Here’s the story of a consumer who could have become a loyal customer.
Tina has been saving up for a few months to buy a new smartphone. She finally comes to your online electronics store looking for a good deal. After browsing for a while, she decides to go with her top pick. Although out of her budget, she hopes to get an easy financing offer. She excitedly adds it to the cart and proceeds to checkout. This is when she finds the offer is unavailable with her preferred payment mode. Disappointed, she leaves the site, possibly never to return again.
This is just one scenario in which you can lose a potential customer. Tina could have made a more informed decision if the payment options were visible when choosing the product. It also means your business would have fewer cart abandonment issues and higher revenue. This is exactly what PayU’s Affordability Widget can help you with.
What is the Affordability Widget?
PayU recently launched the Affordability Widget as the latest addition to its Affordability suite. The widget sits right on the product page and makes it easier for customers to see all available offers, EMI plans, and BNPL options in one place. They don’t have to go to the checkout page to know if they can actually buy the item.
How the Affordability Widget helps increase revenue
It is amazing how a simple solution can solve massive business use cases like cart abandonment due to low offer discoverability and transparency. Affordability Widget provides many benefits to both businesses and their customers.
Benefits of the Affordability Widget for businesses
Customers today are very savvy and appreciate an array of choices – whether it is products or payment modes. And clearly displaying them is as important as having them. By using the Affordability Widget, you can:
- Improve the discoverability of different offers and payment modes associated with each product
- Influence purchasing decisions right from the product discovery stage
- Impart branding at every stage of the purchasing journey
- Reduce cart abandonment and improve sales, resulting in higher revenue
All of these factors play an essential role in increasing revenue through transparency and trust.
Benefits of the Affordability Widget for customers
Customers deeply value experience, often as much as product and service quality. With the help of the Affordability Widget, your customers can:
- Make informed decisions early in the purchasing process
- Easily buy the products of their choice through affordability options and flexible payment modes
- Enjoy a smoother shopping and checkout experience
With the option to quickly calculate EMI and interest rates, customers can choose the best financing options based on their purchasing power.
Try the Affordability Widget for a bigger business impact
Now consider this. Giving consumers like Tina the option to pay through their preferred modes is a basic expectation today. Additionally, providing offers that make it easier for them to buy your products can significantly improve your sales.
Want to see for yourself? Click here for a quick demo.