Buy Now, Pay Later Boosts Small Retailers
Learn more from OSAE Member Infintech
As the COVID-19 pandemic continues, online retail purchases have been skyrocketing as consumers have shifted from in-person shopping to using eCommerce sites. According to recent data, U.S. consumers have spent approximately $347 billion at eCommerce retailers within the first six months of 2020, whereas they spent $267 billion during the same period of time in 2019.
But who is really seeing the benefits of this windfall? Large retailers, like Amazon, have the infrastructure to keep up with this demand and have seen record sales this year as a result. Small- to medium-sized businesses (SMBs) do not have the same framework and are feeling the weight of increased competition and have fewer resources than their much larger competitors to draw upon. Enter buy now, pay later (BNPL) solutions, which can encourage higher sales and give SMBs a brighter future.
BNPL Helps Small Retailers Stay in the Game
Considering this new challenge, small eCommerce retailers are discovering how to leverage this new BNPL option to not only boost customer engagement and loyalty, but also add to their own bottom lines. Installment payments allow customers feeling the stress of the economic decline to pay off their purchases over time while providing steady revenue streams for small businesses that keep them afloat. And BNPL can help SMBs compete with their larger counterparts with lower price points by reducing the upfront cost.
Please select this link to read the complete blog post from OSAE Member Infintech.