![]() To help you in your quest, here are some popular BNPL providers you should explore: Armed with this information, you can make informed comparisons between BNPL providers in terms of monthly costs, commission (almost all providers take their cut of your BNPL sales), and features. In addition to understanding your customers, you should look at your business budget as well as your key commercial aims. Do know your providersīefore you make a firm commitment to a buy now, pay later provider, you should consider who your customers are concerning behaviors, buying preferences, and most importantly, demographics. To help you ride the crest of this ever-growing ecommerce wave, here are the do’s and don’ts of offering buy now, pay later. It’s clear that shoppers across age groups are hungry for BNPL payment options. Related: How to start an online store in 3 steps The do’s and don’ts of offering customers buy-now-pay-later services Who is using BNPL services?Īccording to StartUp Talky, here are the percentage of online shoppers that actively use buy-now-pay-later services according to age group: WiseStack, for instance, has recently secured a whopping $45 million investment to develop its service. And, to tap into this most fruitful of markets, the likes of PayPal are now offering BNPL services to businesses while innovative new buy-now-pay-later providers are emerging from the digital woodwork. Not only can BNPL help you earn more sales and build trust, but it can also increase your average order value (AOV) by up to 33% (which means even more revenue).Īs this ecommerce phenomenon continues to rise, an increasing number of established brands including the likes of Walmart, Adidas and Etsy are offering buy-now-pay-later options to their customers. The ability to use a buy now, pay later app to casually purchase goods or services anytime, anywhere, with minimal friction (and little or no interest included) is enjoying its time in the sun. But, coupled with increased flexibility and digital functionality, BNPL is a potent sales-driving force. ![]() The concept of credit or paying for something in installments isn’t exactly new. Rather than paying upfront, they agree to make a certain number of payment installments over a set period. The BNPL payment model is fairly straightforward, which is one of the big reasons for its popularity both from a business and shopping perspective.Ī customer buys an item or service at your checkout, using a buy now, pay later app. Here we explore the BNPL model and look at ways you can use it to your business-boosting advantage. Whatever your niche, your customers will expect you to offer a BNPL option - and as more shoppers take advantage of these services, by embracing the crest of this rising wave, you will enjoy an increase in sales. The BNPL payment model has seen a meteoric rise in popularity over the past year or so with a 2.1% overall market share(pretty impressive for such a new offering). But to win big on today’s commercial battlefield, taking advantage of “buy now, pay later” is essential. There are plenty of checkout choices to consider as an ecommerce business owner. ![]() Offering your customers more payment options will increase your sales while building trust. ![]() ![]() One of the fastest-growing payment options is “buy now, pay later” (BNPL). Since the world has become increasingly digital in response to the COVID-19 pandemic, consumers command more freedom and flexibility than ever before - payment options are no exception. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |