Boost sales with the Pay Later trend.
For retailers wanting to increase sales conversions and boost sales volume, the Buy Now Pay Later (BNPL) trend is excellent for extending credit to individuals who need it as well as those who simply like the option of paying in installments. Still, it's not the only solution for improving conversions and the number of buyers in the market for an item. Traditional Pay Later mechanisms like layaway and gift registries suggest some consumers are simply willing to wait for their items. By including a third option, Shop Now Buy Later (SNBL) at checkout, eCommerce stores can further extend each marketing campaigns' ROI.
The Buy Mix Every Retailer Needs at Checkout
Online retailers who present these three purchase actions to meet the needs of all consumers stand to benefit the most. To avoid boring you with what you already know, we sum it up like this:
Buy/Pay Now: The OG of Retail
Buy Now Pay Later: Installments The HSN and Door-To-Door Sales King
Shop Now Buy Later: The Future, More Transactions Near and Far
As a retailer, Buy Now and BNPL are the first choices because they mean
money today
no lost sale
quick overturn of inventory
boosted transaction volume
the balance sheets look good!
This also means is that you are chasing the Buy Later crowd with costly retargeting ads, abandoned cart notifications, SMS, and generally burning profits alongside any good vibes and brand equity you've worked hard to develop with the consumer. This is where Wishfinity's SNBL button becomes your new best friend.
Five Reasons Why Retailers Prefer Wishfinity's SNBL:
SNBL empowers consumers to make purchases at the right time, increasing their lifetime value to your store.
Low-cost CTA: Your SNBL items persist in the consumer's dashboard with a Buy button, at no additional cost to you (and more native to the shopper).
Gifting. Family and friends can easily shop SNBL items to give as gifts.
FOMO. As more people add your product to their SNBL, the product's fear-of-missing-out becomes a catalyst for consumers deciding what purchase to buy next.
Virality. Your SNBL item begins to trend as a newly added item in the Wishfinity Mall, gaining exposure to more consumers on the platform.
SNBL is the relationship convo, don't blow it.
If the consumer is browsing and not in a buying mood, respect that — they have their reasons. Everything from not being sure about the cost/size/color to the timing. Maybe they're busy, don't have the money to spend, need to think about it. SNBL allows the consumer the gratification of adding your item to their Wishfinity, where you, the retailer, can still benefit. With +W, the SNBL item can be seen regularly alongside the items in their personal mall, ready to shop whenever they visit their dashboard. And unlike your abandoned cart or on-site wishlist, which is only good when they are already in your online store, Wishfinity provides you both added buyer potential.