Buy now, pay later has been a payment option within the jewelry industry for decades. Since jewelry stores hit the main street, many customers have worked with retailers to establish installment payment plans for their purchases. Now, businesses have the opportunity to incorporate the power of BNPL into their ecommerce strategies.
With the ecommerce shopping market forecast to grow to $8.148 trillion by 2026, there’s clearly huge potential for jewelry retailers to optimize for different channels and customer segments. Here, we’ll explore how implementing buy now, pay later solutions can enhance customer experience, drive loyalty, and boost revenue.
Unleash growth potential with enterprise BNPL
Installment payments are a great way for jewelry retailers to diversify their payment options as it allows customers to purchase a high value item through a flexible format that fits their budget. This can unleash growth through a variety of ways.
To start with, customers are looking for buy now, pay later – 60% of consumers said they have used installment payments in the last 12 months. By adding installment payments to your checkout, you can attract new customers who are looking for retailers that offer the payment methods that fit their lifestyle.
Providing options in the checkout can also help you connect with your existing customer base by showing them you’re keeping up with modern demands and that you’re committed to giving them options.
As well as boosting conversion, BNPL can help to differentiate your business from competitors, drive brand affinity, and grow customer loyalty and retention.
Customized BNPL solutions for jewelry enterprises
When choosing a BNPL platform, look for a solution that can be tailored specifically towards your jewelry businesses to support the way you interact with your customers.
With Splitit, customers use the available credit on their card to fund their purchase. They’ll make an initial payment and the remaining balance will be temporarily charged as a pre-authorized hold on their card. The monthly payments are then automatically taken from their card.
With our white-label solution, buy now, pay later becomes a holistic part of your business that exists seamlessly within your site experience and your brand. There’s no need for third-party financing, any applications, or additional credit checks – everything your customers need is already in their wallet.
Retailers have the flexibility to determine the installment payment terms and timelines they offer. You can also tailor your payment strategy towards your sales channels – as well as enhancing the ecommerce experience, many jewelry retailers utilize installment payments in-store and through remote telephone customer service, to support their overall sales strategy and help drive conversion.
Data-driven insights and analytics
Installment payments open the door to a whole new sector of customer behavior and strategy. After implementing a BNPL solution, you’ll gain deeper insight into the way your customers interact with your payment options.
Once you understand which customers are more likely to choose a payment installment option, you can enhance your customer personas and begin to think strategically about how to incorporate buy now, pay later into your overarching strategy.
This can help you target your marketing and provide personalized solutions to give specific customers what they’re looking for. From messaging BNPL in upper-funnel campaigns, such as emails or digital ads, to placing BNPL value propositions throughout your site, you’ll have the data you need to make better decisions throughout the entire purchasing cycle.
Once you’ve started to test, track, and monitor the way installment payments affect your business, it can help you to inform everything from forecasting to inventory management.
Enhanced customer experiences in jewelry shopping
Incorporating installment payments into your jewelry business can elevate the customer experience in a variety of ways:
- Flexible options: When faced with purchasing a high-value item, BNPL gives customers more options to consider and helps them to choose a payment solution that comfortably fits their budget.
- Control of budget: Installment payments allow customers to choose a payment plan that suits their lifestyle, which puts them in control of their cashflow.
- Seamless checkout process: With Splitit, installment payments exist within your own brand experience, which means your customers benefit from a simple and straightforward checkout journey, with minimal friction.
By providing customers with options that fit their circumstances and a simple, clean payment process, you can start to build positive brand connections which ultimately leads to repeat business and customer loyalty.
Security and compliance for jewelry merchants
We know that security is at the forefront of your customer’s minds, and we feel the same way. With Splitit, all payments are protected by stringent encryption and security measures, and we are constantly ensuring that we monitor and update our systems to comply with the latest regulations surrounding security and data.
From a customer point of view, Splitit’s installment payment solution works with their existing credit card which means they don’t need to worry about passing their information onto 3rd party lenders in order to apply for external financing.
We also don’t engage in data harvesting, which means your data is your data and you never have to worry about competitors getting hold of the metrics and or strategies you’ve worked so hard to develop.
Success stories from leading jewelry brands
Splitit has worked with jewelry retailers across the world to tailor installments to fit their strategy, which has resulted in business growth and increased customer satisfaction.
- Increasing AOV and reducing cart abandonment: By using Splitit’s simplified checkout process in tandem with its unique ecommerce experience, UK-based bespoke jewelry merchant Fenton was able to increase AOV by 28% and reduce cart abandonment by 16%. Learn how Splitit has helped drive growth.
- Driving sales and conversion: By providing customers with a flexible installment payment option and freeing up their team to focus on service and sales, GemsNY was able to boost sales by 45% and increase their conversion rate by 16%. Learn how Splitit has helped streamline processes.
- Boosting sales volume and simplifying processes: Shortly after introducing it to the payment options, 20% of Gemperles customers chose to use Splitit. This has resulted in a 20% increase in sales volume and significant boost in customer satisfaction. Learn how Splitit helped Gemperles to cater to customers and build loyalty.
Explore more success stories and find out how Splitit has helped jewelry researches to increase AOV, conversion, and grow their businesses.
Seamless integration with jewelry ecommerce ecosystem
If your goal is to drive sales and growth, payment options should be incorporated as a seamless part of your overall customer experience. In order to reduce cart abandonment and increase conversion, customers require a straightforward and frictionless payment journey.
With Splitit, you can incorporate installments as a holistic part of your brand so it becomes part of your ecommerce system. Our white-label service enables you to adopt monthly payments within your own brand voice and marketing strategy, to ensure your customers are not confused or distracted during the most important moments in their purchasing journey.
Enterprise-centric support and implementation
Our team is here to help you adopt installment payments into your jewelry business, with support across the board. Splitit is designed to partner with all leading ecommerce platforms, and we have a catalog of materials and experts on hand to help with integration.
As part of our white-label platform, we can also support and guide you in developing marketing materials and positioning strategies across your site, to help you introduce BNPL to your customers and optimize interactions. Learn more about getting started with Splitit.
Trusted partner in the jewelry industry
We’ve worked with many retailers across luxury goods and jewelry industries, helping them to leverage installment payments to provide better experiences for their customers and grow their businesses.
Our partnerships with leading payment providers and ecommerce platforms make it easy for jewelry businesses to incorporate installment payments into their overarching strategies, providing customers with a simple and trustworthy way to access the flexible payment solutions they’re looking for.
Get started with enterprise installment payments
Adding installments to your business strategy opens you up to a new layer of potential. You can attract new customers and provide your existing customers with flexible options that meet their budgeting needs. As well as driving loyalty, installments can boost AOV and improve your conversion rate, ultimately growing your revenue.
With our white-label offering and options for custom integration, we can help you integrate monthly payments as a seamless part of your customer experience. Get in touch to find out how you can use Splitit to amplify growth and improve customer satisfaction for your jewelry enterprise.