Neto, Australia’s omni-channel e-commerce platform, and leading retail payments innovator Afterpay (ASX: AFY), have today commenced a partnership that offers customers a new-generation layby option to buy now, receive now and pay later. Retailers on the Neto platform can now provide shoppers the ability to pay for items in four simple fortnightly payments through a simple add-on to the existing shopping cart.
One of the greatest challenges that online retailers face is cart abandonment. Between 2013 and 2016, 33 separate studies found that the average online shopping cart abandonment rate was 68.6 per cent. The Afterpay payment solution takes the sting out of shopping and decreases the ratio of customers cancelling their purchases at the last minute. For customers, to pay for items over four equal fortnightly instalments helps to manage their monthly budget, making purchasing more manageable for all.
Afterpay joins a suite of payments options available on the Neto platform including PayPal Express Checkout, as well as instant credit card payment gateways such as Stripe Braintree and eWay. These services are partially pre-provisioned on Neto, allowing merchants to set them up effortlessly.
Ryan Murtagh, CEO of Neto, said, “A PayPal study found, that of those who abandon shopping carts, 24 per cent do so because the payment option they wanted wasn’t there and they sought their preference elsewhere instead. Shoppers want simple and flexible ways to pay for their purchases, and allowing our retailers to offer this is a major priority for Neto. We are very proud to partner with Afterpay to provide our users with that flexibility.”
Neto’s robust e-commerce platform allows retailers of all sizes, from mum-and-dad shops through to large retail chains, to develop a powerful online sales system. Linking in seamlessly with their logistics, accounting, inventory, and other critical systems, retailers using Neto find it easier to manage their business, and provide their customers with a superior experience shopping with them.
Nick Molnar, CEO of Afterpay, said, “Neto is an Aussie innovator in the e-commerce space and a natural fit for our business as a result. Alternative payment methods have a positive impact on online sales and cart abandonment rates and with Afterpay, retailers can gain incremental sales, boost conversions and reduce returns. We are thrilled that another 2,000 local retailers through Neto will now be able to offer their customers a superior payment experience.”
Retailers on Neto’s platform can take advantage of the Afterpay plugin now.