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With consumers spending on the rising in the first quarter of the year, and as internet-based shopping continuing to grow across all age groups Businesses are faced with greater possibilities and a greater threat to the shoppers' cash. It is essential to find innovative strategies to satisfy customers' needs with more compelling reasons to shop your brand or site that you've designed. One of the best places to begin is the checkout process. You should look for ways to make it easier this crucial last step of the sale, and also give the option of paying for your customers to enhance their customer experience.

One of the trends that have rapidly gained traction in the world of purchasing online is one of the most popular options is "Buy Now, Pay later" (BNPL) alternative when you checkout. BNPL is a unique option that lets shoppers to break up the total amount of their purchase in low-cost installments, which are then spread across time. Sometimes, it's spread in a couple of weeks but in some cases it's spread over several months.

Pay later, buy now is gaining popularity

Many consumers are taking advantage of pay-over-time choices whenever they're accessible. The year 2023 saw merchants on the internet witnessed an increase in sales through BNPL that saw sales increasing by 42.5 percent in comparison to the previous year. In the end, BNPL placed around $16.6 billion in sales onto books for merchants over the last two months of the year this is a pattern that Adobe expects to continue through 2024.

About 93.3 million users are predicted to utilize BNPL by 2024, as per EMarketer along with American Banker reported that the BNPL market in the US could reach as high at $8.3 billion by 2028. BNPL is also being used in increasing numbers by retailers like Amazon.com which is further speeding up the growth of the market and making the choice more popular with consumers who buy on the internet.

This is what makes BNPL an option that businesses can't ignore as they compete in an increasingly competitive online market.

Offer buy now and pay later: A few aspects to consider

The introduction of BNPL choices at checkout earlier instead of later provides retailers with more chances to draw new customers as well as establish an ongoing relationship.

If a store doesn't offer the BNPL option when you check out it could be the ideal opportunity to introduce one in the selection of choices. If they do, this option, they can do so by incorporating the BNPL option prominently displayed on their websites, specifically when you check out, or promoting the availability of the choice through advertisements could aid in establishing their company and enhance the experiences for their customers.

The more prominent the BNPL feature is featured found on the website of an online retailer and the more quickly they advertise the feature via emails and via social media and media, the more likely it is that they be interested in knowing more about it and help the retailer bring more customers on their website and close the sale.

BNPL can help merchants expand their market appeal for those looking to make purchases today, however, they also wish to manage the flow of cash without credit. With the ability to split the cost of a purchase into say, four interest-free payments each two weeks, buyers can purchase the items they desire without any delay. Certain BNPL service providers, including Affirm, also offer longer times that range from months up to 3 years for carts with large capacities along with expensive goods.

When adding a new payment method to the backend of an online store could be a daunting task for small businesses already under pressure to make time. However, there are alternatives readily available for quick and straightforward application that could reduce the number of steps required that are required by both seller and merchant. In particular, retailers can often benefit from pre-built ecommerce integrations like using the Affirm Payments extension easy integration of an BNPL payment option to their existing checkout page.

Benefits of offering purchase right now and then pay in the future for Woo store

What benefit do the benefits of a BNPL integration bring? One benefit is that an integration can make shopping easier in order to cater to the ever-growing number of shoppers who would prefer to pay in increments of a period. Making sure that the customers have access to your site as they move toward the checkout is vital, especially for those younger customers who were raised using online-based purchasing. In fact, a study by the National Retail Federation reports that over half (46 percent) of Gen Z respondents consider a seamless checkout process to be essential for the shopping experience.

One of the most important factors to take into consideration when integrating is the impact it has on the buyer. It's crucial that the buyer can see their payment options as well as proceed to approval without being required to go to an additional website. By using an integrated platform, sellers can make sure that transactions are as simple and easy as they can to their customers. This ensures that they don't stand out from the transaction.

A seamless checkout experience can assist in reducing abandonment of carts. A previous Baymard Institute metastudy of 49 research papers found that the abandonment rate remains around 70 percent which is not significantly different over the past decade. One of the main reasons why carts get abandoning is due to a checkout procedure that was too difficult or time-consuming (22 percent times) and also the website was not offering enough choices for payment (responsible for 13% to 13 percent abandonment). Through the use of a streamlined BNPL solution, retailers are able to solve both customers' concerns in one go.

What is the best way to pick a Pay Now and pay later provider?

Picking the BNPL provider that aligns with your company's needs as well as customer expectations is an important consideration when determining which one is the most suitable. Affirm, for instance, Affirm offers a variety of payment options for businesses. It offers a range of options from the option of a long-term or short-term payment plan as well as the possibility of 0% APR. With payment options that align with consumer needs and the typical prices, retailers are able to increase the price of their products for consumers, and even make a sale against the competition.

Another unique feature A unique feature Affirm is its Adaptive Checkout technology, which dynamically offers the most relevant alternatives for payments to customers, based on the product's price and value. "Personalization" is a term used to describe the process of making payments "personalization" is an integral aspect of online gaming. Affirm can tailor the duration and rate of interest for every purchase -- delivering several suitable options to pay over time to customers with a simple-to-use and user-friendly.

What are you able to do to help your existing and prospective customers know about the BNPL choice prior to checkout? Based on the market that you're targeting, you may decide to make it a point to highlight the product through social media platforms. Retail Dive states that 85 percent of customers' purchasing decisions are influenced by social media. So advertising the existence of BNPL through these channels can be an advantage. And if you're trying to get in touch with Gen Z and you're interested in their purchasing behavior, you should know that 45% of those surveyed have cited TikTok and Instagram as the top social media channels that impact their buying choices.

Since summer is slow for both businesses and companies, it's the perfect time for merchants to work on getting BNPL working on their sites prior to the Back to School rush signals that are the most busy months before the winter break. It gives them the opportunity to be mindful of suppliers, get rid of the issues with their technology and launch the effectiveness of their marketing campaigns that introduces BNPL as a brand new payment method that is available at the time of checkout.

The ability to select the BNPL option when you pay and then announcing it on social media could be a game changer for retailers looking to make more online spend--and outplay the competition.

Ready to add flexible payments to your checkout process? Apply to Affirm to get started with the Affirm Payments extension for pay-over-time during the checkout process.

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Payment options offered by Affirm will be subject to a credit eligibility test and might not be available all over the world, and can only be offered through the lending partners below: affirm.com/lenders.

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