This is a guest post written by Chris Dolan, who is Sezzle merchant’s Vice President of Strategic Partnerships. A study conduct by SaleCycle found that 78.4% of online shopping carts are never complete. Unpredictable shipping costs or delivery times are consistently cited as the primary cause of this. If you are reading this, you are aware that Sezzle merchants can assist you in resolving those issues, which is a fortunate turn of events.
Price Sensitivity Or Sticker Shock
However, price sensitivity, also known as sticker shock, is the second most common reason for shoppers to abandon their carts. When a customer sees the total cost of the items in their Sezzle merchant’s shopping cart and decides not to complete their purchase, they have experienced sticker shock.
Avoiding Sticker Shock
What is the answer to avoiding sticker shock when Sezzle merchants take care of unexpected costs associated with shipping? The introduction of a brand new form of alternative payment method. Specifically, a payment plan that does not accrue interest, is one potential solution to this issue.
Fewer Ways To Make A Payment Equates To Fewer Sales.
If you do not provide your customers with a variety of payment options. you might be losing out on more sales than you are aware of at the moment. Even if you have excellent products, gorgeous product pages, a website that has been thoughtfully designing, and an efficient marketing campaign that is driving traffic to your Sezzle merchants, you could still be losing out on potential sales because customers are abandoning their shopping carts.
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Why are they going, and where are they going? Do you ever wish that your rate of conversion was higher? Or the quantity of items in your basket was greater. If you as a retailer only offer conventional methods of making payments. You are passing up the chance to win over an unexpectedly sizable proportion of younger consumers who are shopping.
Attract Millennial Consumers
If you are trying to attract millennial consumers but the only payment options you offer them are traditional credit card transactions, this could be a major contributor to the high rate of Sezzle merchant’s shopping cart abandonment you experience. Only one in every three millennials in the United States currently possesses a credit card, according to data provided by Bankrate.
According to research conducted by ID Analytics in 2016, one in five individuals between the ages of 23 and 27 have had their applications for credit denied on multiple occasions. If businesses want to see a reduction in the number of cards that are left behind by customers, they need to take these statistics into consideration and devise plans to provide young adults with additional options for making payments.
A Modern Take On The Traditional Layaway System
It’s been demonstrate that providing customers with financing options at the point of sale can help businesses increase their Sezzle merchant’s revenue. You may remember the classic pitch from an information commercial that went something like this: “This item can be yours for just four easy payments of $XX!”
It Has Stood The Test Of Time
It has stood the test of time because it is effective. Nevertheless, the vast majority of point-of-sale financing options have traditionally charged consumers interest or fees. Which makes it a potentially unfavourable deal for customers who use these services.
These days, new fintech startups like Sezzle merchants are developing payment solutions that enable consumers to spread out the cost of their purchases over a longer period of time without incurring any additional costs or interest. This results in a situation in which the merchants and the customers both come out ahead.
What Is Sezzle?
Sezzle merchants is a payment platform that was launch in 2016 that gives shops the ability to provide customers with a variety of alternative payment options. When it comes to online shopping, you can think of Sezzle as a “reverse layaway” or an “immediate layaway.”
Sezzle will divide the total cost of the purchase into four equal and interest-free payments.
At the moment of purchase, customers send Sezzle merchants a deposit of 25% of the total purchase price. And Sezzle pays the merchant the full amount of the purchase up front, minus a modest processing fee.
How Does It Work
The retailer immediately ships the item to the customer, and Sezzle will then automatically withdraw the remaining three payments from the customer’s account in the form of biweekly instalments spread out over a total of six weeks.
What Advantages Does Sezzle Have To Offer
This payment method is being offer by Sezzle, which has partner with over 2,000 merchants to make it available. As a result, Sezzle is increasing basket sizes by 41% and sales by 10%. Customers can spread the cost of their purchase out over multiple payments while still getting immediate use out of their buy.
The merchants receive a share of the incremental revenue and are compensat in advance without bearing any of the risks. It really is a win-win situation! Find out more about the relationship between ShipStation and Sezzle right away!
Scale And Reduce Bloated Costs
Sezzle as the consolidation of buy now, pay later models continues. A larger user base makes a payments network more appealing to US merchants. Which is why Zip Co said its all-scrip acquisition of sezzle promo code will help it achieve speedier profitability. The company has pledged to get to positive cash earnings by the 2024 fiscal year. Co-founder Larry Diamond believes that Zip is moving in the right direction to achieve sustainable development more quickly.
As the buy now, pay later industry races to get to scale and reduce bloated costs, Zip is raising $200 million through a placement and share purchase plan in order to drive growth on the back of the acquisition of United States-focused Sezzle. This comes on the heels of zipping’s earlier announcement that it had acquired Sezzle. According to zipping, the acquisition places a value of $491 million on Sezzle.
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