Software integration is present in every industry, allowing businesses to use multiple tools simultaneously in an interconnected way. This means that businesses are able to take advantageous features from many different software tools and combine them to create the perfect suite for their business. With application programming interface (API) integrations, this comes in the form of a website with convenient shopping, payment, shipping, and support functionality.
API integration technologies are the key to creating a dynamic, modern online store. They allow a business to provide several helpful functions like shipping estimates, chatbots, and financing options.
To explain how API integration can drive sales for retailers, we are going to go over:
- What API integration technologies are
- The benefits of API integrations
- How to get started
Let’s dive into the details.
What Are API Integration Technologies?
An API is essentially a messenger for a data bank or software app that allows it to transmit information to other applications. For example, a shipping estimation software that specializes in mapping out how long it would take for any shipping company to deliver a product to any address can integrate its API with an online store to offer that information to shoppers without them having to leave the site.
This allows retailers to focus on their product line and what unique value they offer while leveraging third-party applications on their site without consumers feeling as though they are being drowned in a sea of links or widgets.
Retailers can also use API integrations within their own website's backend, using them to speed up operations.
The Benefits of API Integrations
API integration technologies provide many benefits that can drive sales for retailers. The ones that can make the most direct impact are the following:
- Simpler shopping for customers
- Efficient backend operations
- Flexible payment options
Simpler Shopping for Customers
There are a number of website builders, chatbots, shipping, and other APIs that businesses can integrate to make the shopping experience faster and easier for consumers. These ensure that customers have all the information they need to make a purchase and that everything is consumable and easy to navigate.
For businesses looking to convert more through their online stores, API integration technologies can help them take a massive step by reducing friction in the purchase process. These API integrations can also help avoid customer support tickets by offering pre-emptive support and estimates that consumers can count on.
Efficient Backend Operations
While many APIs focus on making the consumer experience easier, other integrations exist to assist the retailer. These include back office CRM software, inventory management APIs, and data-sharing integrations that allow retailers to share valuable data on consumer trends. All of these help retailers organize information, keep track of their stock, and make important business decisions.
Flexible Payment Options
The API integrations that have the most direct effect on sales for ecommerce stores are those that allow businesses to offer consumer financing. Businesses that provide some form of consumer financing see an average 20-30% increase in conversion rate.
There are many fintech providers that offer software platforms like these. The goal for every business is to find the one that can provide the widest variety of financing options to the largest pool of consumers. This means opting for a provider that works with multiple lenders, offers a variety of financing products, and focuses on a fast and easy approval experience.
Luckily, Skeps offers an API integration that does all of this—and more.
Get Started With Skeps
Skeps offers a comprehensive, end-to-end consumer financing program that helps businesses modernize their entire payment process. We go above and beyond one-click payment, also offering a one-click application process for several different types of consumer financing, including:
- Installment loans.
- Consumer loans and leases
- Branded credit cards
If you’re looking to partner with a forward-thinking fintech company that will keep consumers' eyes on the purchase while offering best-in-class financing, Skeps is the perfect fit.