Why Magento eCommerce Websites Achieve More Sales with ChargeAfter’s Multi-Lender Platform
Global eCommerce has experienced massive sales hikes, with online retail sales growing 27.6% for the year, a significant increase from the estimated 16.5% growth mid-pandemic according to authority sources. People around the world have grown accustomed to ordering their products online, with consumers more confident in online shopping today than ever before. This is largely owing to the need for efficient eCommerce solutions during long lockdown periods and social restrictions and this shift in shopping mindset is responsible for the enormous growth in online retail sales. That said, the same sources forecast a downward trajectory in online sales in 2021 as brick-and-mortar stores make a post-pandemic comeback. For this reason, buy now pay later (BNPL) solutions for Magento eCommerce websites are becoming an essential step in closing a customer deal online.
In this article, we will explore the potential revenue boost for Magento eCommerce websites that integrate BNPL systems, particularly ChargeAfter’s powerful multi-lender platform.
The Most Vital Consumer Touchpoint
The checkout stage on a customer’s online shopping journey is the most vital consumer touchpoint, and Magento eCommerce websites must consider new avenues to secure online retail sales once their customers have landed at the “Checkout” button. Many shoppers are enticed by great deals only to turn away from an eCommerce store having reviewed their cart and found that they do not have enough disposable capital to purchase their chosen products. The ‘um’ and ‘ah’ that consumers experience during the checkout stage could be mitigated through the integration of a buy now pay later Magento eCommerce plugin that allows them to cash in for the products today with confidence in settling the balance at a later time. Adopting such systems encourages consumers to keep shopping on one’s website, helping secure a quicker growth in sales.
Leveraging Powerful BNPL Financing Multi-Lender Platforms
It’s one thing offering money lending solutions to consumers checking out on eCommerce websites, and it’s a completely different ballgame offering powerful multi-lender platforms that benefit a broader spectrum of consumers. ChargeAfter’s multi-lender platform gives more customers access to point of sale financing by funneling them from prime lenders to subprime lenders until they are accepted. This process happens instantaneously and on the back-end of Magento eCommerce websites, eliminating any confusion for the consumer and focusing on navigating them seamlessly through the sales funnel. The integration of this multi-lender platform means more customers have access to buy now pay later solutions, thus encouraging an increase in daily online sales.
New Solutions for Working Systems
Ecommerce point of sale (POS) financing and lending is not a new merchant solution, but ChargeAfter’s multi-lender platform is a fresh tweak of a working system that allows more customers to seek BNPL financing. Magento eCommerce websites that utilize multi-lender platforms have access to almost double their current consumer base as customers who were previously eligible for POS financing can now safely and securely pay for their products today with reliable payback options. The decision to offer multi-lenders aims to combat new challenges facing online retailers such as the rebound of physical retail stores post-pandemic discussed earlier in this article.
Magento eCommerce websites need to switch on to online trends and activate as many avenues for sales growth in order to reduce the risks of rising consumer interest in physical retail stores. As customers possess more confidence in online shopping, the integration of ChargeAfter’s multi-lender platform may help answer these concerns as well as promote sales through streamlining and promoting access to financing for a larger segment of consumers shopping on one’s Magento eCommerce website.