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Deco Is a company that addresses the obstacles facing BNPL adoption with the aim of helping both customers and merchants. For customers, the platform allows them to apply for loans quickly and easily and access the lender’s panel. Combined with smart technology, this will allow as many people as possible to be accepted into finance. For retailers, Deko believes that finance is a proven way to increase sales, increase average order value, and deliver what customers want. Its multi-render platform matches the right consumer with the right render in seconds. Optimized conversions to maximize sales and integrate with POS for any sales channel, including online, mobile, store and phone.
We talked to Deco’s CEO. Mike Dawson To understand why flexible payment options are so important and why adjusting them to your customer’s needs reduces cart abandonment:
Deko is a BNPL platform that allows consumers to buy more of what they like. Our unique multi-render, multi-product aggregation solution gives merchants quick and seamless access to a variety of financing options at the time of sale. Unlike other providers, our products cover a variety of basket sizes between 25 and 25,000, so merchants can easily convert their baskets from small to large at checkout. This all means that our solution will be useful to everyone, whether retailers or consumers.
BNPL gives customers the flexibility to buy more of what they like. The numbers show that consumers are leaving high interest rate credit cards behind and are increasingly focusing on retail finance options as an easier and more flexible way to buy. This also benefits merchants who want to make their shopping experience as intuitive and seamless as possible in order to maximize sales.
According to the survey, almost tTwo-thirds of Gen Z and Millennials The UK uses BNPL. But this is a constantly changing situation. People of all ages are beginning to understand the benefits of buying now and the flexibility it offers. About 31% of Generation X say they used BNPL in 2021. This shows that the gap between generations is narrowing a little.
Typical purchases include fashion and electronics, but this is also changing. Multi-render models like Deco diversify the range of products and basket sizes accessible through BNPL. As a result, a much wider range of sectors, merchants and consumers can now benefit.
The biggest challenge is the abandonment of the basket. According to a recent study Abandonment of basket It was 83% of mobile shoppers in 2021. This is equivalent to more than 4 out of 5 customers failing to complete the desired purchase. That means millions of pounds worth of sales are lost each year.
Another challenge is the customer experience and prominence in the highly crowded online market. A customized and personalized shopping journey is essential to retaining and attracting new customers. This is in fact closely related to basket abandonment, as the checkout process is the key to maximizing the customer experience.
The BNPL option allows customers to access a wider range of products and services, thus reducing cart abandonment. This can make a real difference in people’s lives, especially when households are under pressure. And now that living expenses are increasing by 10% annually, affordability is a big consideration, so access to longer-term offers can reduce consumers’ monthly financial costs.
Deko also provides a quick and confidential “Will IQualify” check across many products. This allows shoppers to fully recognize the option before checkout and see if the product in the basket is acceptable. These tools are effective in converting sales, and our multi-render solution helps improve merchant checkout acceptance rates by an average of 24%.
Such tools ensure that BNPL works for everyone. Consumers will be able to buy more of what they like, and merchants will be able to secure the sales they need.
that’s right. Many BNPL providers are limited to universal models. This model is inflexible and cannot be converted to different basket sizes. For BNPL to be useful to everyone, we need to move away from this system. Second, many merchants are worried about potential integration and business disruptions while onboarding retail financial providers.
Deco solves both of these problems. Our multi-render, multi-product platform can cover a much wider basket size. We provide immediate access to the market for lenders with different risk needs. As a result, we can serve a wide range of sectors and basket types.
In addition, integration with Deko can be done in just 24 hours.
BNPL stays here. This has become an important and valuable part of the payments ecosystem. But we are definitely heading towards a more regulated market, which will give greater consideration to merchants and consumers. Deko’s multi-render aggregation model solves most of this through one product and provider.
This is the key to making sure that BNPL is useful for everyone. For customers, it provides a seamless e-commerce experience and reduces basket abandonment. For merchants, it’s a single, rapid integration process that drives more sales.
It is also important to expand retail finance to other sectors. For businesses other than fashion and other FMCG, there are still too few options.
I want to change the mechanism of BNPL. The current all-purpose approach excludes the full range of merchants and customers from feeling the benefits of retail finance.
Retailing of all shapes and sizes is the foundation of our economy. At Deco, we want to ensure that all our products are offered financial products that offer the highest rewards.
