Buy Banners on Installments to Increase Sales and Empower Buyers

In the world of e-commerce, the ability to split payments for larger purchases into smaller, more manageable installments can make a huge difference. Buy Now, Pay Later (BNPL) plans are revolutionizing the way customers shop online, especially for higher-priced items. With Shopify's Shop Pay Setups, you can increase sales and average order value by offering your customers greater flexibility and security in the purchasing process.

What is Shop Pay Installments' Purchasing Power?

Shop Pay Installments allows customers to split the cost of their purchases into smaller monthly payments. This not only makes expensive items more affordable, but also helps merchants reduce abandoned carts and increase average order value. Businesses using Shop Pay Installments see up to a 50% increase in average order value and up to a 28% reduction in abandoned carts.

Automatic Prequalification

One of the key features of Shop Pay Installations is automatic buyer prequalification. When a customer chooses the BNPL option on a Shopify store, they are prequalified the first time and can then shop at any other participating store without having to repeat the process. Prequalification updates every seven days, ensuring that information is always up-to-date and that buyers know their payment options.

Advantages of Banner Shop Pay Installments

Increase Conversion Rate

Shop Pay Installments banners help customers understand that they can pay in installments, increasing the likelihood of completing their purchase. These banners can be strategically placed on product detail pages and in carts, making installment payment options visible from the beginning of the purchase journey.

Increase in Average Order Value (AOV)

With the option to pay incrementally, customers are more likely to add more items to their carts. Businesses using Shop Pay Installments experience a significant increase in average order value. For example, Pillow Cube has seen a steady increase in average order value and a 6.5% increase in gross merchandise volume thanks to Shop Pay Installments.

Greater Customer Confidence

The transparency offered by Shop Pay Installments' purchasing power banners allows customers to clearly see their payment options. With detailed information on available installments and pre-qualification amounts, customers can make informed purchases and feel more confident completing their purchase.

How Shop Pay Installments' Buying Power Banners Work

Shop Pay Installments purchasing power banners are only available to businesses based in the United States, selling in USD, and who have both Shopify Payments and Shop Pay enabled. These banners can appear in two places on your online store:

Product Detail Page Banner

These banners display an estimated payment amount directly below the product price, helping customers see their payment options at the beginning of their purchase journey.

Cart Banner

Cart banners display the customer's estimated purchasing power and available payment options below the subtotal on the cart page, encouraging customers to complete their purchase.

Conclusion

Offering your customers the option to pay in installments with Shop Pay Installations is an effective way to increase sales and give them greater confidence and flexibility in the purchasing process. Purchasing power banners ensure customers are informed about their payment options from the start, increasing conversion rates and average order value.

Contact us

For more information on how to implement these updates and take full advantage of Shopify's new features, contact Yastime, an agency specializing in Shopify solutions. Our team of professionals is ready to help you transform your business and maximize your success.

Contact us today and find out how we can help you navigate the complex world of installment payment solutions!