Businesses have responded to innovations in online ordering, apps, and social media and integrated them into their marketing strategy. That is omnichannel marketing.
Today, customers use several channels when they shop and want a tailored experience that caters to their specific requirements and interests.
In addition, customer expectations have evolved due to the increased options, resulting in a new type of buyer: one who expects to buy big-ticket products without having to worry about credit card interest rates or fees.
Customers want to be happy with what they buy, how much they spend, and how they pay for it.
Payment as a Major Component in Creating an Omnichannel Experience
Payments are one component of the omnichannel experience that not all retailers think about.
Today, as more and more people are leaving credit cards in favour of more flexible payment options, retailers that are quick to offer payment options such as buy now pay later (BNPL) or shop now pay later can create a seamless omnichannel shopping experience for their customers and increase sales and repeat customers at the same time.
2. Offer a less stressful way to pay
myIOU is a BNPL service provider created to meet the needs of Malaysia’s and Southeast Asia’s expanding cashless markets. myIOU assists customers who want to be happy with what they buy, how much they spend, and how they pay for it.
myIOU offers various payback alternatives, including 2, 3, or 6 repayment schedules with no interest fees, giving customers and merchants even more freedom.
Moreover, myIOU’s BNPL option can help meet consumers’ and merchants’ expectations by providing consumers with a more transparent, cost-effective, and responsible way to pay for large-ticket items while helping merchants increase sales and improve customer shopping experience.
To meet the ever-growing cashless market in Malaysia and Southeast Asia, myIOU provides a safe and straightforward digital transaction experience and has become a financial companion to Malaysian consumers and merchants.
Most importantly, myIOU supports debit and credit cards (Visa or MasterCard) issued by Malaysian financial institutions, attracting users of both types of cards.
Using myIOU to Create an Omnichannel Shopping Experience
You can incorporate a single view of your customer’s interactions and integrate their payment data with an omnichannel payment solution.
This entails processing payments on a single platform and pooling data from digital wallets, credit and debit cards, and card-not-present transactions, for example, to create a more accurate depiction of the customer and fine tune your messaging appropriately.
As a result, the customer experience will be updated and more relevant, thus increasing conversion rates.
Shoppers anticipate that paying for their purchases will be as smooth as their shopping experience. A payment option like BNPL solves typical customer concerns about instalments.
For instance, the most frequent of these concerns is the fear of paying more, unpleasant penalties if payments are missed, indebtedness, and more.
However, BNPL services are here to put customers at ease. Merchants can offer their consumers interest-free credit through BNPL, while myIOU encourages responsible spending and better budgeting with spending protections and limits.
Merchants Can Boost Conversion Rates with BNPL
BNPL can also increase conversion rates for businesses, working as a customer acquisition tool while increasing consumer trust and loyalty.
For instance, BNPL merchants in Malaysia can boost their sales by allowing consumers to pay in instalments with no interest or financial penalties, providing a sustainable growth rate for their company.
All in All
Accepting BNPL as a digital payment method for your e-commerce store in Malaysia is a remedy for cart abandonment, especially during the pandemic.
With so many pay-as-you-go alternatives, e-commerce businesses can team up with a BNPL solution provider such as myIOU to offer customers an omnichannel shopping experience, resulting in increased and repeat sales.