As the festive season is here, e-commerce companies are gearing up for one of the most critical periods of the year. With the promise of increased sales and higher customer engagement, there’s a shared challenge that’s top of mind for many: customers leaving their virtual shopping carts or settling for lower value purchases due to high prices and a lack of awareness regarding affordable options and exclusive deals. Out of every 5 customers 4 look out for offers and discounts while purchasing.
In this blog, we’ll explore the dynamics of this challenge and introduce a game-changing solution to overcome it, focusing on how to #SaleOnScaleOn with PayU’s Affordability Suite and its transformative impact on e-commerce businesses especially during the festive season.
The Price Predicament and Lost Opportunities
Picture this: A potential customer lands on your e-commerce website, their eyes gleaming with anticipation. They eagerly browse through your product offerings, enticed by the wide array and the festive promotions you’ve prominently showcased. However, as they inch closer to the checkout, the final tally on the screen sends shockwaves through their shopping journey. The premium prices they encounter cause them to hit the pause button and reevaluate their choices.
The consequence is an altered cart, with lower-value items or, in the worst-case scenario, an abandoned purchase altogether.
In today’s cutthroat world of online commerce, the loss of potential customers due to cost-related concerns is not to be taken lightly. It significantly impacts your conversion rates and, in turn, the bottom line. What’s more, the obscured visibility of ongoing offers only adds to the predicament. The lack of clarity leaves prospective buyers unaware of the enticing deals you’ve meticulously curated to make their shopping experience not just affordable but extraordinary.
The Game-Changing Power of PayU’s Affordability Suite
To address this pervasive challenge, PayU introduces the groundbreaking Affordability Suite. This suite is designed to bring about a transformation that starts right from your product pages and culminates at the final payment stage. Here’s how the magic unfolds:
Introducing the Affordability Widget:
Elevating Transparency in Affordable Payment Choices Strategically positioned on every product page, the Affordability Widget ensures that shoppers are well-versed in the array of cost-effective payment options at their disposal. This invaluable tool not only equips businesses to sell more but also enhances customer conversions. Shoppers can effortlessly explore flexible payment plans, encompassing Credit Card and Debit Card EMI, Cardless EMI, Buy Now Pay Later, instant discounts, cashback offers, and the enticing appeal of No Cost EMI alternatives. Importantly, they can do all of this right from the moment they set their sights on their desired product.
This newfound transparency is a genuine game-changer. It empowers potential buyers to make informed choices, secure in the knowledge that their budgetary constraints and financial preferences are being thoughtfully considered. Consequently, they are more inclined to invest in higher-value items, providing a significant boost to your sales figures.
Widest Coverage of Lenders
In the ever-evolving world of commerce, PayU stands out as the ultimate game-changer for both merchants and customers. What sets PayU apart is our unwavering commitment to providing the most extensive coverage of affordability payment instruments, surpassing all other payment platforms. The platform offers an unrivaled advantage by supporting an array of payment instruments which includes CC EMIs, DC EMIs, Cardless EMIs and BNPLs. This comprehensive approach ensures businesses can cater to a diverse customer base, reaching far and wide.
Eliminate Unpleasant Surprises with Pre-Eligibility Check
Few things are as frustrating for customers as realizing they don’t qualify for their preferred payment option. PayU’s Affordability Suite pre-eligibility check eliminates this disappointment. It’s a seamless process that empowers customers to easily distinguish between eligible and ineligible payment choices, providing them with the confidence to proceed. If ineligibility arises, the system transparently communicates the reason, enabling customers to take necessary actions. This streamlined approach eradicates payment-related hiccups and underscores your dedication to ensuring customer satisfaction.
Most accurate BIN Check API
A Bank Identification Number (BIN) refers to the initial 6-9 digits on a card, serving as a unique identifier for the card issuer and payment network. The BIN Check API offers comprehensive insights into a given BIN. It enables businesses to determine whether to allow Equated Monthly Installment (EMI) transactions using this BIN and identifies the issuer’s minimum transaction amount. This feature is applicable to plain card transactions as well as saved cards. Implementing the BIN Check API enhances transaction success rates and is a valuable tool for optimizing payment processes.
Affordability with No Cost EMI, Discounts, and Cashback Offers
The value proposition of PayU’s Affordability Suite doesn’t stop at showcasing affordability options. It offers you the remarkable capability to craft instant discounts and captivating cashback offers that grab your customers’ attention, motivating them to complete their purchase immediately. And, with the No Cost EMI feature, you can tap into a broader audience, allowing customers to spread their payments over a specific period without incurring any extra cost. This compelling proposition attracts more customers who might have hesitated due to upfront costs in the form of interest that is to be paid to the bank or lender, resulting in a remarkable surge in conversions and sales.
Native OTP Integration Across the Affordability Suite
Native OTP is a game-changer in the checkout process. It helps buyers stay on your website/app and complete the card authentication process by entering their OTP directly on your platform, eliminating the need to navigate to a third-party page. This translates to a smoother, more streamlined checkout process, faster transaction completions, reduced cart abandonment, and an improved success rate.
Transforming the Shopper’s Journey
The Affordability Suite isn’t just a tool, it’s your strategic edge, reshaping the shopping experience. It turns each product page into a canvas, captivating customers with enticing offers and flexible payment options, ensuring an engaging and delightful journey.
As you prepare for the festive season, a winning strategy for maximizing conversions and increasing sales is vital. The Affordability Suite is the ultimate remedy for cart abandonment and compromises due to high prices and hidden affordability options. By integrating this groundbreaking payment solution, you provide customers with transparency, flexibility, and an exceptional shopping experience that sets your business apart.
This festive season, let the Affordability Suite lead the way, and watch your conversion rates soar, bringing prosperity and the joy of a thriving online business. Satisfied customers are the architects of a successful future, and the Affordability Suite is your key to unlocking that success. So, embrace it and prepare for a season filled with successful sales!