However, while all this was happening, online shopping grew by more than 30% in a period of just 2 months, from March to April, in an impressive exponential growth.
However, this does not mean that e-commerce retailers should rest on their laurels. With the economy uncertain, customer behavior has shifted especially towards large non-consumable purchases and this has accelerated the demand for flexibility and convenience.
A flexible installment payment option at checkout is a key method retailers can offer, while also addressing cart abandonment, increasing conversions, and fostering brand loyalty.
Merchants who offer installment payment options have the following key benefits:
With all the innovative ways and measures taken to combat shopping cart abandonment, including simplified checkout processes, shopping cart abandonment for online businesses is over 68%. Amazon, for example, has revolutionized website optimization for mobile transactions, taking a leading position in the e-commerce market , but these efforts are not enough.
Automated installment payments can give customers austria telemarketing options and make informed decisions at the point of sale. Given the current situation and uncertainty surrounding income, spending a large amount of money at once is impossible for many customers. However, having the option to split payments into small, flexible amounts over a period of time makes purchasing more affordable.
Retailers should know that automating the installment payment option process as a single button at the checkout is also essential and allows for a streamlined purchasing process.
Make larger purchases
Covid-19 has brought widespread economic uncertainty and customers are now becoming even more demanding when it comes to upgrading products that impact their lifestyle.
But with a pay-as-you-go option, the narrative changes and customers gain more purchasing power without being scared off. This way, retailers can take advantage of this trend and open up a new line of products that fit their budget.
Since the emergence of Marketing 3.0 , modern companies treat customers not as mere customers, but as complex, multifaceted beings. They choose products and services that satisfy their needs for participation, creativity, community and idealism .
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