One of the biggest challenges that businesses face is the all-too-familiar tale of customer drop-offs. Potential customers arrive at your website, eagerly browse through products, and then, just when you think you’ve got them hooked, they mysteriously abandon their shopping carts.
Frustrating, isn’t it?
Here’s what is going on with your customers.
Say for example, they stumble upon a sleek, high-end smartphone that perfectly fits their needs. It’s love at first sight, and they decide to buy it. But it’s a big investment. Are there flexible EMIs available? Is there a PayLater option? Are there any irresistible offers that could sweeten the deal? Without this information upfront, uncertainty creeps in, and your customer hesitates.
A study by the Baymard Institute brings this dilemma into sharper focus. It found that the average global cart abandonment rate stands at a staggering 69.57%. That’s right – over two-thirds of all online shoppers abandon their carts at some point during the e-commerce checkout process. Now, that’s a significant chunk of potential business lost.
But here’s the exciting part: with Razorpay’s affordability widget you can showcase affordable payment options right at the get-go, dramatically increasing your conversion rates.
Let’s take a closer look at its core features and how it empowers both customers and businesses.
First impressions matter a lot!
The moment when a customer first lands on a product page is the ultimate “make it or break it” point in e-commerce. With the affordability widget, businesses have a unique opportunity to make an unforgettable impression. By showcasing the right offers and payment options, this innovative tool instantly empowers customers, making products more affordable and granting them greater spending power. It’s the art of turning a casual browser into a confident shopper, all in the blink of an eye.
Real-Time Flexibility: The Razorpay Affordability Widget works in real-time and shows eligible payment methods and tempting offers for each product your customers are interested in. Now, your customers get tailored payment options that fit their specific needs, right when they need it. The Affordability API also provides you with dynamic pricing, updated in real time.
Offers that Matter: With the Discount Whisperer you can intelligently analyze your customer’s cart amount and let them know how much more to shop for in order to unlock even bigger discounts and showcase the best offers. This has been a game changer in helping business’s increase Average Order value.
Sealing the deal before and during checkout
While it’s undoubtedly crucial to showcase the best payment options and enticing offers right on the product page to grab your customer’s attention, it doesn’t end there. Numerous drop-offs occur at the checkout page, often due to unexpected hurdles and unclear payment choices. To address this issue, the affordability widget has got your back even at the checkout stage.
Streamlined Payment Options: Our integrated pre-eligibility check ensures that customers see only the payment options relevant to their financial profile. When a customer enters their phone number, our algorithm works behind the scenes, gathering information from the bank’s credit-eligible customer list. The result? Only the most fitting payment methods are showcased, while the rest remain hidden. This streamlined approach boosts the payment success rate by an impressive 12-15%.
Flexible EMIs for All: With No Cost/Low Cost EMIs, your customers can indulge without breaking the bank. In response to high-interest rates that used to plague such transactions, merchants now have the flexibility to choose what percentage of EMI costs they’re willing to share. It’s a win-win scenario, granting customers the affordability they crave and businesses the control they need.
Understanding the critical role of showcasing the right offers and payment options, Razorpay’s Affordability Widget grants customers greater spending power. It’s like having a personal shopping assistant who tailors payment solutions to their exact needs in real-time. With dynamic pricing and intelligent discount suggestions, customers are empowered to make confident choices, making every shopping experience not just great again, but also affordable!