Electronic Consumer Goods
Increase your conversion rate by adding instalments
Summary: More options drive growth!
Offering instalments as a payment option during e-commerce checkout results in higher conversion rates and greater sales.
The goal: More sales!
Drive sales through increased conversions.
The challenge: Identify the changes that will bring success.
Successful e-commerce depends on two things above all: the number of transactions and the value of each shopping cart. Merchants want to see lots of transactions, with high cart values. A company that is successful here will be successful overall.
The solution: Easy access to instalments drives conversion and customer loyalty.
It is important to look at high value products (and especially consumer electronics) as distinct segments within total consumer spending. In this way , we can bypass limits that consumers might set for themselves and can trigger spontaneous purchases of higher-priced items.
Consider a music lover who is looking for new speakers. The customer has a budget of $500, and knows from reading product reviews that the $800 speakers have better sound quality. They are also more attractive and will better match their existing audio equipment. Because the merchant can offer a 0% financing option through the online store, the customer’s original budget is no longer relevant and the more expensive sound system suddenly becomes affordable.
The result: Success!
Paysafe Pay LaterTM is a payment service partner for merchants that allows secure purchases via instalments, even in fraud-intensive segments such as electronic consumer goods. With Paysafe Pay LaterTM, merchants can leverage targeted marketing to let consumers know that they have an option to pay by instalments. This will increase shopping cart values and decrease the rate of cart abandonment.
Merchants who have added an instalment payment option to their online checkout have seen increased conversion rates, transaction values, and sales. Thanks to the white-label solution provided by Paysafe Pay LaterTM, these merchants also experienced increased transactions and greater consumer trust.