Whether it’s in one of your physical stores or a customer on their keyboard, you never want to watch someone put products in a cart … and then leave just before checking out. What happened? Why did they change their mind at the most critical moment of their shopping trip? And what could you have done to prevent it? 

Every abandoned cart and hesitant shopper represents lost revenue. Therefore, a company’s sustainable growth in today’s competitive eCommerce landscape must rely heavily on maximizing conversions. But how do you do that when you can’t convince the customer in real time not to walk away and leave the products behind?

By addressing key challenges like cart abandonment and limited payment options, you can boost conversion rates, drive customer satisfaction and ultimately unlock your full growth potential.

In this article, we’ll explore how to increase conversion rates, as well as how incorporating a wider variety of payment methods — including Acima Leasing’s lease-to-own solution — can be a powerful tool in your eCommerce growth strategy.

The Conversion Challenge: Understanding Cart Abandonment 

Understanding “cart abandonment,” or the practice of adding items to an online cart without completing the transaction, is essential for developing effective strategies to encourage potential customers to complete their transactions. 

Price Concerns 

The overall cost can be a significant barrier, especially for big-ticket items. Many consumers hesitate to make large purchases due to the immediate financial impact. Offering a lease-to-own option allows customers to make lease renewal payments according to an established schedule, making these transactions more manageable for them. For instance, a customer might balk at paying $1,000 upfront for a new laptop, but they may consider a lease renewal payment schedule that reduces the upfront cost and works conveniently with their payday. 

Limited Payment Options 

Customers who lack access to credit cards may be discouraged from completing a transaction if you don’t offer payment options that are inclusive of various needs. A variety of payment methods cater to a wider audience and reduce the likelihood of customers abandoning their carts. Nearly half of U.S. consumers are considered non-prime (1) consumers and are seeking for or prefer alternative payment methods. Offering an alternative to financing, like lease-to-own with Acima Leasing, shows customers that you understand the flexibility they need.

Checkout Complexity 

A lengthy or confusing checkout process can be frustrating and lead to cart abandonment. Each additional step or form field can increase the likelihood of customers giving up before completing their purchase. Streamlining the checkout experience and ensuring a smooth flow is essential for converting browsers. Implementing one-click payments, auto-fill forms and clear progress indicators can make the checkout process more user-friendly. 

How Lease-to-Own Empowers Conversions 

Acima Leasing’s lease-to-own solution tackles these and other challenges head-on by offering several key benefits that directly address the issues of price concerns, limited payment options and checkout complexity. 

Increased Affordability 

Lease-to-own helps customers enjoy leasable products with a lease renewal payment schedule that is convenient for them, making shopping more accessible than before. This can lead to increased sales and a broader customer base for retailers. For example, a furniture store offering a lease-to-own solution might see more customers opting for complete living room sets instead of single pieces, as the scheduled lease renewal payments may be easier to fit into a budget. 

Multiple Payment Options 

By providing alternative payment methods, you cater to a broader customer base with diverse shopping needs and preferences. This inclusivity fosters trust and encourages customers to choose your store over competitors with limited payment options. Customers who see their preferred payment method, like lease-to-own, are more likely to complete their transaction, helping boost your overall conversion rate. 

Simplified Checkout Process 

Acima Leasing’s streamlined integration ensures a smooth checkout experience and minimizes friction. A faster and easier checkout experience also reduces the chance of customers abandoning their carts before completing the transaction. For example, integrating Acima Leasing’s robust APIs and pre-built shopping cart plugins allow customers to shop and use their lease without leaving your eCommerce site, making it less cumbersome of an experience. 

Beyond the Initial Transaction: The Customer Retention Advantage 

The benefits of a diverse payment strategy extend beyond the initial transaction. Offering flexible lease renewal payment options fosters long-term relationships with customers. 

Improved Customer Satisfaction 

By offering flexible lease renewal payment options, you empower customers to make informed shopping decisions and build trust with your brand. For instance, a customer who successfully pays off a lease-to-own plan might feel confident and satisfied, leading them to make additional transactions with your store. 

Increased Order Value 

Customers may be more likely to choose big-ticket items knowing they can shop using lease-to-own. A customer might upgrade to a higher quality version of a product, knowing that a lease-to-own solution offers a schedule that is friendly to their circumstances. This can lead to an increased average order value and higher overall revenue for your business.

Repeat Business 

Positive experiences with lease-to-own can foster customer loyalty with your business and encourage repeat transactions with your store. Building trust and customer satisfaction is key to achieving a sustainable growth strategy in the eCommerce landscape. 

Acima Leasing: Boost Your Omnichannel Growth 

Acima Leasing’s turnkey integrations are ready to help you integrate lease-to-own seamlessly in your eCommerce storefront (at your point of sale), ensuring a consistent and convenient customer experience across all touchpoints. This omnichannel approach simplifies the shopping process for customers, regardless of where they choose to shop.

Unlock Your Customer’s Shopping Power 

How can you improve conversion rates? By incorporating a variety of payment options, including lease-to-own, you can address affordability concerns, reduce cart abandonment, increase conversion rates and drive customer retention. This strategic approach empowers you to cater to a wider customer base, enhance their shopping experience and ultimately unlock sustainable growth for your eCommerce business.

Acima Leasing has the tools to help you put a lease-to-own solution in place right now, and be with you all along the way. If you’re unfamiliar with lease-to-own, it’s easy to give it a try and see what it can do to boost your bottom line!