How Should Flexible Checkout Options Helping Ecommerce Businesses to Drive Consumer Engagement?
Why do you think that e-commerce is more successful than retail stores? E-commerce websites are making a huge change in the online shopping industry and people are happy to shop online because of the convenience. Online shopping is helping customers to choose from different payment options rather than just paying using cash or credit card. E-commerce marketing and eCommerce financing are growing at a rapid speed as it provides so many options to its customers. You can have a variety of options to choose from which you get to buy your product now and pay it later. The Buy Now Pay Later option is increasing the sale of many companies due to its flexibility. BNPL option is letting their customer buy your product and pay for it later. In most cases, you don’t have to pay any extra interest in your product and it gives flexibility to customers. Many of the buyers don’t have a credit card to pay for their product and during the pandemic situation, most people believe in online shopping.
Consumer financing lets the consumer choose from different payment options and let them choose an easy installment option. Most people will leave the cart empty if the price of their product exceeds or if they don’t find a better payment option. This is a big loss for e-commerce financing. Providing a loan to your customers for buying a product from you so they can pay in installments
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Buy Now Pay Later (BNPL)
So you decided to buy a product but you don’t have enough money to pay for it right now in this case you can choose the BNPL option. What is Buy Now Pay Later ? It’s like a loan you are taking from e-commerce. You are buying the product now and you need to pay for it in installments. You can choose a specific period to return the amount for the product. This payment option is providing the customer to be flexible and even buy those products which they always wanted. E-commerce sites are making a huge profit out of it. Not just they are giving their customers a different payment option but also providing consumer financing to benefit the customers. It makes it affordable for the buyers to pay for their product in installments and not just make a full payment at the time of buying.
Cash On Delivery
If a customer doesn’t want to pay at the time of purchase they can always choose cash on delivery. Most customers don’t like to share their credit info while shopping for those this is the best option to choose. Once you get your product in your hand and make sure that the product you order is the right one you can pay for it to the delivery agent. This option is beneficial to customers if they don’t use a credit card. E-commerce websites provide this option to all their customers to choose from a variety of payment options and this one is one of the best options to engage your customers. You can use your debit card to pay during the cash on delivery or even pay cash.
Mobile Banking
Nowadays mobile banking is one of the easiest and more reliable means of payment option. You can make payment anywhere anytime without even your credit or debit card. It is also the safest payment option. Providing this feature during e-commerce shopping you can get tons of customers who are using mobile or net banking to pay for their products and do other shopping. As technology is growing and with the internet, we have different means of payment rather than just an old credit card.
Instant Credit
It is the most common type of payment option for most of us. If you like a product you add it to your card and go to the payment option from there you can choose the instant credit payment option. In this, you will make the payment online using your credit or debit card. You need to mention your card details and you will reach a checkout page option where you will get a notification about your successful payment for your product. This is for those customers who want to pay for the product right on the spot of buying without any future payment option.
Credit Card
The most and highly accepted payment methods everywhere. You need to add your credit card info and you can buy a product. But the interest rate is a bit high if you choose credit card payment. You are simply taking a loan from your bank to buy a product the bank will provide you the loan but in most cases, they are going to charge you a small amount each month until you make the full payment. In some cases, you might save from payment interest to your bank but mostly you need to pay interest while choosing the credit card payment option.
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So which one is the best payment option while you are doing your shopping online? It depends on you whether you have the money to pay for the product at the time of purchase or you want to choose from another payment option. Every e-commerce website has these payment options available for their customers to ensure that no customer leaves the card empty just because they don’t have the right option to choose for their payment. BNPL option is the most reliable and affordable for every customer if they don’t want to pay for the product at once. But there is some risk involved but if you neglect those this could be the best payment option for most of us.
Consumer financing is growing and companies are making sure that each customer could take benefit of it. e-commerce financing is one of the best ways through which retailers can increase their business and sales and win the trust of their customers. Financing options for customers are changing the experience of how we use to shop. Most small businesses are also providing consumer financing to win their customers and increase sales. Online shopping has made it so easy for everyone and because of the convenience, it provides to their customers.
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