Tag: Waterfall Consumer Financing

What is Upselling and How Waterfall Consumer Financing Can Help

Posted on by chargeafterdev

Running a successful online store requires business owners to adopt several strategies and integrate them into their eCommerce operations. There are an array of interesting tools to use to increase sales and one of the most influential modern tactics is upselling. Upselling is a marketing strategy that we will share more detail about in this guide, and we will also discuss how waterfall consumer financing can help support your upselling tactics. 

What is Upselling?

Upselling is a sales strategy that eCommerce stores implement to encourage consumers to purchase more expensive items when browsing online stores. Upselling is a technique that businesses use to increase the average sales values of their consumers. Upselling is also incredibly beneficial when it comes to selling to existing customers, who are far more likely to invest in expensive items than new customers. By promoting more frequent sales of costly products, upselling also has the potential to raise customer lifetime values. Customer lifetime values refer to the total spend of a customer on an online store for the duration of their buying cycle with that store. Increasing this value can have significant benefits for your profit margins.

Difference Between Upselling and Cross-selling

Upselling differs from cross-selling in the way that it encourages the purchase of more expensive or premium items. Take, for example, a paid subscription plan. Most sellers will encourage customers to purchase their more exclusive plans by promoting several benefits of these premium packages that the more basic options do not deliver. Cross-selling differs in the way that it does not promote more expensive items but items that pair well with a customer’s chosen product. For example, a customer buying shoes may be interested in purchasing a new set of laces or socks with those shoes. Cross-selling helps customers find those related products quickly.

Best Upselling Strategies

Upselling is an effective sales strategy that can generate greater revenue than other tactics, such as cross-selling. Below, we share some of the best upselling strategies to consider for your online store:

  • Display recommendations at the bottom of a product page pointing towards more expensive items or premium products to encourage consumers to purchase these products.
  • Utilize pop-ups as recommendations that appear during the checkout process of the consumer journey. These can be a great way to encourage consumers to change their minds after they have landed on a specific product.
  • Follow-up emails can be sent to customers after a purchase to encourage them to shop again. You can personalize this form of marketing, offering products that may provide additional value to their lives based on their order history.
  • You can incentivize customers to take advantage of your upselling offers by sharing discounts or rewards with them for doing so.
  • You can allude to the potential downsides of not taking advantage of the upsell offers.

How Waterfall Consumer Financing Supports Upselling

Waterfall consumer financing can support your upselling strategies. Waterfall consumer financings as a service is an integration that enables customers to access financial support at checkout. They can apply for loans without having to undergo credit checks or leave your online store. One of the main benefits of waterfall consumer financing is that it encourages customers to purchase more expensive items. It enables them to easily access the financing necessary to order premium products. 

Upselling is a strategy to implement in your online store. It is a great way to increase customer lifetime values and generate more profit. With the addition of waterfall consumer financing, you can see improvements to your average order values and enjoy a greater return on marketing investment.

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How Waterfall Consumer Financing Can Support Your Multichannel Selling

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Long gone are the days of brands using one sales channel to drive conversions. In the modern world of eCommerce, having multiple sales channels is critical as brands hope to attract customers from all over the world. From websites to social media platforms and so much more, driving traffic and conversions through multiple sales funnels is imperative to business success. In this article, we discuss multichannel selling in more detail and share how you can leverage waterfall consumer financing to guarantee success.

What is Multichannel Selling?

Multichannel selling refers to the process of using multiple sales channels to drive online traffic and makes sales. It may not be necessary to have a brick-and-mortar store but it is absolutely essential to have an online space for shopping. Then, it would be ideal to serve consumers through various sales channels to broaden your reach and targettable audience. Doing so can help your business attract more consumer interest as you tailor it to specific consumer segments across the diverse digital playground.

Multichannel selling can involve selling products on an online store, marketing those products through platforms like Facebook, optimizing your digital storefronts for mobile, taking advantage of third-party sales platforms like Amazon, and utilizing Google Shopping functionality. A combination of these activities will ensure that you are approaching customers that use a range of methods to shop. 

The Benefits of Multichannel Selling

Multichannel selling is incredibly powerful, and we discuss the key benefits of incorporating a multichannel selling strategy into your online business.

