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Day: April 4, 2023

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Buy Now Pay Later For Online Sellers An Introductory Guide

Buy Now Pay Later offers an attractive route for customers looking for an alternative payment method to cash and online sellers looking to increase their customer base and provide a better experience to their target audience. In this post, we’ll explain what Buy Now Pay Later is all about, how it works, the ins and outs, and whether it’s an option worth considering for your online store.

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Buy Now Pay Later Determined

Buy Now Pay Later is exactly what it sounds like. This is a point-of-sale financing solution so customers can choose an installment plan to buy products instead of having to pay the full amount up front.

In recent years, Fintech has emerged strongly in its challenge to solve the common problem of using high-fee credit cards database and APR through Buy Now Pay Later solutions. These are offere to customers for a small fee.

Buy Now Pay Later has been around for years but it’s only recently that a few companies have popularized it with younger shoppers. It works like a charm due to the fact that many people have not built up their credit to get a credit card. So, it makes for an attractive financial solution for large purchases.

How Does Buy Now Pay Later Work

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If you are a Lazada seller, your customers can use Buy Now Pay Later via installments. To do that, they can apply to the following lenders:

Buy Now Pay Later is entirely between the customer and the lender. That way, you will receive full payment for your product even though the customer will use an installment plan as a payment option.

If you are a Shopee seller, your customers can pay for your products via GCredit. This means that cash users can pay for your product using the credit available on this platform.

The process resembles the way payments BJB Directory are charged to a credit card. Payment will be charged to the buyer’s GCredit and then the buyer can pay the Gcash within 30 days. Customers do not need to pay for it themselves after purchasing the product.

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How To Implement Customer Lifetime Value

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How To Increase Your Customer Lifetime Value

Here are some best practices on how you can upgrade your CLV:

Repeat Purchase Campaign

If you have your own eCommerce store, you can send post-purchase thank you emails to your customers who made the initial purchase. You can also send a cart abandonment email if a recently purchased customer still has items left in their cart. This will encourage him to buy more items from your store.

As a Lazada seller, you can also use Lazada CEM to send messages to shoppers who have left some items in their cart and then remind them to complete the purchase. You can talk about the benefits of your product or how completing a purchase now will benefit them (i.e. ongoing promotions, discounts). For a more detailed overview of Lazada CEM, you can check out our post on Lazada CEM – An Introduction to Engagement Management At Lazada .

When a new customer makes a purchase

An example of a backfill campaign is when you send a customer an email thanking them for their first purchase along with a discount code that the customer can use on their next purchase. To make sure whatsapp mobile number list that the customer can use the discount and make a second purchase, you can add a short survey that asks the customer if he or she wants to receive the code today or in a month or so.

we recommend sending them a personalized recommendation as part of their thank you email.

If you are a Lazada/Shopee seller, you can send vouchers to first time buyers as a way to persuade them to make a second purchase.

Calculating Customer Lifetime Value

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So if someone buys a camera from your store, your upselling options could be a camera bag, different sized camera lenses or a camera case. Since these items are often purchased together, recommending these items increases your chances of buying both from that customer.

If you are a Lazada or a Shopee seller, the BJB Directory upsell occurs in the recommendations widget of each platform. Shopee and Lazada can do this through consumer behavior within the platform.

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The Ultimate Guide For Online Sellers & Ecommerce Brands

As an online seller, you often spend a significant amount of time sifting through multiple metrics to help make sound business decisions. But what if we told you there was one metric to rule them all? Customer lifetime value – the value you can use to strategically choose your future marketing initiatives, make better sales decisions, and increase your bottom line.

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What is Customer Lifespan Value (CLV)?

Customer Lifetime Value (CLV) relates to the amount of money a customer will bring to your brand over time as a paying customer.

For example, if you have a customer Latest Mailing Database who continues to buy your products for 12 months spending $30 each month, his CLV is $360 and is still subject to change if the customer decides to continue buying your products throughout the next year. Why Should You Care About Your Customer’s Lifetime Value? Customer Lifetime Value (CLV) first became prominent in the software business, but is quickly making its mark in eCommerce as well. Here are reasons to know your CLV is good for your online business:

 You can also use your CLV to identify the best paying customers and then create a customer acquisition strategy that targets people with different backgrounds and personas so that you qualify the customers who can make the most money.

It Tells You How Much You Should Spend On Customer Acquisition

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Therefore, Customer acquisition refers to the progress or tactics you employ to bring in new customers or convince people to buy your products. In eCommerce, customer acquisition can mean sponsored search, organic search, banner ads, video ads, social media ads, email marketing or affiliate marketing.

Knowing the CLV helps you be strategic in estimating how much to spend on customer acquisition so that you attract customers who are more likely to make repeat purchases.

You will be able to segment your customers BJB Directory by value By knowing which customer groups bring the most profit to your business, you can find ways to retain them by sending special offers or sending gifts to these VIP customers.

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