The trend is here to stay
Installment payments are getting more and more popular among e-commerce customers. With more platforms offering easy-to-use installment payment options, paying in 4 or 6 parts and even interest-free is a no-brainer for shoppers.
Offering installment payment options for customers is crucial for stores, especially those targeting younger generations and with average order value (AOV) above $50.
- BNPL has been shown to increase the average basket spend by up to 20-30%.
- Retailers who have implemented it routinely find their sales increase around 12%.
- Four in ten credit card users would increase their purchase size by 10% or more if given this option.
- 35% of shoppers said they are more likely to make a purchase if a business offers this.
- Klarna, Afterpay, Affirm, and Quad Pay became very popular within Shopify Merchants. And we all know what happens when Shopify spots an ecommerce trend; it makes it native.
Yes, Shopify merchants using Shop Pay can now offer interest-free installment payments.
Setting it up is easy. The merchant has to enable Shopify Payments and Shop Pay to be eligible. As a native solution, Shop Pay Installments integrates flawlessly with Shopify Checkout.
Shop Pay Installment Features
- Offers a 4 equal, interest-free installment payments.
- Only applicable for orders between $50 and $1,000.
- Customers' credit scores aren't affected.
- For every order purchased through Shop Pay, Shopify offsets all delivery emissions.
Providing a BNPL platform to your customers is critical. But, promoting it is even as necessary.
Communicate it regularly via email and social media and add call-outs or banners to your website, especially your product page.