The right payment channel can help you increase lead conversions, cart size, and may even help you associate your brand with your niche.
Last week, I was in the market for an accountant to help file taxes. After sorting through a few, I decided to hire one that had spent time on my case and spent the time to understand my case before signing the contract.
After signing the contract, his office realized that they couldn’t accept my credit card because a foreign bank issued it. They spent all that time to convert my lead but lost me at the point of sale.
Payments are an essential part of the customer experience. The right payment channel can help you increase lead conversions, cart size, and may even help you associate your brand with your niche.
Want increased lead conversion? Messenger Chatbots
Messenger chatbots help you interact with your clients by using AI. They’re programmed to understand frequently asked questions, provide answers, and execute some tasks.
Facebook reported that people shared 20 billion messages with businesses each month. A chatbot can help increase your presence in that space. You can personalize marketing on a scale. A chatbot is relatively quick and easy to set up and for your customers to use. Here is why chatbots are useful:
1. Impulse purchases: CNBC reported that customers might be spending as much as $450/month on impulse purchases. 85% of the respondents of the survey said that they’d impulse buy to take advantage of a promotion. It can communicate with your page visitors 24/7. Your chatbot is the salesperson that never sleeps! If a customer has a question, it can answer it, lead them to the FAQ and also record the response for you to respond later. Below is an example of my impulse purchase through this channel — my interaction with BlendJet’s chatbot on Facebook Messenger.
2. Cart Abandonment Rate: A chatbot is an automated sales funnel. It helps you convert the leads that you have and provide a spontaneous customer experience. Cart abandonment rates can be as high as 70%. Your chatbot can connect to your website, notice an abandoned cart, and nudge the customer.
Increase basket size? Buy Now Pay Later (BNPL)
Well, the name explains itself. There are BNPL solutions available globally that can integrate with your website. Scott Galloway’s research shows that BNPL helps increase basket sizes by 20–30%. It is different from a credit card because the whole amount isn’t due at once. Instead, your customers can break it up into 4–12 payments. It makes the cost look less intimidating by breaking it up into smaller monthly payments.
60% of millennials say that they’re interested in financing large transactions — If you’re targeting millennials, you need to offer BNPL has a channel of payment.
Want to target a niche audience? Cryptocurrency
Bitcoin is one of the most popular cryptocurrencies. Studies show that there are 7 million active bitcoin users, of which 11% use it for payments.
Accepting cryptocurrency as a method of payment differentiates you from your competitors immediately because crypto has a passionate following globally. Having this as a payment channel associates your business with the ideology and can be used as a competitive advantage to build a brand image.
The world of digital payments is growing, these are ways to improve your customer experience to fit the needs of the new generation. The current market is about providing as many payment channels as possible to provide a seamless experience. Move fast, to gain a competitive advantage!