Allowing users to split up their purchases over several weeks can lead to a noticeable boost in conversion rates. While there are a plethora of different things that can impact your conversion rate (such as unappealing products, an ugly website, bad copy), money troubles are certainly on the list. On average, 70% of users that add an item to their shopping cart will abandon the order before purchase. Some of them may be obvious, but others are a lot more subtle.Ī screenshot from Afterpay's website showing some of their statistics Higher Conversion Rates Benefits For RetailersĪs a retailer, there are several perks for offering Afterpay or Klarna to your shoppers. Studies have shown that these services have some significant benefits for retailers as well. You can defer paying for your purchase for weeks or months at a time, often without penalties or interest. These apps make it easy to get approved for funds, pay for your purchase, and repay your debt - all through your mobile device. However, banks are and are unlikely to cut you a $100 cheque to go buy some new clothing, and payday lenders charge cut-throat interest rates.īuy-now-pay-later apps bring borrowing into the 21st century. Traditionally, if a user wanted to purchase something they didn't have the funds for, they would need to borrow the money from an institution like a bank or a payday lender. A breakdown of how Afterpay works on the consumer side, courtesy of their websiteīuy-now-pay-later apps are platforms that allow you to shop without paying the full price up-front.
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