Every retailer wants to increase customer loyalty and conversions. Still, when it comes to fine-tuning their conversion funnel, they often ignore one important factor: how customers pay for services and items. Sure, merchants make paying and checking out simple by requiring customers to give over their credit card or type it in simply. However, many merchants haven’t considered if credit cards are still the consumer’s preferred payment method. Unfortunately, it’s not always the case, especially for younger customers who prefer to pay with their own money.
The proportion you receive when you split the buy now pay later by the number of customers who came into your store is your conversion rate. If you don’t already have one, you’ll need to get one placed at your front entrance to figure this out. Keep in mind that an in-store conversion rate is an estimate rather than an actual figure because your counter will include personnel and customer companions such as children or spouses.
Include a pop-up on your website
The average conversion rate for all pop-ups is 3.09 percent, according to a Sumo study. However, if you execute it correctly, you can achieve the top 10% of pop-ups, which have a conversion rate of 9.28 percent on average. Thus, your conversion rate will skyrocket as a result of just one change. It also works on every website I’ve tried it on. Here are a few basic ideas to help you get the best conversion rate possible from them:
- Try a few different offers until you find one that you like right away.
- However, a 30-second delay timer on the pop-up prevents them from being irritating.
- Make it simple to close the pop-up window.
- Set a cookie to prevent the pop-up from appearing more than once per user. This is something that most pop-up tools allow you to do.
This combo will increase conversions dramatically while reducing complaints to a bare minimum. You won’t irritate anyone, and you’ll reap all of the benefits. You can skip the rest of this list because the impact on your conversions will be so significant.
Customer Testimonials and Trust Signals Should Be Displayed
Customer input has never been more crucial in today’s social media world. Fortunately, this implies that one of the most valuable weapons in your armory is testimonials, which your delighted customers may supply. Including gushing testimonials and reviews from your hardcore brand about how wonderful you are is far more influential than even the best-written sales copy, so make sure you include raving testimonials and reviews. These can be seen on product pages, landing pages, pricing pages, and even your home page. Check out my piece on the importance of customer testimonials for additional information on buy now pay later. Similarly, including trust signals can be a great approach to boost online sales because it generates a more favorable impression of your brand in the prospect’s mind and can perhaps overcome objections ahead of time.
In your sales copy, be honest
This may sound self-evident, but I’m amazed by how many websites write checks that their products can’t cash. Honesty in your text is essential not only for your company’s reputation but also builds and encourages trust in your brand. Be honest, straightforward, and approachable in all your sales copy, from your homepage to your email campaigns. Don’t make claims you can’t back up, and don’t use hyperbole lightly. Today’s consumers are hypersensitive to marketing BS, so be honest, straightforward, and approachable in all your sales copy, from your homepage to your email campaigns. This notion also relates to how your company positions itself. If you own a small business, be proud of it and be honest about it. Many customers prefer smaller businesses because of the more personalized, personal service they can provide.
Instill a sense of urgency in your audience
While it’s critical to be honest, and clear about who you are and what you do, no rule says you can’t use a sense of urgency to encourage prospects to buy right now. Many consumers respond positively to incentives that generate a sense of urgency, such as limited-edition products and time-sensitive special offers. While there are many methods to do this as there are items to buy online, specific strategies may be more productive than others.
Target Lookalike Audiences on Facebook
Using the data you already have about your existing customers to locate others who are similar to them is one of the most effective strategies to boost online sales. This is possible on Facebook thanks to the use of lookalike audiences. Facebook lookalike audiences are individuals who have similar qualities and habits to clients in your database. You upload your information to Facebook, which then compares it to its own data (as well as information from third-party data brokers) to find matches that meet your requirements.
Invest in High-Definition Product Images
Food that is well-presented tastes better than food that is sloppily plated, according to studies. Given how significant appearance is in how we perceive things (including other people), investing in high-quality product photography should have a similar influence on site visitors. Include high-quality photographs of your products, regardless of what you sell no tiny thumbnails or badly lit stock room shots. Make sure to include a variety of photographs with buy now pay later. Including images of your merchandise from every possible angle may seem excessive, but give it a shot.
Make a money-back guarantee available
Consumers, as marketers and business owners, are wary of taking risks. They won’t put their money on the line unless they’re very certain they’ll get what they bought for. A money-back guarantee can help calm nerves and overcome objections.
Use social proof to your advantage
Showing your customers that other individuals have purchased or are interested in purchasing your products is known as social proof. The most obvious example is when an online store publishes product reviews on its website. You may do the same thing in your store! Each printed product tag in Amazon’s physical stores, for example, includes a fragment of a highly starred review from their website, demonstrating that others have purchased and enjoyed the product. Another alternative is to notify your customers how many people have purchased from you, as McDonald’s does. They are well-known for having their phone number right on their street signage.
Both businesses and customers gain from buy now pay later options. These options allow you to make a purchase right now while maintaining financial security. And, regardless of how “big ticket” a purchase is, consumers prefer flexible options. Some people might utilize BNPL to pay for a big purchase. Others, on the other hand, will use it for small items such as clothing, shoes, or cosmetics. The digitally powered BNPL is gaining traction and will be around for a long time. Thousands of online shops are adding a buy now, pay later alternatives to their checkout processes. It satisfies customers’ need to obtain what they require online, quickly and economically. As a result, these technologies will assist brands in attracting new customers and increasing average order value (AOV).
Allison Janney is a Sales & Marketing Manager at ChargeAfter. She would like to share content on Finance Industry like Point of Sales financing, Buy now Pay later, consumer financing & Ecommerce financing for valuable reader.