Why Buy Now Pay Later Financing is the Best Customer Retention Strategy for Magento 2 Retailers
The online shopping landscape is changing. More people now than ever before are confidently browsing Magento 2 and other eCommerce stores to satisfy their purchasing needs, and there is no better time to improve an online store’s user experience to retain customers than today. Customer retention is a key component of a successful marketing strategy, and in this article, we will explore how Magento 2 retailers can promote greater customer retention through the integration of a buy now pay later financing solution.
The Best Buy Now Pay Later Financing on the Market
Before we dive into the customer retention benefits of a buy now pay later financing platform, we need to understand more about the best consumer financing solutions on the market. When it comes to getting the best bang for your buck, ChargeAfter highlights its potential to promote your customer retention strategy. ChargeAfter employs a powerful lender platform that provides consumers with personalized financing solutions at checkout through a seamlessly integrated eCommerce plugin.
As opposed to traditional lender platforms, ChargeAfter sets its solution apart from the competition by offering a multi-lender network designed to ensure that every shopper is capable of receiving consumer financing when browsing one’s Magento 2 retail store. With a network of thousands of reliable lenders, ChargeAfter is able to offer tailored repayment plans unique to each shopper and facilitate instant payment to benefit both consumers and retailers.
How ChargeAfter Promotes Customer Retention
When it comes to your customer retention strategy, there are already a series of considerations at play beyond what is happening at checkout. With ChargeAfter, the checkout stage, arguably the most important step in the consumer journey, is covered with a comprehensive consumer financing solution that encourages sales of existing and new customers. The dual benefit of attracting and retaining customers will promote greater customer lifetime values for shoppers browsing Magento 2 retail stores with ChargeAfter’s integration.
ChargeAfter promotes customer retention in the following key ways:
Drives Returns for Larger Orders
Customers who have shopped with you before and are happy with your service are more inclined to return knowing that you offer comprehensive and personalized repayment solutions allowing them to make larger orders. This will ensure that they are more confident and capable of driving up their customer lifetime values, ensuring that your Magento 2 retail platform sees greater average monthly order values.
Rewards Existing Customers
The appeal of ChargeAfter’s multi-lender network lies in the capability of receiving zero-interest repayment plans, rewarding customers who shop with you and thus drawing them back to shop once more. Customers can confidently purchase multiple orders as they do not need to take into account costly interest rates, promoting quicker and more consistent sales among your established consumer base.
Goes One Step Further Than Loyalty
While loyalty programs have been the cornerstone of customer retention strategies for years, consumer financing is showcasing its potential to be a more impactful part of customer retention as it provides instant and tangible financial value. Rather than purchasing to receive a free product or win a prize, an invaluable and unbalanced strategy, customers shop with the power in their own hands and make decisions based on the ability to finance their purchasing behaviors. With ChargeAfter’s buy now pay later solution, customers are able to ‘shop till they drop’ knowing that they are receiving the best value beyond a loyalty program.
From encouraging the sales of larger carts to rewarding customers and going one step further than loyalty programs, ChargeAfter’s buy now pay later financing is the best customer retention strategy for Magento 2 retailers.