Retailers are quickly embracing buy now, pay later (BNPL), which allows their customers pay for purchases in four equal, interest-free payments. Here’s what they are saying about this new payment option.
Big retailers lead the way in BNPL adoption and that should tell you something. Like they say, “follow the smart money,” and other retailers are. Among businesses three years or younger, 37% currently accept BNPL.
The #1 reason retailers offer BNPL is to increase sales followed by consumer demand for more convenient payment options and to boost average order value (AOV) – and it’s working!
- 50% of merchants reported an increase in overall sale
- 38% benefited from higher AOVs
And their hunch was spot on: 91% of retailers seen increases in at least one key metric after offering BNPL both online and in store.