Here are 12 buy now pay later strategies that e-commerce businesses can use to boost sales and customer engagement:
Offer flexible payment plans
Give customers the option to spread out their payments over a longer period of time with flexible payment plans. This can make larger purchases more affordable and encourage customers to buy more.
Display payment options prominently
Make it easy for customers to see the buy now pay later options available by displaying them prominently on product pages, at checkout, and in marketing materials.
Provide interest-free financing
Interest-free financing can be a great incentive for customers to buy now and pay later. Consider offering this option for larger purchases or during special promotions.
Bundle products with financing
Bundle multiple products together and offer financing options to make the purchase more affordable for customers.
Use upselling and cross-selling
Use upselling and cross-selling techniques to encourage customers to add more items to their cart, and offer financing options for those additional purchases.
Partner with financing providers
Partner with financing providers to offer a variety of payment options and ensure a seamless checkout experience.
Target specific customer segments
Target specific customer segments, such as young adults or people with lower incomes, who may benefit from buy now pay later options.
Provide educational resources
Provide educational resources to help customers understand the buy now pay later options available and make informed decisions.
Simplify the application process
Simplify the application process for financing options to reduce friction and make it easier for customers to complete their purchase.
Offer rewards and incentives
Offer rewards and incentives for customers who choose buy now pay later options, such as discounts on future purchases or cash back.
Use social proof
Use social proof to show how many other customers have used and benefited from buy now pay later options.
Monitor payment plans
Monitor payment plans and proactively reach out to customers who may be struggling to make payments to avoid late fees or defaults.