There’s no denying the recent adoption of Buy Now Pay Later (BNPL) by consumers. However, did you know that it can help e-commerce businesses too? Read more to learn how to grow eCommerce business in 2021.
How to grow eCommerce business in 2021 is now targeted towards the recent change in Shopper buying habits. Primarily caused by the Coronavirus pandemic and lockdown. The shift towards online purchasing has changed the way consumers use eCommerce. Providing a growth opportunity for businesses to offer digital purchasing solutions.
To capitalise on this digital growth, many eCommerce businesses have partnered with BNPL’s in a bid to drive online sales by offering alternative payment solutions. BNPL services allow consumers to pay for items through instalments paid over a number of different frequencies. This type of payment method allows shoppers to better manage their cash flow with no interest or additional fees. According to findings from ASIC’s recent report as many as 30% of Australian adults have a BNPL account. This number is only projected to grow as individuals place continued reliance on BNPL to help manage their cash flow.
Leveraging these key strategies will help improve your eCommerce business in 2021.
Harness Millennial Buying Potential
Millennials are now the most powerful consumer group when it comes to using BNPLs, so its important to understand how to leverage their buying potential. Millennials are spearheading the shift from traditional credits cards in preference for BNPLs that provide them the financial freedom and management.
Cart abandonment is something all eCommerce owners aim to avoid. The main reason for cart abandonment is that shoppers are shying away from the purchase when seeing the total price. Providing a BNPL offers these individuals a payment solution that allows them to pay off their order in manageable repayments. Further to this, Klarna found not only that there was significant cart abandonment minimisation through the use of a BNPL, but it was also increasing the average order value by 45%.
Gain New Customers
Having a BNPL may attract shoppers who previously thought your products were too expensive, allowing for a more diverse range of customers shopping at your store. Integrating a BNPL will also give you access to their extensive database of shoppers. This means potentially tens of thousands of new shoppers coming to shop at your store!
Sound too good to be true?
Is this is ticking all your boxes? If so, why not start your BNPL journey with Pay It Later? We have a growing database of over 73,000 shoppers looking for new stores to shop at! We have no sign-up fees so join up and let us help you grow your ECommerce store.