Here's a Proven Way to Make More Online Sales

Posted by Sam on December 13, 2018

Increasing sales, conversions, average order values and decreasing cart abandonment

All eCommerce and “bricks & mortar” shops would like to increase sales and revenues. eCommerce in the UK continues to grow between 13% and 15% per annum but there are some significant challenges facing these business whether on-line or on the high street.

These challenges include:

  • 70% cart abandonment: Shoppers decide not to purchase at the final stage of the buying process due to concerns “can I afford to buy now or should I wait until next month” or “maybe I will look around for the same products but cheaper?

  • Scepticism and sense of “entrapment” towards Credit Cards and traditional finance. 63% of millennials do not have or want a credit card. This results in delayed purchases

  • Lifestyle: more payment options available than ever but no new alternatives to reflect the UK economy (feeling of austerity), employment contracts(“gig”), consumer budgetary & millennial needs

  • Increasing number of ‘Give-Aways”: To drive performance, merchants are increasing the number of “special offers” (discounts, BOGOF, include shipping etc.) and events (sales)

A new approach, Instalment Payments, is addressing these challenges and driving significant performance uplifts for merchants (and other sectors).  Instalment Payments (or Buy Now, Pay Later) let’s shoppers pay in 4 instalments, interest free over 6 weeks. Good for the shopper but great for the merchant as they get paid the full amount the next business day.

This approach has had dramatic success in NZ and Australia and is set to take-off in UK.

Key to the success of this new payment method is that it is designed and developed with the goal of creating a transparent, user-friendly alternative to traditional finance option which was often only available on high priced items with potentially many hidden costs. The Sign-up process for a shopper needs to be fast.

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Key statistics/performance metrics for merchants that have introduced Instalment Payments are:

  • Decrease in cart abandonment by up to 20%
  • Increase in average order sizes by 15-25% (although some merchants have seen up to 62% increases)
  • Increase conversion rates - up to 20%
  • Increases repeat orders - if a customer knows they can spread their costs, interest-free, customers are coming back to make repeat orders.

PartPay are the forefront of this new payment initiative and working with Antropy, can now make it available to OpenCart users in the UK. Implementation is simple and straight-forward using an OpenCart plug-in/extension developed by Antropy for versions OC 2.0 – 2.3 and OC 3.0.2.0

If you would like to know more about PartPay Instalment Payments, please go to partpay.co.uk or contact Antropy.

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