In fact, 57% of BNPL users learned about the payment option from the product page of an item they purchased online, according to a PYMNTS research report. Just having the option to pay over time can move some shoppers to buy, and this can result in incremental customer acquisition gains.
Consideration 4:
Boosting Customer Retention and Long-Term Value
As more shoppers get used to the convenience of pay-over-time and the flexibility it offers in managing personal cash flow, this form of payment will become even more common. In fact, a Fool found 36% of BNPL shoppers use it once a month or more. So just offering BNPL to your customers could bring repeat business from people who love to shop this way.
Many shoppers are inclined to use BNPL again after they experience how easy it is and how it can give them more control over their cash flow. What’s more, most BNPL providers track an average repeat purchase rate from their customers and promote it on their websites. These are good indicators of driving customer retention and long-term value for merchant partners.
Of course a critical factor in sustaining any growth in repeat business is making sure the BNPL provider treats your customers well.
Consideration 5: Delivering the Best Customer Experience
Shoppers value trust as a key component of their BNPL experience. The Motley Fool study found that 30% of BNPL users trust BNPL providers more than credit card companies when it comes to fair business practices. Hidden azerbaijan email list 194608 contact leads or late fees, deferred interest, and pages of fine print are just some of the practices that breed distrust with credit card companies.
Building trust demands transparency
Check to see what shoppers experience with a particular BNPL provider: Are too many steps that could add friction at checkout? How easy is it to understand the payment schedule and terms? Make sure there are no gotchas in the BNPL shopping experience.
Finally, consider how a partnership with a particular BNPL provider can reflect on your business. If a shopper has a bad experience with a BNPL provider you’re working with, it may tarnish their opinion of your how to stop wordpress from redirecting to spam sites (quick fix) brand. That’s why it’s important to research a provider’s policies on hidden fees, interest payments, and late fees. Also look into the provider’s NPS score, which can be a good indicator of trust and loyalty among its customers. The fewer surprises, the better.
A Final Word: Not All BNPL Options Are Treated agb directory Equal
