention of conscious and confident online shoppers equipped with the decision-making power to make or break an online retail store. Conversion rates are a key metric to determine success, and eCommerce platforms need to find new ways to differentiate themselves from the competition to land sales and promote business growth. Ultimately, conversions boil down to the checkout stage and how many customers actually make a purchase. Through the integration of buy now pay later financing, Shopify eCommerce platforms could give themselves a leg over the competition.
But, how exactly does buy now pay later financing from ChargeAfter boost Shopify eCommerce and the aforementioned conversion rates? In this article, we assess the importance and benefits of integrating this multi-lender consumer financing platform with your eCommerce site.
Peace of Mind Shopping
The benefits of buy now pay later solutions for improving conversion rates typically lie in the psychological associations linked to the platforms. With ChargeAfter, customers receive peace of mind knowing that they can comfortably pay off purchases over time with minimal to no interest over and above the purchase. This means that more shoppers are inclined to convert from browsing customers to buying brand loyalists. Peace of mind is one of the most powerful psychological aspects of improving conversion rates in an environment when shoppers are more skeptical of online shops than ever before. Furthermore, customers are quick to abandon their carts for online retailers offering the best deals and greatest added value.
Appeals to More Markets
Another factor that contributes to increasing conversion rates is having access to a broader market. Many Shopify eCommerce platforms limit themselves to a specific target audience and are not equipped with the tools to expand into new areas of revenue potential. A benefit of introducing buy now pay later with ChargeAfter is giving your online business more freedom to access untapped markets in your industry. The following modern markets are available and eager to shop with retailers that offer extensive consumer financing models:
- Millennials and GenZ’s: these modern markets do everything that they can to avoid debt and financial pressures. With consumer financing, online retailers can entice these conversions by offering zero-interest repayment plans over comfortable time periods.
- Skeptical Shoppers: online shoppers are often unwilling to shop with retailers that do not offer comprehensive repayment plans as it is inconvenient for them to have to source loans from third-party sites or their financial service providers. The inclusion of ChargeAfter gives you immediate access to these shoppers for increased conversion rates. Furthermore, these shoppers are not hindered by the fear of having to undergo credit checks when buying from Shopify sites integrating ChargeAfter’s buy now pay later platform.
Shoppers Buy Upfront and In Full
Conversion rates soar at Shopify stores that include consumer financing from ChargAfter as shoppers confidently make orders quicker than ever through efficient and effective upfront financing. Businesses benefit from this as shoppers are capable of paying upfront and in full with the help of ChargeAfter’s extensive platform of lenders. This means that your online store experiences immediate increases in fully-paid conversions, both improving the rates and monthly order values of those conversion rates.
By catering to consumers’ online shopping doubts, attracting modern buying markets like Millennials and GenZ’s, and facilitating fully-paid conversions every month, Shopify retailers can boost their conversion rates, increase their average monthly order values, and experience quick brand growth through the integration of ChargeAfter’s buy now pay later consumer financing platform.