As a merchant, you’re in the rat race for e-commerce business. With so many other merchants and competitors vying for the pool of online customers, you need to offer the best offers, additional value-adds, and just about anything to get their business.
It’s about setting yourself apart, and ahead, to reel in the customers and keep them as loyal customers. One such way is by offering interest-free shopping to new and current customers.
Offering Interest-Free Shopping Increases Sales
According to Verizon, merchants who offer interest-free shopping to their customers enjoy a 15% increase in order sizes. Having more purchasing power, merchants now enjoy increased sales, which increases profits.
With money saved on interest, who knows how much more your customers will spend on other items. Furthermore, larger carts at checkout mean larger profits.
Attract The Younger Online Audience Base
The younger online shopper is wary of interest. However, with interest-free shopping, merchants can easily expand their younger online customer database.
Less Abandoned Carts With Interest-Free Shopping
According to Baymard Institute, there is a 69.82% average abandonment rate for online shopping carts. While multiple factors cause this, paying interest ranks high on this list. With interest-free payments, expect far fewer abandoned carts.
Interest-Free Payments Creates Improved User Experience
Citizens Financial Group points out that 76% Of consumers are more likely to make a purchase if a simple and seamless payment plan is offered along with no interest. And, as any merchant will know, the better the user experience the more likely they will shop at your online store and return for more shopping.
With interest-Free Shopping Comes Large Item Purchases
According to Bread, “Customers are looking to avoid debt and extra fees. When customers have to make a big purchase, the last thing they have to worry about is paying even more in interest.”
“73% of shoppers have experienced significant stress about how to pay interest for a big-ticket item.”
Enjoy All The Benefits That Come With Interest-Free Shopping For Your Customers
As we formerly mentioned in a previous blog, there are several benefits to offering interest-free payment options like Payflex at checkout. These include up to a 70% increase in average order value, up to a 30% increase in sales, and up to an 80% repurchase rate.
Sign Up for Payflex Now And Benefit Today!
Offering interest-free payment options like Payflex’ BNPL later platform presents a win-win for both retailers, merchants, and customers.
Not only does it help your online business, but interest-free payments will help your online customers build positive financial habits, and with this, it puts them in the driver’s seat when it comes to their spending.
With this, your shoppers can get what they need now and only pay later in four interest-free instalments over six weeks minus the interest and fees.
But to truly enjoy the benefits, merchants need to educate their audience on the benefits of interest-free shopping. With this, you’ll put your business ahead and apart from your competitors.
Contact Payflex to open a merchant account in 2022 and start using it as a payment gateway for your online store.