The Future of Buy Now Pay Later Tools for eCommerce
"Get it now for three easy payments of $19.99." The first infomercial was for a commercial product of Vitamix blender, and was recorded in 1949 broadcast in 1950. And from the infomercial, the concept of paying in installments was born, but does it still work today? Of course, it does. And better than ever thanks to the technology and the increasing ease of use of Ecommerce in general. According to World Pays global payments report, the buy now, pay later industry is set to double in size by 2023. Meaning that 3% of all Ecommerce transactions globally will use a buy now, pay later tool by 2023. This is especially big in Europe, the USA, Canada, and Australia, but it is definitely taking over in a global phenomenon. So let's dive into this thriving market to understand what is in store for the future of buy now, pay later tools.
Key Points
- Buy now, pay later tools significantly increase conversion rates and average order values by offering consumers flexible payment options.
- The younger generation's aversion to credit cards is driving the rapid adoption of buy now, pay later solutions, as they prefer budgeting their expenses over time without incurring interest.
- Testing and optimizing payment options at checkout can lead to higher conversion rates and better customer satisfaction, making it essential for eCommerce growth.
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Transcript
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