Buy Now, Pay Later Goes Full Circle With Re-Focus on In-store Transactions
Catching on first in eCommerce, buy now, pay later (BNPL) is working its way into physical stores as shoppers venture out more and seek affordable ways to pay when they do.
With a few years of BNPL experience and data to work with, players in the sector are recognizing the retail benefit installments represent, be it higher sales or increased loyalty.
“Shoppers are looking for great products, they’re looking for great experiences, and they’re doing that agnostic of channel,” Janessa LaCombe , senior program manager at Sezzle , told PYMNTS.
Punctuating her point, LaCombe said that Sezzle’s underlying merchant sales (UMS) for in-store purchases rose more than ninefold year over year in the fourth quarter and that in-store sales accounted for 10% of total UMS in December.
“It’s growing exponentially as consumers continue to want service on their terms,” she added.
That applies as much for the financially worry free as it does for those who are struggling financially. PYMNTS research found that “financially secure consumers who use BNPL see it as a tool for improving their buying power,” with 59% of worry-free consumers who use or would like to use BNPL seeing it “as a payment option that makes them more likely to shop” in stores offering it.
Get the study: Why Financially Worry-Free Consumers Still Want Alternatives to Traditional Credit
70% More SMBs Go With BNPL in Past 60 Days Acknowledging that most sales still happen in brick-and-mortar stores and not on eCommerce sites, LaCombe said that onboarding new physical merchants is “one of our top priorities as a company.”The Sezzle Virtual Card powers in-store purchasing for the BNPL platform, offering consumers and merchants that accept the payment method tap-and-go installments capability. Moreover, LaCombe said she sees it as part of the fully formed omnichannel strategy that all merchants now need.“Making […]
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