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Boost eCommerce sales with flexible payment options

People are feeling the pinch of the current cost of living crisis and as a result, there is a real need for flexible payment options. For eCommerce businesses, the reality is that customers are more likely to shop when there are payment methods that accommodate their circumstances. This is according to Deko, the multi-lender BNPL platform.

Not only can flexible payments reduce cart abandonment rates, but they can also empower shoppers to increase the size of their purchases. Consequently, eCommerce stores can expect an increase in their average order values (AOV), which is one of the best ways to generate more income.

Traditionally, BNPL has been popular with younger generations, with 54 per cent of millennials using this online payment method. However, it’s increasingly becoming chosen by all customer demographics at checkout. For example, 25 per cent of 45–54-year-olds have now used BNPL. Therefore, if customers, regardless of their demographics, see similar eCommerce stores offering flexible finance whilst you don’t, they’re likely to shop elsewhere. Not only can this lead to a missed sale, but also a potential repeat customer.

Melanie Vala, CCO at Deko said, “the truth is, many online shoppers don’t complete purchases. They may add items to shopping carts, only to abandon those carts before finishing the checkout process. With average cart abandonment levels at around 70 per cent, the biggest issue facing eCommerce providers is understanding why this happens. This is where offering alternative methods like buy now pay later (BNPL), which gives consumers the ability to spread costs and ease the burden of paying for products in one go, may give you the added advantage.

“Research shows that BNPL options uplift average ticket sales by 30-50 per cent, demonstrating the commercial benefit to businesses when consumers are given the opportunity to spread the cost of their payments when they need to buy a specific product. If, for example, a shopper wants to buy a sofa online from a furniture store, the ability to pay overtime may enable them to buy the premium model that they really want.

“Providing customers with flexible payments that can cover all basket sizes shows that you’re willing to support your customers who in turn will feel empowered when it comes to managing their finances. Don’t be surprised if you get more people flocking to your store to buy items and take advantage of alternative payment methods.

“Furthermore, offering flexible payment options is a great acquisition tool and a smart way to keep customers from shopping with competitors. Nowadays, shoppers actively look for companies offering flexible payment terms, comprehensive basket size coverage, and a range of repayment times.”

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