For ecommerce business owners, it is very important to offer their customers a seamless journey from searching their products to making a purchase. Offering a great user experience often helps to increase the sales conversion rate, but one thing that business owners and ecommerce development companies should always remember is to consider the challenge that revolves around payment options.

1. www.idslogic.com
BUY NOW AND PAY LATER is the New
Trend in Ecommerce

2. www.idslogic.com
For ecommerce business owners, it is very important to offer their customers a
seamless journey from searching their products to making a purchase. Offering a
great user experience often helps to increase the sales conversion rate, but one
thing that business owners and ecommerce development companies should always
remember is to consider the challenge that revolves around payment options.
To help their clients capture their audience base, most ecommerce agencies are
now exploring deferred payment options and consumer financing during the
checkout process, so that the shoppers can increasingly become used to paying in
installments or only after delivery.

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The New Trend: Shop Now and Pay Later
Many enterprises and big organizations are now introducing new payment
techniques, the credit card that allows the buyers to get their selected item or
service right away and pay the card lender some time later.
The “Shop Now and Pay Later” allows your ecommerce shoppers to pay for
purchase even in interest free installments. The purchaser can split the total
amount into small payments spread over weeks or months at no additional costs.
Now the question, is it viable to offer this in ecommerce – allowing the shoppers
leave the e-store without making the payment?
Statistics have shown that such payment structure has increased the conversion
rate and incremental sales by about 30% and is used by top retailers that include
Sephora, Myer, Stylerunner and etc.

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The Reason Why More Retailers Are Adopting This Trend:
Offer Next Level Customer Experience:
Earlier ecommerce payment processes were usually long drawn and customers
were often uncomfortable giving personal and financial information online. They
felt that the process was more about gathering information from the consumers
and any clumsy obstacle often made them leave the site without making a
purchase.

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But the new deferred payment solution is more simple and straightforward and
have a shorter approval time and takes away the friction out of the process and
offer consumers the choice to manage the way they pay for their purchase.

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Helps Boost Customer’s Spending Power:
Shop now and pay later are great for purchases where investments are huge. For
example, purchases like electronic items, furniture or a new bike or any designer
garments. Instead of having to save for months to afford the items, consumers can
now buy the products immediately without having to wait.
They can pay the purchase amount in installments for several months and this
means more sales especially of higher value items.

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Increased Conversions for Merchants:
Two thirds of online shopping carts are usually abandoned because when
customers see the total bill, they often think twice. Offering an installment
payment to the ecommerce store shoppers can dramatically reduce the cart
abandonment rate and increase the sales conversion rates by about 38.7% for first
time visitors.

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Personalized Experience for The Users and Rewards for The Retailers:
Many ecommerce store owners offer deferred payment options because it helps
shoppers get a better and personalized experience and this ultimately translates to
direct profits for the merchants.
Such payment options also help to bridge the gap between the online and offline
journey. Retailers using similar payment systems can offer more tailored
experience across platforms. The payment means also help smoothen the retailer’s
cash flow.

9. www.idslogic.com
Visit : www.idslogic.com
Email : Sales@idslogic.com
India Office (Delhi NCR) UK Office (Leeds)
A- 126, Sector 63, Regus City West,Building 3
Noida – UP City West Business Park
India – 201301 Gelderd Road, Leeds
PH. +911204235665 LS 12 6LN,PH.(0)1138150160