How Does Buy Now Pay Later (BNPL) Increase Website Conversions?
Increasing website traffic with lead generation and pay-per-click (PPC) advertising is only one facet of the strategy to increase website conversions. Consumers arriving at online stores will often leave without purchasing or even signing up for a newsletter. Many eCommerce businesses lose out on these new leads, and their conversion rates suffer. For this reason, the inclusion of strategies to encourage purchases remain pivotal to eCommerce success. Buy now, pay later (BNPL) services are becoming popular additions to marketing strategies as they help businesses close more deals. In this article, we explore how BNPL increases website conversions and how you can integrate the service into your online offering.
Younger Shoppers are Taking Advantage of BNPL
As more Millenials and Generation Z consumers choose to forego traditional financial advice from their parents in favor of seamless and efficient eCommerce solutions of the modern marketing age, a major advantage of BNPL lies in its ability to support shoppers without credit cards. Issues surrounding credit cards continue to plague the modern consumer, and BNPL services are a solution that eliminates the need for younger consumers to have access to credit card facilities. This is particularly beneficial as older consumers continue to battle the pressures of owning one or multiple credit cards for ease of use while others cite dissatisfaction with concerns around credit approval. The younger generations want to avoid these entirely, and BNPL enables them to shop without credit cards as no credit checks are necessary for shoppers to receive comprehensive loans.
BNPL is a New Consumer Expectation
BNPL services are becoming a consumer expectation rather than a unique selling point for eCommerce stores around the world. In fact, resources suggest that over 70% of consumers are more likely to purchase from websites that include easier payment options such as BNPL services. These incredibly high statistics indicate that BNPL is quickly becoming a consumer expectation, and more shoppers are likely to shun organizations that do not model their checkout strategy after successful BNPL systems.
Mobile POS Systems Make for Easier Transactions
A large part of BNPL’s success is a result of how the service improves mobile point of sale (POS) systems. During the pandemic and amid a post-pandemic environment, eCommerce businesses have seen an increasing number of shoppers purchasing from their stores using mobile devices from the comfort of their own homes. BNPL solutions can be integrated at every level of the checkout experience and are versatile in their integration across platforms. Optimized for mobile, eCommerce stores can capitalize on the rise in mobile shoppers.
Fintech Services Improve Efficiency and Affordability
ChargeAfter, a leading Fintech BNPL company, offers services that improve shopping efficiency and affordability for consumers. These two factors play a key role in increasing website conversions as the modern shopper is attracted by seamless user experiences and affordable service delivery. BNPL services at checkout help fast-track the time to sale as well as mitigate the need for consumers to turn to their financial service providers for any consumer support. The ability to receive comprehensive loans on the fly is extremely appealing to shoppers that utilize BNPL services on eCommerce websites as it saves them time and money. With ChargeAfter, shoppers can receive repayment options that include zero-interest installments. This is an attractive offering as very few third-party financing organizations or traditional banks can compete with this type of integration.
There is a growing need to adopt new integrations on an eCommerce checkout page as competition stifles many businesses’ conversion rates. With BNPL services, eCommerce stores can leverage the expectations of modern consumers, attract younger shoppers, improve mobile POS technologies, and improve the efficiency and affordability of a purchase. All of these benefits can ensure that eCommerce stores remain competitive by increasing their website conversions.
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