Christmas time is nearly here. For shoppers, it’s the season of merriness and gift-giving. For merchants, it’s one of the busiest times of the year, after Black Friday. Last year eCommerce sales dominated 2020, jumping by 68%, with the trend set to continue this year. Flexible payment options like buy now, pay later (BNPL) are key drivers behind online purchases. Find out how leveraging BNPL for your online store can boost your 2021 Christmas sales.
How Can Buy Now, Pay Later Boost Your Christmas Sales?
Increase your customer base
BNPL creates a more levelled, equal shopping experience for all shoppers who want to make purchases. By offering more than one or two payment methods, your online reach will expand to new audiences who might not have otherwise been able to shop at your online store, increasing your customer base. Leading the Buy Now, Pay Later trend are Millennials and Generation Z who represent about 75% of BNPL users in 2021.
Drive your Christmas sales conversion rate
How many times have we all spotted something we liked but never purchased after looking at the price. It’s something we can all relate to which is why buy now, pay later is such a powerful tool. BNPL allows shoppers to easily buy an item or service that they would have otherwise abandoned, which ups their conversion rate.
Reduce your rate of abandoned shopping carts
The annual cross-industry shopping cart abandonment rate hovers around 70%. This represents around $18 billion in lost revenue for retailers every year. BNPL can improve shopping cart conversion rates by eliminating price and credit barriers that might be putting shoppers off from making their final purchases.
Elevate the transaction value of your Christmas sales
Having access to an interest-free line of credit increases the transaction value of every customer using BNPL. With no limit imposed on their spending ability, customers are empowered and prepared to both buy and spend more to get the things they want.
Boost your customer loyalty
Through BNPL you can encourage customer loyalty among your customer base. Customers who use BNPL are likely to use it to shop again and will build an ongoing relationship with your online store through their purchases. You can also use the opportunity to leverage more tailored marketing by sending customers personalised product recommendations.
If you’re looking to supercharge your Christmas sales, offering buy now, pay later as a flexible payment option could be your golden ticket to a truly festive season.