The convenience and speed of online retail have changed the way people shop over the past few decades. However, the trusty “layaway plan” — a popular benefit at local department stores — has emerged as a valuable asset for today’s shoppers and retailers. A quick look at the numbers reveals that the power of the payment plan has become even more beneficial for retailers with a boost in conversions by up to 30% and an increase in average order value by up to 50%.
CommentSold has transformed the traditional “layaway plan” into a popular (and lucrative) perk for modern-day live selling.
CommentSold and Klarna partner up to create a leading payment platform
CommentSold sets the industry standard for live stream commerce with seamless multichannel live selling. Our platform enables retailers to produce cutting-edge, real-time buying experiences across their social media, webstore, and custom mobile app simultaneously. Immersive live selling with CommentSold not only skyrockets revenue but strengthens customer loyalty and expands viewers.
As part of our commitment to continually improve the live shopping experience, CommentSold has joined forces with Klarna, a premier global shopping service and market leader in the shop now, pay later platform. Currently, Klarna serves more than 28 million customers and 18,000 retailers in the US alone. CommentSold is now integrating Klarna’s expansive multiple-payment platform into the Live selling experience. From spreading payments into four installments to delaying payments up to 30 days, a shop now, pay later platform encourages consumers to make big purchases quicker and more frequently. And that means explosive sales for retailers.
Buy now, pay later = big gains to online retailers of any size
Paying things off in regular installments has remained the best way for consumers to afford life’s bigger purchases—from houses and cars to furniture and jewelry. By partnering with Klarna, CommentSold allows today’s live selling shoppers flexible, more convenient ways to pay for items of any size, quantity, etc. And retailers are reaping the benefits:
- Klarna offers some of the most competitive rates for retailers across the BNPL industry.
- Retailers get paid upfront and in full. Klarna immediately transfers funds to the retailer upon a customer’s purchase.
- Browsers become buyers with 44% of shoppers on average making purchases they might have otherwise delayed.
- Making a smaller payment at checkout reduces “sticker shock” and abandoned carts.
Shop now, pay later has been shown to have a positive impact on shopping behaviors online. Once viewers know that you offer payment options, they instantly feel more confident about their shopping choices. Shoppers know they can make big purchases at the moment and still choose specific payment plans that work for their budgets. This strategy enhances the overall brand experience and encourages viewers to spend more money buying what they love.
Online shoppers love the flexibility of Klarna’s shop now, pay later platform
The popularity of offering shop now, pay later options online is increasing year after year. A recent study by Juniper Research revealed that ‘“BNPL” payments are expected to account for nearly a quarter of all global e-commerce transactions by 2026.’ Looking closer to home, Mercator Advisory Group reports that “the US volume of BNPL is projected to surpass the $100 billion mark annually by 2024.” This ever-growing popularity with online customers can be attributed to many factors:
- More freedom: choosing how and when to pay lets the shopper determine their financial schedule
- More convenient: BNPL is an easy alternative to credit cards and other financings
- More transparent: than credit cards: the full payment amount is made clear upfront
- Less stress: No worry about interest charges
Klarna and CommentSold: Complete Live Selling Solution
Today’s consumers are looking for great value and ease of shopping. As an end-to-end e-commerce platform, CommentSold is designed to support every aspect of live selling to make purchasing products a smooth and seamless experience. The integration of Klarna’s flexible shop now, pay later platform will boost the profitability of your live sales events, encourage return shoppers, and help increase customer acquisition.
Jeff Ginnette, CEO, Macy’s
“With Klarna, we continue to see higher spend per visit and increased acquisition of new younger customers—45% are under 40. Our goal is to convert all of these new customers to Macy’s loyal customers, who return for future purchases.”