We recently partnered with the top payment gateways in the country — Razorpay, Cashfree and Billdesk — so that more than 250,000 merchants across these payment gateways would be able to offer the convenience of EMI to their customers and, in turn, increase their overall conversions and revenue.
Today, we’re talking about the reasons why merchants should offer ZestMoney to their customers and some of the best practices they can follow while doing so.
1. Offering EMI payment to your customers
There was a 47% increase in sales when merchants started offering and promoting cardless EMI on their web pages. Customers were educated about how they don’t need to make the payment in full and can spread their cost over a period of time. By doing this, our merchants solved the problem of affordability in a big way for their customers, leading to an increase in their conversions.
2. Promote 0% Interest EMI offer on your platform
We provide no cost or 0% interest EMIs for a 3-month tenure. Promoting this offer led to a stellar response for our merchants — not only were they able to increase the number of transactions, but their Average Order Value (AOV) increased by 65 %. We strongly recommend promoting this offer aggressively for optimal results.
3. Use our pricing widget in your product pages
Naturally, customers have apprehensions about hidden costs and interest rates when making a payment through EMI. We wanted to be 100% transparent with both our customers as well as our merchants since trust has always been our biggest driver. That’s when we built our flexible pricing widget. The pricing widget helps the customers know how much they will have to pay on a monthly basis for the product they wish to buy without having to proceed to the checkout page. This way, transactions are completely transparent and increase customer trust.
4. Pay with ZestMoney on the Shopping Cart page
75% of shopping carts across e-commerce sites are abandoned due to unaffordable prices. By placing our widget on the shopping cart page just prior to checkout, our merchants were able to reduce cart abandonment rates by 38%.
5. ZestMoney EMI in Cart Abandonment communication
Shopping cart abandonment is the most common drop off scenario experienced by most online merchants. We realized that adding our pricing widget to our merchants’ cart abandonment emails encouraged users to choose us to complete the purchase. We observed a 43% improvement in retargeting campaigns once the ZestMoney EMI option was provided in mailers.
6. Promotion on Social media channels
This has always been a critical medium for acquiring customers. Merchants were able to increase conversions when they promoted ZestMoney’s 0% interest offer.
These are some of the best practices adopted by our merchants to scale up their transactions by up to 10 times. If you are a merchant and want to offer the convenience of no-cost EMI to your customers, then feel free to drop us an email at email@example.com and our team will get in touch with you.