Picture stepping into a vibrant store during the festive season, filled with a delightful mix of thrill and expectation. The store is alive with customers excited to discover new, flexible shopping options—this is the magic of cardless EMI.
In India, digital payment transactions skyrocketed from ₹2,071 crore in 2017-18 to an impressive ₹13,462 crore in 2022-23, marking a remarkable compound annual growth rate (CAGR) of 45%. This growth showcases the increasing consumer desire for flexible and accessible payment options such as cardless EMI.
Cardless EMIs are a popular payment solution that allows customers to split large purchases using a digital card easily. Solutions such as Plural by Pine Labs streamline this process, enabling you to enjoy the excitement of the season’s shopping spree fully.
This article will explore the realm ofcardless EMIs and explore how platforms such as Plural by Pine Labs can help your business seamlessly integrate this popular payment option to boost your festive sales.
What is Cardless EMI?
Cardless EMI is an innovative financing option that allows customers to make purchases now and pay later, allowing them to break down the cost into manageable monthly installments. This option stands out from traditional EMI because it requires no credit card. You can easily access installment payments by using a mobile number, PAN, and a quick OTP (One-Time Password) verification.
A Convenient and Adaptable Payment Solution
In contrast to traditional EMIs, which require credit cards or hefty down payments, cardless EMIs present a more straightforward and accessible option for financing significant purchases.
Customers can enjoy a hassle-free experience without the burden of complicated approval processes or credit requirements. With just a few taps on their phone, they can effortlessly split their payments.
Captivating Millennials and Gen Z
Younger generations, especially millennials and Gen Z, value the convenience and adaptability of cardless EMI. They favor contemporary solutions that seamlessly blend into their digital lifestyles, where their buying power isn’t dependent on credit card eligibility.
This payment option resonates with their digital preferences and offers financial freedom, making it a compelling choice for high-value purchases during festive times.
Business Benefits of Offering Cardless EMI
Incorporating cardless EMI into your festive sales strategy brings real advantages for your business. This flexible EMI option creates a purchase environment that boosts sales, minimizes cart abandonment, and builds customer loyalty.
1. Boosted Sales and Elevated Average Order Value
Cardless EMI creates exciting opportunities for customers who might be reluctant to commit to a large, one-time payment.
The installment option encourages customers to invest in higher-ticket items they might usually shy away from, as they can comfortably manage payments over time. This approach helps boost sales and leads to a greater average order value for each customer.
2. Minimized Cart Abandonment
A major factor contributing to cart abandonment is the surprise customers feel when they see the total at checkout. Offering cardless EMI presents a comforting choice that eases the pressure of upfront payment.
Offering payment flexibility can significantly reduce cart abandonment rates, as customers are more inclined to complete their purchases when they discover available financing options.
3. Boosted Customer Loyalty
Shoppers who appreciate a smooth shopping journey tend to come back more often. Offering cardless EMI as an option allows you to cultivate a dedicated customer base that values enhanced purchasing power and convenience.
Customers who come back not only invest more but are also more inclined to share their positive experiences with others, enhancing the effect of this offering during the festive seasons.
4. Gaining a Competitive Edge in the Market
The festive season transforms the retail landscape into a vibrant arena where brands compete fiercely for the spotlight and customer attention. Providing a cardless EMI option sets your business apart, attracting customers who seek convenience and adaptability.
Your store stands out from competitors that still depend on traditional payment methods, positioning your brand as the top choice for festive shopping.
Boosting Festive Sales with Cardless EMI Marketing
Design engaging marketing campaigns that showcase cardless EMI’s availability and advantages during festive seasons to maximize its potential.
1. Highlighting Flexibility in Campaigns
Highlight the versatility of cardless EMI in your marketing campaigns, showcasing how it enables customers to make larger purchases by breaking down payments. Using digital channels, in-store banners, and social media can attract a wide range of customers looking for a budget-friendly shopping choice.
2. Pairing with No-Cost EMI and Discounts
Improve your festive promotions by pairing no-cost EMI options with Cardless EMI. This strategy, combined with promotional discounts, can truly motivate shoppers to take action. Showcasing these advantages in your marketing efforts can boost both in-store and online traffic, helping customers recognize the value of selecting your store for their holiday shopping needs.
3. Encouraging Higher-Value Purchases
Encourage customers to explore higher-value purchases with cardless EMI by emphasizing the convenience of manageable installment payments.
For example, in your advertisements, highlight premium products featuring a cardless EMI option. When customers realize they can avoid paying the full amount upfront, they are more likely to include higher-ticket items in their carts.
Plural by Pine Labs: Enabling Cardless EMI for Your Business
With Plural by Pine Labs, integrating cardless EMIs into your payment options is simple and hassle-free. Discover how Plural can elevate your business this festive season:
Seamless Integration
Plural’s platform offers seamless integration, enabling merchants to effortlessly incorporate cardless EMIs without requiring extensive technical setups. Whether your business is online, in-store, or via an app, Plural’s API simplifies the process of integrating cardless EMIs into your payment gateway so you can effortlessly prepare for the festive shopping rush.
Transaction Management Dashboard
Plural offers an interactive dashboard that allows ecommerce players to monitor and oversee EMI transactions as they happen.
This feature provides complete insight into customer transactions, allowing you to manage and enhance your payment processes easily. With insights ranging from approval rates to transaction volumes, you have all the information you need to assess how cardless EMI affects your sales.
Flexible Setup Process
Plural offers integration support that ensures a smooth setup experience for merchants. The process’s adaptability enables businesses of all sizes to embrace Cardless EMI seamlessly. This flexibility allows merchants to quickly implement Cardless EMIs, providing customers with more options for their festive purchases.
Conclusion
Festive seasons present incredible chances for sales growth, and offering cardless EMIs can strategically position your business to capitalize on this shopping surge. Integrating Cardless EMIs allows customers to enjoy the flexibility of purchasing high-value items through manageable installments, enhancing their shopping experience.
Integrating cardless EMI into your payment options with Plural by Pine Labs is a breeze. It equips you with the essential tools to draw in, convert, and keep your customers engaged. As you gear up for the upcoming festive rush, think about how Plural can assist you in providing a flexible, customer-focused experience.
Embark on your adventure with Plural by Pine Labs today and witness how cardless EMI can transform your festive sales.
Write to us at pgsupport@pinelabs.com to know more!
Plural by Pine Labs has received an in-principle authorization from the Reserve Bank of India (RBI) to operate as a Payment Aggregator.