Customer loyalty: Companies need to keep the current situation in mind
For companies in e-commerce, this means they should address new user behavior and optimize their online shops with respect to the payment options if they wish to acquire new customers and retain them in the long run. This can be ensured by an optimal customer journey, starting with the various payment methods offered at the checkout. According to a study by the business research institute EHI, purchase on account is one of the most popular payment options among German online shoppers, responsible for more than a quarter of all revenues.
Purchase on account
Particularly in times of financial uncertainty, the option of purchase on account is favored since the payment due date can often be pushed into the next month, thanks to the 14-day deadline. However, we also see that not all online merchants offer this option at present. The risk of presumed bad debt losses seems too high. Yet it is also possible to assess and minimize the risk when using this method of payment. When the ideal payment mix is viewed as merely a component of an optimal online shop, a further benefit can be implemented before the checkout: an automated order and credit rating check reduces this risk.