Selling Online? Boost Your Sales With Afterpay
Remember the good-old days of layby when you could pay off high-value goods in installments? Well, you’ll be pleased to know the 21st-century version of Buy Now Pay Later has arrived in the form of Afterpay and it takes the layby model to another level by allowing customers to receive their products straight away rather than having to wait until they’ve paid off the total amount!
The benefits of offering a payment by installments facility like Afterpay are clear - customers find it easier to buy more products (which reduces the dreaded cart abandonment) with the convenience of paying off their bills in four interest-free installments due every two weeks, while merchants get the full payment straight away!
Merchants are of course charged a fee for using Afterpay and this varies according to the value and volume of transactions. So while most labels could benefit from integrating Afterpay into their online stores, the labels with higher average price points are likely to benefit the most as they become more accessible to a wider market.
Afterpay is set to become the next big thing in online shopping and just the other day one of my clients happily mentioned that she has experienced an increase in sales following her implementation of Afterpay.
I know this post might sound like a paid endorsement for Afterpay but I assure you it’s not! However, it’s hard not to get excited by their tag-line to merchants "Afterpay offers your customers an easy way to pay over time for their purchases, while you get paid straight away. Sell more with no risk”.
If you’re offering Afterpay I’d love to hear how it’s going for you so please leave a comment!