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As a business, have you ever faced the challenge of converting website visitors into customers? If your answer is yes, you are not alone.
With only ~2% of all website visitors actually making a purchase, converting them into customers is a problem for businesses selling online. Especially, for mid-size emerging businesses that do not have the resources to provide an enterprise-level experience to their customers.
But Cashfree Payments is here to solve your problem, and we are excited to announce the launch of BNPL Plus, our Buy Now Pay Later widget , that allows businesses to display offers, EMIs and pay later options right on their product display page and empower customers to shop more.
In this blog, we will take you through why we built BNPL Plus, how it can benefit you and your customers, its features, and more.
Increasing conversions with BNPL: What’s missing?
Buy Now Pay Later (BNPL) in India has become a popular payment option amongst both merchants and customers as it allows shoppers convenience to buy high-priced items without having to pay the entire cost upfront.
Although BNPL is becoming one of the leading drivers in improving conversion rates, but what if your customer don’t have the visibility of the options in the very first place? Well, according to various reports, that’s exactly what is happening – around 94% of online shoppers never reach the checkout page and thus never see the offers that are available to them.
While, on one hand, enterprise businesses have the luxury of building a world-class website with all the features and functionalities as they have both the resources and bandwidth to do it.
When it comes to mid-size emerging businesses, they lack the infrastructure and resources to build enterprise-grade websites, which in turn affects their conversions and scaling capability. And, that’s exactly where BNPL Plus by Cashfree Payments comes in.
Related Read: How Travel Now Pay Later is Helping Brands Boost Revenue By 20-50%
BNPL Plus by Cashfree Payments: Features and Benefits
BNPL Plus by Cashfree Payments is a simple plug-and-play BNPL widget that online businesses can use to show offers, EMIs and multiple BNPL options right upfront on the product display/details page (PDP) of their website. The widget allows them to offer best-in-class shopping experiences to their customers and in turn helps increase conversions and reduce drop-offs and cart abandonment.
Offers: Showcase discounts or cashback offers from different banks, all at once.
Pay Later: Provide detailed information about all the pay later partners and their respective payment terms.
Card EMIs: Display all EMI options along with a special focus on the tenures that are eligible for no-cost EMIs on multiple credit and debit cards.
Cashfree Payments’s BNPL Widget is built especially for mid-size emerging businesses who do not have the resources or bandwidth to build such functionality from scratch but want to offer enterprise-grade experience to their customers.
Why BNPL Plus over everyone else?
- Smart personalisation & dynamic configuration: This feature identifies the most beneficial offer for an item based on product pricing and displays it to your customers.
- Cashfree Payments advantage: BNPL Plus is powered by India’s widest BNPL suite (30+ options) and low-code offer engine, making it the most powerful solution in the market.
- Easy activation: Low-code snippets or a quick installation is what you need to get this activated irrespective of whether you are a seller on Shopify, WooCommerce or have a native website.
Benefits
- Early discoverability of offers: Influence buying decision of your customers by showcasing offers and flexible payment options right on the product display page, instead of checkout pages.
- Boost conversion rates: Reduce customer drop offs and increase conversions rates by 30% by making pay later, EMI and offers accessible early
- Increase average order value (AOV): With the availability of multiple payment methods and flexible options, customers tend to spend 30% more than usual which in turn increases the AOV.
- Reduce bounce rates and improve customer experience: Visibility of offers upfront on your website enhances the overall customer experience, which in turn reduces the bounce rate by making them stay longer.
- Convenient viewing: Offers, pay later and EMI modes are segregated and displayed based on eligibility making it super easy for customers to read through.
Related Read: How EdTech Brands Scale Up Their Revenues with Cashfree’s BNPL Suite
How to activate BNPL Plus for your business?
Whether you are a business selling on Shopify, WooCommerce or have your own website, you can activate BNPL Plus by following the steps below:
- Businesses on Shopify: Install the BNPL Plus app from the Shopify marketplace, set it up and you are good to go. (Detailed Integration Steps)
- Businesses on WooCommerce: You just need to toggle a button inside the Cashfree plug-in. (Detailed Integration Steps)
- Businesses having a native website: Add a code snippet to your website shared by us and that’s it. (Detailed Integration Steps)
Try BNPL Plus by Cashfree Payments
Become the most preferred shopping website by levelling up your online selling game and providing the best-in-class shopping experience to your customers.
