Retailers must offer Buy Now, Pay Later options to attract customers and boost revenue

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 21, 2021, 5:08 PM UTC

Around 44% of consumers say BNPL is somewhat or very important to determine how much they spend.

Providing customers with Buy Now, Pay Later (BNPL) options can help retailers – especially online retailers – attract customers and increase revenue. But, before choosing a BNPL provider, brands should consider trust along with its features and integrations.

Collaborating with trusted BNPL providers like PayPal can increase consumer trust and boost sales. According to a recent IPSOS study, consumers are 54% more likely to purchase from online stores that offer PayPal.

To further increase sales, brands must highlight their BNPL payment option. Locating where customers drop off and add BNPL language beforehand can help marketers determine the best placement.

Brands should also consider having their design and UX teams test different placements. They can also include a brief description of the BNPL option on their checkout page. Moreover, track KPIs like overall conversion rates, total sales, cart abandonment rates, average order value and customer lifetime value to track success and make adjustments accordingly.

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