How ChargeAfter’s Point of Sale Consumer Financing Platform for WooCommerce Increases Average Order Value
WooCommerce retailers are advised to consider several metrics to determine the success of their online stores including, but not limited to, conversion rates, return customer rates, and abandon cart rates. All metrics are important, however, there is a growing urgency for retailers to increase average order values and associated metrics as customers spending more money is one of the most critical aspects of increasing a retailer’s revenue. There are several ways online stores can increase their average order values and, although important to implement these key steps, there are few as powerful as integrating a point of sale consumer financing platform.
Consumer Financing for Higher Prices
Considering price-raising strategies suggested by WooCommerce, it is essential that retailers who wish to adopt this approach offer consumer means for making these large ticket purchases in order to drive up average order values. The most effective and efficient method for doing so is implementing a point of sale consumer financing platform that gives consumers access to instant capital required to make a large purchase. With ChargeAfter’s multi-lender platform, WooCommerce retailers can offer their consumers access to financing at no additional interest rates and, therefore, encourage them to make a large ticket purchase. This comprehensive consumer financing will justify the higher prices and ensure your store makes more expensive sales. The more large ticket purchases, the higher one’s average order values.
Checkout Upselling for More Orders
Another way WooCommerce retailers can drive up their average order values is by selling more items more frequently. In order to do so, marketing teams need to consider upselling strategies that entice consumers and encourage them to make further purchases or fill their carts with more products. When considering the checkout stage, the most important and final step in the consumer journey, WooCommerce retailers may reap the benefits of integration with ChargeAfter’s point of sale consumer financing platform as it is an effective and efficient upsell tool the best online stores on WooCommerce take advantage of. The platform adds value as it ensures more consumers are capable of making a purchase at checkout, and quickly funnels them through the marketing funnel from the research stage to the buying stage. Combine this go-to upsell strategy with other checkout features and your online store will be well on its way to increasing average order values.
Customers Return More Often
The cost of acquiring new customers can be higher than targeting existing customers, so it is important that WooCommerce retailers consider remarketing strategies to increase their customer return rates. Whatsmore, it is essential that retailers encourage customers to return as often as possible should they wish to improve average order values in a specific month of operation. The primary method for doing so is employing a point of sale consumer financing platform that facilitates quick purchases and builds brand loyalty among customers willing to return to shop with one’s store. The reason ChargeAfter’s powerful platform is capable of increasing the frequency of return customers is in its ability to support their shopping instantly at no additional costs without the need for them to leave the WooCommerce store. With every step of the financing process happening in real-time, consumers are funneled through the journey as quickly as possible and are more likely to return quicker.
WooCommerce retailers need to raise their average order values if they wish to turn a profit and one critical strategy for doing so is implementing ChargeAfter’s point of sale consumer financing platform. The powerful plugin justifies increases in product prices, creates upselling opportunities at checkout, and promotes the frequency of return customers, leading to more sales and more expensive purchases needed to increase average order values.