Howdy Partner - How to Boost Online Sales as a Digital Cowboy

Like facial hair on every barista during Movember, the buy-now, pay-later option is growing – and it spells great news for businesses and customers alike. Over 1.5 million people have used buy now, pay later in the last year alone, and in Australia it has grown by a whopping 250% in the last two years.

Buy now, pay later is like lay-by in reverse; customers purchase items in store or online, and then can pay them back in digital instalments. They get to shop now and pay later – goodbye sad trolley collecting dust on lay-by.

But it’s not just customers who get to have all the fun. It’s all about inclusion for retail partners as well- yee-ha! A recent report by ASIC revealed:

• Online transactions are up from 50 thousand in 2016 to almost 2 million in 2018
• Online sales are expected to grow at a rate of 14.3% per year over the next 5 years
• Australians spent $23 billion on online shopping in 2018.

Additionally, now that over 52% of Australians are aware that they can use different payment options, the way they shop online is changing too.

Alongside free delivery, customers want flexible payments:

• The Old Way: ‘red cowboy boots’ (Ok Boomer)
• The New Way: ‘red cowboy boots buy now pay later’ (Much modern. Very future).

This means they can get their funky boots with their preferred payment method – win win, cowboy.

‘[A] regular hurdle in online sales has been payments. For consumers, different payment options are the most important thing they look for after free delivery… therefore, it really does pay off to offer a wide range of payment options at checkout’ (Dynamic Business 2019).

But just like when you’re asked to do the dishes, retailers might ask – what’s in it for me? Fair question, partner! It’s all about boosting sales and getting with the times. Customers today are savvy and have the freedom of variety when it comes to their online shop.

Knowing there’s thousands of options means customers base their decisions not just on what they are looking for, but how they want to pay for it. To stand out and improve business, business owners need not use a tube man outside a car yard for attention. Like LatitudePay- super low fees, more sales, more happy customers:

• Retailers: There’s no risk with payment, as owners receive their money in just two business days
• Customers: The standout, unique ability to spread their purchase over 10 weekly payments with no interest or monthly fees when paying on time.

This creates a win for the retailer and customer, with a seamless experience that benefits everyone. It’s like when both teams get a participation trophy – and they said the only thing to come out of the millennium was Y2K!

But seriously. With our unique buy now, pay later system, you’ll stand out, and your customers are more likely to buy. Just check how it’s been going since 2017:

• 16% increase in total volume
• 28% increase in basket size
• 18% more likely to convert, with less abandoned carts.

Just ask yourself – do I feel lucky? If the answer is yes, and you want happier customers, more sales, and help from our team to easily set-up, it’s easy.

It’s LatitudePay- come get us, cowboy.

Latitude. Partners in Money.