How Consumer Financing Can Help You Improve Relationships With Your Customers
If your brand is the soul of your eCommerce business then your customers are the heart. Their shopping gives your online business life as profit drives successful growth. Improving your customer relationships is of paramount importance to sustaining the life and longevity of your business. Having loyal customers will raise your average order volumes, making customer retention a cornerstone of an effective marketing strategy. In this article, we share how you can improve relationships with your customers by introducing innovations, namely consumer financing from ChargeAfter.
Consumer Financing in a Nutshell
Consumer financing is a modern marketing buzzword that typically refers to buy now pay later services. Designed by fintech companies, consumer financing solutions enable shoppers to receive on-demand financial aid during the shopping process. Consumer financing is an integration at the checkout page of a website that encourages customers to apply for loans. ChargeAfter’s market-leading consumer financing platform connects these consumers with lenders capable of fulfilling their orders.
Each order is tailored to the consumer. Personalization plays a critical role in the lending process, creating a beneficial personalized marketing process. Customers can receive comprehensive repayment plans with no additional interest, all without having to worry about credit checks. Consumer financing makes the shopping experience quicker and easier than ever, attracting customers and retaining customers as a result.
Why Customers Value Consumer Financing
Customers value consumer financing as it supplies them with efficient access to personalized loans. Shoppers appreciate the easy shopping experience that websites with consumer financing functionalities provide them. They are also enticed by the attractive zero-interest policies that save them money in the long run. Consumer financing supports the customers in a variety of beneficial ways, appealing to their ever-evolving shopping behaviors. Customers value brands that introduce consumer financing as it showcases how they put their consumer’s needs at the center of their marketing models. For these reasons, shoppers are more likely to shop with online stores that provide consumer financing, increasing customer lifetime values in the process.
It Appeals to Younger Shoppers
Consumer financing improves customer relationships by appealing to younger shoppers. Consumer financing no credit check policies allow Millenial and Generation Z shoppers without credit cards or suffering from low credit scores to shop with their favorite brands. After their first purchase, they will likely return to shop with these online stores as they are simply unable to do so on other platforms. The ability to provide all types of shoppers with access to financing encourages these shoppers to become loyal customers until they can find something better elsewhere. From there, you can make strategic marketing decisions to keep these audience members engaged beyond offering consumer financing.
Additional Strategies to Improve Retention
Providing reliable and effective consumer financing is only the first step to driving return customers. There are an array of additional strategies to improve retention and leverage greater profit margins from higher customer lifetime values. Below, we discuss some of the most effective ways to improve customer retention.
- Introduce email marketing that continues to reward loyal customers through the distribution of discounts and other valuable marketing materials
- Improve your customer service workflow by installing chatbots on your social media pages and website that can answer customer queries at all times of the day
- Develop a deeper understanding of your customers and what drives them to make a purchase by revamping your customer segmentation portfolio
Consumer financing and additional marketing strategies are available to help businesses generate greater profits. Primarily, these strategies can support your customer retention strategy and drive repeat business. This is one of the most efficient ways to improve relationships with your customers and create long-term business growth.
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