Buy Now, Pay Later (BNPL) is a point-of-sale financing solution that’s gained popularity in the last decade, especially with Generation Z stated Bahaa Abdul Hussein. They’re proving to be a successful payment model for consumers wanting to escape exorbitant credit card fees and complexities of obtaining loans. They’re solving a lot of problems that consumers are facing in the era of e-commerce. A study by Baymard Institute found that 70% of online shoppers add products to the cart and leave it without ever completing the purchase. BNPL is an effective tool meant to solve such issues for digital marketers in order to improve revenue and reduce the risk of debt for customers.
How BNPL has changed the game for online shopping
BNPL methods like Apple Pay Later, Quadpay, Openpay, Tabby, Paytm and Atome have paved the way for a stress-free shopping experience. If you are run an e-commerce site, integrating BNPL solutions into your business is the need of the hour.
Flexibility of purchase
Consumers of today have no patience and want their shopping experience to be quick, straightforward and hassle-free. By incorporating BNPL options into your sites, you will be employing the latest payment methods to attract new gen customers.
Boosting sales
BNPL payment solutions work in favor of both the business and the consumer. You will be getting a steady flow of income in the coming months and the customer is also able to purchase what they want right away. This boosts revenue in the long run and also increases customer satisfaction.
Analysing customer purchase patterns
Using BNPL payment methods on your website will give you a good picture of consumer behaviors. Running analytics will also help in identification of key areas where consumers get stuck in making purchases, how many prefer BNPL and so on.
User-friendliness
When BNPL is compared with other payment methods, it is undoubtedly the easiest and fastest vehicle. Make sure you accept all popular BNPL payment services like PayPal, Klarna, Sezzle and so on.
As an online business, one of the biggest areas you can focus on to stay up to date with consumers is adopting all the trending digital payment services. This includes using BNPL payment methods that are emerging as a trailblazer in promoting consumer loyalty and increasing turnover. This will attract new consumers and also keep the old ones coming back.
It is also important to do this in order to compete with major retailers like Amazon who have their own internal BNPL payment systems. The article has been authored by Bahaa Abdul Hussein and has been published by the editorial board of Fintek Diary. For more information, please visit www.fintekdiary.com.
