Buy now pay later experiences?

[gtechrob]

According to various reports - BNPL increases conversion rates by as much as 30% and increase values of shopping baskets by as much as 50%.

Curious to know what experiences people have had when adding to their eCommerce stores?

And possible to also say what your average basket values are and average item value?

For ref - our average basket value is £145 and avg item value is £18.

Many thanks!

 

[Paul Norman]

I am sure this would increase conversion.

But remember, not everyone will do the pay later bit of the transaction.

 

[gtechrob]

I am sure this would increase conversion.

But remember, not everyone will do the pay later bit of the transaction.

indeed but chasing down payment is why you pay the large % to the BNPL provider as that ball lands in their court

 

[fisicx]

@gtechrob - is it working for you?

We've just has some new windows installed. It's not BNPL it's just an interest free loan we repay monthly. A local appliance company did a BNPL thing but they went bust as when it came to collect the payments a lot of the customers had scarpered (lots of rented property around here).

 

[gtechrob]

@gtechrob - is it working for you?

We've just has some new windows installed. It's not BNPL it's just an interest free loan we repay monthly. A local appliance company did a BNPL thing but they went bust as when it came to collect the payments a lot of the customers had scarpered (lots of rented property around here).

they must have embarked on a diy BNPL.

to be clear. With a provider such as Klarna - they charge the retailer a hefty 6% fee but that fee includes liability for default payments. You as the retailer get paid by Klarna at the time of purchase.

PS - we have yet to trial it which is why I started this thread

 

[intheTRADE]

If you have enough margin in your products to absorb the 6% fee's then it is absolutely worth offering to your customers - Increase in orders and order values will start

Definitely go with one of the big players such as Klarna/Clearpay etc

 

[Mark T Jones]

I'm commenting just to follow - interested to hear experience.

Those figures do sound a bit optimistic, but what do I know?

 

[gtechrob]

If you have enough margin in your products to absorb the 6% fee's then it is absolutely worth offering to your customers - Increase in orders and order values will start

Definitely go with one of the big players such as Klarna/Clearpay etc

I am pretty much sold on doing it - have you actual experience yourself?

 

[intheTRADE]

Not directly running BNPL, however, we do run Google Shopping Campaigns for clients and have seen huge growth from those implementing Klarna and the like

 

[gtechrob]

does appear to be a no-brainer particularly when we can just switch it on in Stripe

 

[intheTRADE]

Do you run paid Google Shopping Campaigns also?

 

[gtechrob]

Do you run paid Google Shopping Campaigns also?

we're in the final stages of implementing Hubspot - will do this through that plus social media plus amazon advertising

 

[MrHarryPotter]

According to various reports - BNPL increases conversion rates by as much as 30% and increase values of shopping baskets by as much as 50%.

Curious to know what experiences people have had when adding to their eCommerce stores?

And possible to also say what your average basket values are and average item value?

For ref - our average basket value is £145 and avg item value is £18.

Many thanks!

Likely to lead to more sales, and decreased cart abandonment rates.

 

[JEREMY HAWKE]

I brought a new Ford Explorer in 1998
That was the last time