As an online shopper, you must be knowing this feature called “Buy Now, Pay Later”. Buy Now Pay Later is a payment option that lets users delay their total payments, and allows them to pay in the future whenever they wish. Customers who don’t want to wait until payday can make purchases now and pay for them later by using the Buy Now Pay Later option. This is an option found on all popular E-Commerce sites.
They also offer options for users to pay in instalments. Buy Now, Pay Later is a simple and transparent payment option. However, there are usually late payment fees or interest charges, therefore it is essential for users to review the Terms and Conditions of any BNPL service before proceeding with the transaction.
What are the benefits of Buy Now Pay Later?
1. Increased sales.
Profit is what matters the most in an online store. The store owners experiment with all possible methods to draw in more customers and hence boost sales and profit. Offering this special feature on your online store can guarantee you much more profit. This has become one of the most popular payment methods globally. Cart abandonments can also be reduced to a certain extent by implementing this feature.
2. It is available to a variety of customers.
Customers can complete checkout even if they are still awaiting this month’s salary because of this flexible payment option. As a result, the sales and conversions of your online store will increase heavily.
3. Easily Attract New Customers
By accepting BNPL, you can improve the reputation of your store. According to studies, the number of people using this special feature is very large, especially the youth. Also, consider including a BNPL service in your checkout process if you want to draw in a younger customer base. This can also improve customers’ loyalty towards your store.
4. Encourages customers to buy expensive products
Whenever a user sees an expensive product they think twice before making a purchase since it includes a huge amount. BNPL option can be very useful for these people. They have the option to get the product now and pay later conveniently in instalments. This can increase the sale of costly products that you offer in your store.
Buy Now, Pay Later is an alternative and flexible option that you can offer your customers for a better shopping experience. As BNPL is gaining more popularity among online shoppers, retailers and stores that do not offer BNPL as a payment option risk falling behind their competitors. BNPL gives your E-Commerce store and its customers greater purchasing flexibility.
You need to know what kinds of products you want to offer, how much you want to charge, and most importantly, who your target consumers are before you can find the best BNPL provider. If handled well you can procure better profits from this strategy.
Our team of E-Commerce development experts in Dubai are capable of creating a tailor-made store for your business and marketing it efficiently to reach a wider audience. Contact us to know more.