Multichannel selling enables businesses to reach customers where they shop most. Some shoppers prefer to click through Facebook Ads to view websites, others make sales when arriving at online stores from Google Search. Some consumers prefer to order through Amazon and others browse purely on their mobile devices. Multichannel selling ensures that you cater to all types of shoppers.

Multichannel selling facilitates a seamless shopping journey. No matter where your customers arrive from, they are directed to landing pages and along a customer journey that is curated to their consumer profile. You can strategize the best sales funnel possible for each consumer, developing a stronger chance to land a sale.

Multichannel selling is used by the biggest and best brands around the world. Adopting multichannel selling strategies from these companies lets you compete for their consumers and in their digital spaces. Healthy competition makes for better business, and you can see success by leveraging the success of other businesses. 

How Waterfall Consumer Financing Supports Multichannel Selling

Part of making a multichannel selling strategy work is to provide consumers with the best online functionalities possible. The most powerful integration to do this, especially during the checkout stage of the consumer journey is waterfall consumer financing. ChargeAfter’s powerful consumer financing platform gives consumers access to on-demand financing to complete their orders. The benefits of waterfall consumer financing lie in its ability to approve consumers that may have otherwise not qualified for traditional financing via traditional lenders. As a result, you can approve more customers than you had previously been able to with a single lender. This will lead to greater sales and larger orders, resulting in a more profitable business.

Waterfall consumer financing can support your multichannel selling strategy, ensuring you remain competitive in the digital shopping environment. So, what are you waiting for? Why not integrate a multichannel selling strategy with waterfall consumer financing today!

 

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4 Ways to Drive Traffic to Your Website and Land More Sales With Online Financing

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In this article, we discuss four simple strategies that you can use to drive traffic to your website and increase the opportunity for conversions. In the competitive eCommerce landscape, taking advantage of these tips is the first step to increasing your online store’s profit potential.

After increasing traffic to your website, you should consider strategies to increase your conversion rates. In the modern online shopping market, one of the most efficient ways to do so is to introduce online financing. Online financing is a checkout integration that enables affordable, personalized, and efficient buying. It benefits the consumers by giving them zero-interest repayment solutions at the push of a button, helping you land more sales and drive profit margins upwards.

1. Take Advantage of Social Media Advertising

Social media advertising is less expensive than you may have originally been led to believe. Sure, what you put in is what you get out. However, you do not need a massive marketing budget to begin social media advertising testing. You can use the Meta suite of advertising tools to craft attractive sponsored ads that can drive traffic to your website. You can hyper-target specific buyers and set a campaign objective of landing page views to deliver your content to your audience’s social media feeds. To get started with social media advertising today, check out this resource.

2. Increase Your Discoverability With SEO

If you do not have an SEO strategy in place, then odds are that consumers will be unable to find your content when browsing Google. Operating as an index of all online content and serving specific content to consumers based on their search queries, Google is capable of delivering your website to a massive potential audience. By implementing proper SEO tactics and optimizing every aspect of your website, you can win Google’s favor and drive more organic traffic to your store more easily. You can use this resource to get started with your SEO efforts. 

3. Reward Your Existing Customers

Not all website traffic is new traffic. Oftentimes customers return to websites to shop again if there is a strong enough customer retention strategy in place. Customer retention is also far more cost-effective than customer acquisition as return customers are more likely to place more frequent and larger orders. To drive customer retention and increase your website traffic as a result, you can start rewarding your loyal customers. You can offer discounts, promotions, and introduce competitions and giveaways to kickstart your customer retention strategy. 

4. Leverage Influencer Marketing

Influencers are still powerful brand allies that you can utilize to spread your website’s name and drive more traffic to your website. Influencers are able to persuade their followers to check out your products, using clever marketing and sales strategies that provide consumers with discounts via referral. Both the influencers and brand benefit from this strategy, and consumers benefit from being exposed to new and exciting online stores that they may not be aware of. You can use this resource to jumpstart your influencer marketing strategy and start implementing your first influencer campaign. 

From crafting powerful social media ads to improving your website’s SEO, you can drive more traffic to your website and create more buzz around your online store. When these consumers are browsing, the introduction of online financing at checkout can generate greater sales interest and lead to higher conversion rates. Online financing from ChargeAfter is your ticket to landing more sales!

 

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How Consumer Financing Can Help You Improve Relationships With Your Customers

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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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Increase Customer Lifetime Value by Automating Consumer Financing, Email, and More

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Customer lifetime value refers to the total amount of money spent by a consumer with your eCommerce store across the entire collection of their orders. It boils down to the potential value of revenue to be made from a specific customer. Several things affect customer lifetime value, namely one’s ability to retain customers, so it is vital that you consider strategies to increase customer lifetime value and prolong your revenue generation with each customer. In this article, we discuss the most powerful ways to increase customer lifetime value specifically in reference to automating key areas of your marketing operations. We discuss automating consumer financing, email marketing, and more.

Automating Consumer Financing

Automating consumer financing is one of the most powerful ways to improve customer lifetime value in the modern world of eCommerce. Consumer financing services, like BNPL, are seeing an increase in interest among the modern shopper, and adopting these can help businesses leverage the potential revenue generation amongst these buyers. Automating consumer financing involves partnering with the best consumer financing platforms on the market. ChargeAfter is one of these service providers that can facilitate the effective and efficient delivery of online financing to each and every one of your customers. Instead of having to source financial aid from third parties, they can receive financial support at the push of a button and do not have to go through credit checks. Therefore, they can shop quicker than ever before on your online store and are more likely to do so in the future – increasing their total customer lifetime value. 

Automating Email Marketing

Email marketing is an incredibly important marketing funnel that you should automate to save time and capitalize on the revenue potential of maximizing your email marketing strategy. With an extensive list of shoppers’ email addresses, you can quickly deliver personalized marketing material to them directly into their inboxes that they will be viewing throughout the workday. Automating these email processes can streamline their consumer experience as well as save your marketing team time, ensuring that you make smarter investments into your initiatives. Furthermore, email marketing enables businesses to reward their loyal customers and subsequently improve customer retention rates. The addition of consumer financing may also appeal to shoppers that arrive at your landing pages from email marketing campaigns, further increasing your customer lifetime values.

Automate Social Media Marketing

It is possible to automate various aspects of your social media marketing to improve customer lifetime values. For starters, you can preschedule all of your social media content publications at the beginning of the month, freeing up time to focus on customer service over the course of the month. Secondly, you can automate social media chatbots to facilitate seamless conversations with your consumers. The ability to contact your store at all hours of the day encourages shoppers to be more invested in your platform and can also facilitate relationships with customers shopping from different time zones. You can also run automated social media marketing campaigns through platforms like Buffer and Hootsuite. Having access to this automation can greatly increase customer lifetime values as you are able to send personalized messages to new and returning customers at the right times and with the right promotional context.

From consumer financing to email marketing and social media marketing, automation is one of the most efficient and effective strategies for increasing customer lifetime value as it saves you time to focus on customer service, enables personalized messaging, and facilitates beneficial long-term customer relationships through all-hours communication strategies.

 

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How Fintech Companies Like ChargeAfter Can Improve Omnichannel Marketing Strategies

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Seamless shopping experiences, comprehensive brand connections, and consistent marketing across channels all constitute reasons why omnichannel marketing is essential in the modern eCommerce age. Online shoppers are more demanding than ever, expecting brands to represent clear identities on all sorts of channels, which is where omnichannel marketing comes in to resolve consumer consumers. In this article, we explore omnichannel marketing in more detail and suggest how fintech companies are improving the modern shoppers’ omnichannel experience. 

What is Omnichannel Marketing?

Omnichannel marketing refers to a comprehensive marketing strategy whereby shoppers can expect a seamless experience across a diverse range of channels. The key attribute of omnichannel marketing is that it is consistent and authentic, appealing to consumers that are more skeptical of online brands have experienced a combination of successful eCommerce platforms and untrustworthy online companies. Introducing omnichannel marketing can, therefore, promote trust by modeling the success of the best eCommerce brands on the market. 

Omnichannel marketing involves considering all aspects of the consumer journey and optimizing every touchpoint to align with key marketing goals. The ability to provide cross-channel marketing that promotes consistent messaging will attract return customers and shoppers who have not yet heard of your store. Furthermore, omnichannel marketing is a means of reinventing the shopping experience to meet the modern demands of shoppers.

