BNPL is a revolutionary credit concept that allows shoppers to buy what they want now and pay for it later stated Bahaa Abdul Hussein. Not only is it a customer-friendly measure, but it also benefits retailers who get paid immediately. BNPL has grown rapidly and is going to grow leaps and bounds in the years to come. It is important to know what users think of BNPL to get a deeper insight into it.
Interviews that have been conducted with retailers and shoppers who have used BNPL help in understanding more about it. The experiences of users help us get better insights into this revolutionary concept. Here is a summary of various user experiences based on interviews:
- Both retailers and shoppers are facing problems because of inflation. Increased interest rates make customer think twice before using credit. In such a scenario, retailers report that BNPL has helped in boosting sales.
- Customers who are reluctant to buy because of high interest rates have said they are motivated to make purchases thanks to BNPL. The attractive concept of buying now and paying later without having to pay interest is a customer-friendly measure.
- Many retailers including market leaders have adopted BNPL. They have partnered with BNPL solution providers to offer this facility to their customers. Retailers feel that BNPL will help them increase conversions. Even though they have to pay a service fee, they find this concept beneficial since they get the payment upfront. It allows them to manage their cash flows better.
- Customers have reported that BNPL is not only affordable but also convenient to use. There are no complicated forms to fill. All they need to do is select BNPL and then choose the repayment option on the BNPL app/website. Customers save money in terms of interest payment. They also save on time and effort.
- Retailers have reported that younger customers (Gen Z) have very quickly adopted BNPL. Gen Z shoppers (who love instant gratification) find BNPL to be convenient and gives them greater purchasing power.
- Customers find the overall experience to be better. It makes the process of shopping seamless.
Conclusion
It is very clear that BNPL is a highly customer-friendly concept that has taken the world of online shopping by storm. Interview with users of BNPL show that it has a wide acceptance. Being a win-win measure for retailers and shoppers, BNPL is going to grow in popularity in the days ahead. The article has been written by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com
