There was a time when you wanted to buy something but didn’t have money to pay for it. Don’t worry we all had faced this kind of issue before but with new payment methods, you can pay for your product later. Buy Now Pay Later is a simple technique that provides customers with a friendly way to shop. E-commerce websites are using this simple idea to improve their sales and customer loyalty. This isn’t a new form of payment method if you are purchasing something that will surely affect your pocket and you want to pay for your product later this is the best way for you to make your purchase. But what exactly is BNPL? How exactly it will help the e-commerce website to get more revenue if the customer is paying for the product later? Well, there are ways of payment in Buy Now Pay Later (BNPL). You have to pay for your products in installments within a given time period which you can decide at the time of purchase. There are basically 3 types of payment methods you can choose in BNPL.
Full payment within 30 days with no interest, short term installment with no interest, short term installment with a price difference but no interest.
You can choose any one payment method which is best for you and your pocket. All the payment methods have their benefits. But there is still the big question of how e-commerce websites will have any good impact on their business? This provides the customer’s flexibility while purchasing any product and businesses are winning the trust of their customers with the BNPL method. This also increases the sales of any business. A lot of people are buying so many things at a time and want to pay them later this will greatly affect the business sale by a fraction. Customers find it easy to pay as they won’t have to pay an extra penny even after if they are paying for the product months later and companies are increasing their sales with this method which will attract more customers to buy from their e-commerce website.
Let’s look into some of the benefits if your E-commerce business is offering a Buy Now Pay Later option.
Develop New Customers
The young generation might not be using a credit card and they are the ones who are expanding the most of their pocket these days on buying different products. And if your business is providing this Buy Now Pay Later option you will surely attract those customers who are buying every day and wants to pay for their products later. You can reach new customers as more people will find it flexible to pay for their products. And if your business is not providing this payment method then you may be losing a lot a customer just because they can’t pay for their product later. Most of the purchase people do are either pay with their credit cards or BNPL option. But the amount of customers who are paying using a credit card is very less as compared to those who are choosing the BNPL option. In this case, you do be looking for more payment options other than just using a credit card so here is how BNPL will help you to generate more sales and increase your daily customers.
Increase Conversion
You may have added so many products to your card just to check the total amount you have to pay and when you see that your total amount exceeding your pocket you decide to leave your cart empty. This is common with most of the customers who want to buy something trendy but had to leave the product just because it will make their pocket upset. Here is how Buy Now Pay Later will make your customers happy if you are proving to them with this payment method you don’t have to worry about the cart been left empty. If your e-commerce business is letting the customers buy their products now and pay for it over a period of time, then you will see a significant decrease in cart abandonment. Your customers can buy all the products they added to the cart and by selecting the BNPL option you will help them to pay for it later this will increase your conversion.
The young generation might not be using a credit card and they are the ones who are expanding the most of their pocket these days on buying different products. And if your business is providing this Buy Now Pay Later option you will surely attract those customers who are buying every day and wants to pay for their products later. You can reach new customers as more people will find it flexible to pay for their products. And if your business is not providing this payment method then you may be losing a lot a customer just because they can’t pay for their product later. Most of the purchase people do are either pay with their credit cards or BNPL option. But the amount of customers who are paying using a credit card is very less as compared to those who are choosing the BNPL option. In this case, you do be looking for more payment options other than just using a credit card so here is how BNPL will help you to generate more sales and increase your daily customers.
Increase Conversion
You may have added so many products to your card just to check the total amount you have to pay and when you see that your total amount exceeding your pocket you decide to leave your cart empty. This is common with most of the customers who want to buy something trendy but had to leave the product just because it will make their pocket upset. Here is how Buy Now Pay Later will make your customers happy if you are proving to them with this payment method you don’t have to worry about the cart been left empty. If your e-commerce business is letting the customers buy their products now and pay for it over a period of time, then you will see a significant decrease in cart abandonment. Your customers can buy all the products they added to the cart and by selecting the BNPL option you will help them to pay for it later this will increase your conversion.
Happy Customer Happy Sale
It is very important to make your customers happy to increase your sale. You need to win the trust of your customers and build loyalty. Your customers will only buy a product from your e-commerce website if they think you are providing them a way to pay in the future and they can trust in your products. There are many factors which will affect your sale and your customer. Most people don’t buy a product because they found the product expensive or they don’t have a better payment method other than card payment. Your business needs to expand the ways through which they can make a customer happy and a flexible way to pay for their product. Your ultimate target is to generate more sale from your customers and if more customer buys a product from your e-commerce website then surely you are proving them a new experience of shopping. Offering the BNPL option will help your customers to buy more products at the time of buying and pay later for all the purchases later this will make your customer happy and will grow your sales.
Increase Payment Methods
Most customers are looking for different modes of payment while buying a product from you. In this case, if you stick with the same old paying method then you are losing most of the customers. This is a world of the new generation who believes in shopping every trend in the market even if they don’t have a lot of money at the time of buying. If you are providing them with a lot of different payment methods, you will attract a wide range of customers to your e-commerce website who are looking for different payment options. Buy Now Pay Later is a very user-friendly way to increase your business revenue and provide the customers with a new and flexible payment method. As the customer demands are increasing every day you need to make your customer happy with each purchase they are making. For this, you need to provide them with different types of shopping methods to accelerate your sales.
E-commerce is a growing platform and more people are buying and selling things online in this case you need to look for better ways on how you can improve your business that will satisfy your customers with each new purchase they are making. Buy Now Pay Later can hugely affect the ways of purchase people are making every day. And with the rapidly growing business market, you are giving your customers a new experience. A bad payment option can highly impact your shopping experience for the customers and will leave your company a bad reputation. Even a small e-commerce business can apply this method to increase a large number of sales for their new customers. As more customers will visit your website and will buy products you also need to provide them different ways of payment methods to help your customers make a friendly shopping experience. Paying in installments can help your customers to buy more products from you and they don’t have to worry about money at the time of buying.