The Role of Fintech Companies in Omnichannel Marketing

Fintech companies continue to see interest from the best eCommerce platforms for their ability to support the most critical consumer touchpoint in an omnichannel marketing strategy, the checkout stage. These companies, particularly ChargeAfter, offer one of the most powerful payment options for consumers that beats traditional financing solutions.

These solutions, referred to as buy now pay later (BNPL) services, are integrations at checkout that allow shoppers to receive online financing at the push of a button. These shoppers, using BNPL, no longer need to consult their financial service providers or third-party lenders to purchase products at the later checkout stage of the omnichannel marketing process. Furthermore, they do not have to pass credit checks and repayments are made with zero interest. 

Beyond supporting the consumer and the omnichannel marketing strategy, fintech companies that offer BNPL services benefit businesses by improving the online shopping experience. In fact, BNPL services contribute to an increase in conversion rates of approximately 20% to 30%, according to authoritative sources. 

These statistics suggest it is essential for businesses to adopt BNPL at checkout to support their omnichannel marketing strategy and promote profitable business growth.

Additional Support Ensures Success

Fintech companies can go above and beyond to support the businesses that they partner with, and the leading Fintech companies like ChargeAfter offer consistent checkout support to constantly improve the final stage of one’s omnichannel sales funnel. The delivery of checkout data and regular analysis of key metrics enables ChargeAfter to provide marketing teams with insights and actionable steps to improve the shopping experience. Recommendations like cross-selling and up-selling scratch the surface of the kinds of strategies that these companies can provide based on key metrics each month. Furthermore, round-the-clock support means that businesses can consult for advice at any point regarding their checkout stage of the omnichannel marketing strategy.

Omnichannel marketing is essential in the modern age of online shopping as consumers become more skeptical of online retailers. Introducing an omnichannel marketing strategy that includes BNPL integration can help businesses grow as this particular service supports the most important stage in the funnel, the checkout stage. With consistent support and regular analytical updates, businesses can leverage the best BNPL services on the market to improve their omnichannel marketing strategies.

 

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Top 4 Consumer Trends of 2022: How to Attract New Customers With Waterfall Consumer Financing

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eCommerce brands must know their consumers backward and forwards as this helps stores deliver the right messages to the right consumers at the right time. Furthermore, companies must be aware of changing consumer trends. With an in-depth understanding of modern consumers beyond designated segments, eCommerce brands can integrate strategies that entice shoppers in 2022. In this article, we explore the top 4 consumer trends of 2022. You can use this information to guide the rollout of new marketing tactics.

1. Finance Fanatics – Integrate Waterfall Consumer Financing

The modern consumer is becoming increasingly interested in finance, something that was previously consigned to finance administrators like accountants and investment brokers. In the age of digital currencies like Bitcoin and Etherium and the accessibility of investment portfolios, consumers are beginning to take a much more active approach to their finances. In response, eCommerce brands should provide their shoppers with the best financing options at checkout. Waterfall consumer financing is an example of a powerful checkout financing integration that gives consumers access to repayment options unavailable through traditional financing partners such as their financial service providers. ChargeAfter is a leading waterfall consumer financing partner that can deploy a seamless checkout plugin to provide your shoppers with access to trustworthy lenders. This benefits finance fanatics that wish to secure the best money management options when browsing eCommerce platforms, resulting in a likely increase in sales for your business. 

2. Sustainability Supporters – Promote Greener Business

Climate change continues to plague the planet, and shoppers demand businesses go greener in response. From a trend to an ultimatum, selecting sustainable strategies to combat climate change can greatly influence the buying decision. eCommerce brands must integrate environmentally-friendly tactics, whether it be biodegradable packaging or cleaner manufacturing processes, and then market these green features. Bear in mind that to avoid green-washing, businesses can subtly showcase their commitment to sustainability by actioning greener operations without the need for financial compensation. Take corporate social responsibility initiatives, for example. These types of initiatives aim to provide community-centric benefits over and above business operations, yielding little in the way of revenue generation but greatly increasing brand repertoire among sustainability supporters. 

3. First-Time Testers – Offer Trials and Testing Opportunities

Customers that fall within this trend are particularly interested in businesses that can showcase value before asking for a commitment to purchase. Rentals allow these consumers to test-drive products and or services, for example. Free trials are popular strategies to attract these consumers for businesses that sell software and return policies are popular among electronics stores. In a nutshell, providing first-time testers with ways of minimizing buying risk will greatly appeal to an audience that takes advantage of the “if it ain’t broke, don’t fix it” mentality. 

4. Purpose-Driven Personas – Add Narrative Value

The purpose-driven persona is guided through the buying process by powerful branded stories and content that offers narrative value. These shoppers are less interested in the products or services themselves and more enticed by how a brand can spotlight its purpose. For example, a brand that sells fast-moving consumer goods should integrate marketing activities that speak to the company’s commitment to their cause or displays their vision. From blogs to videos and podcasts to guest appearances on web shows, brand representatives can offer these consumers insight into the brand’s purpose and sell the personality of the brand before the products themselves. 

eCommerce brands can attract consumers within these 2022 consumer trends by integrating waterfall consumer financing, developing more environmentally-sustainable strategies, offering better testing opportunities with products and services, as well as clearly defining and displaying their purpose beyond making a profit. Doing so will broaden your consumer base and increase your sales as you attract new shoppers. 

 

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5 eCommerce Integrations You Have to Have in 2022: Waterfall Consumer Financing, Voice-Based Search, and More

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It’s 2022 and businesses continue to evolve strategies to take advantage of new technologies and integrations for increased success. Nowadays, many eCommerce platforms have most of their bases covered. They have a social media presence, a user-friendly and mobile-friendly website, and advertising campaigns to name a few. But, how does one stay ahead of the trend and beat the competition? By introducing novel integrations that the rest of the eCommerce world is still slowly phasing in. In this article, we share the 5 eCommerce integrations that you have to have to win over consumers and beat the competition.

1. Waterfall Consumer Financing

Waterfall consumer financing is one of the most powerful payment options on the market. It is essential that businesses diversify their payment options to cater to a wider audience, and waterfall consumer financing sits at the core of offering first-class payment options. How does it work? Waterfall consumer financing is a checkout feature that lets customers access financing at zero interest that can then be paid off in monthly installments. ChargeAfter is a leading waterfall consumer financing partner that can integrate the feature into your website so that you can start delivering your consumers these benefits. 

2. Voice-Based Search

Google and Amazon dominate eCommerce as shoppers turn to search engines or third-party product distributors to buy their favorite items. Subsequently, Google Home and Alexa have seen an increase in attention as these same consumers look to make their daily lives easier. As a result, voice-based search is becoming hugely popular and eCommerce platforms can target audiences using these technologies by integrating voice-based search tools. 

3. Omnichannel Selling

Omnichannel selling refers to a marketing strategy whereby you attract consumer attention across a variety of touchpoints from websites to social media, physical pop-up stores, and packaging. Omnichannel selling integration allows businesses to push their brand into every aspect of the consumer buying journey. Doing so can build more loyal consumer bases, raising the volume of repeat orders and developing stronger connections with new customers. Omnichannel selling requires several integrations, from social media advertising tools to SEO support technologies. But, the investment is well worth it as omnichannel remains a firm favorite eCommerce trend for 2022.

4. Artificial Intelligence

Artificial intelligence makes the lives of marketing teams much easier as remedial jobs can be done quicker, freeing up time and resources for departments to focus on more important matters. From content writing bots to website chat features and more, artificial intelligence is being integrated into every area of the sales funnel. There is also little risk that artificial intelligence will make your employees redundant as you can reassign responsibilities to other areas of business. Artificial intelligence’s role in eCommerce continues to grow, however, competitors may be yet to jump onto the powerful trend this year. 

5. Social Media Automation

Automation is at the heart of modern eCommerce success. Your social media can leverage the benefits of automation to also free up time to broaden your marketing activities to attract new customers. Tools like Hootsuite let teams pre-schedule posts, making the job far quicker. Also, various platforms have bot integrations to answer basic consumer questions before individuals need to call for further information. Social media automation tools are becoming extremely popular as eCommerce companies look to reduce employee overheads or allocate tasks to more pressing areas of the business. 

The modern eCommerce age requires businesses to integrate modern eCommerce solutions, and this article highlights some of the most powerful trends for 2022. From waterfall consumer financing to social media automation, you can improve your consumer journey and stand out from the competition leveraging the most impactful integrations on the market. 

 

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