You might have been familiarised with the term, buy now pay later. This article will look into the ecommerce buy now pay later marketing strategy.
What is meant by Buy now pay later?
Buy now pay later (BNPL) is a payment option that you can choose when you buy something. Instead of paying the full price at once, you can pay in instalments without any interest. BNPL companies pay for your purchase and you pay them back in installments.
To use BNPL, choose it as a payment option when you check out. Then, select a repayment plan, such as biweekly or monthly, and complete your purchase. You’ll pay the company in instalments, and there is no extra cost if you pay on time.
The benefits of using BNPL include an easy checkout process, more customers for retailers, and increased sales and revenue. It’s a good option if you want to buy something but can’t pay for it all at once.
Buy Now Pay Later Marketing Strategies
Now that you have known about what BNPL is, now let us move on to the marketing strategies of the same.
1. Finance on higher end
Customer buying a product on online shopping looks for a variety of things. But some products come under their budget but some may exceed their plan. So in order to satisfy their needs, customers can buy a product and then pay for it later through instalments. This can be done by many private ecommerce buy now pay later companies.
The main reason to get things at once is that most people find a product to be higher in price. but they might need the product for them. So there comes the buy now pay later option as a saviour to the customers. And you can use this buy now pay later marketing strategy for your ecommerce platform as well.
2. attractive payment option
Yeah, it is more likely an attractive option than credit card payments and debit card payments. Customers love to get a product they like in instalments and never know that they paid such a huge amount when they pay in instalments.
Unlike credit card payments, in this, there will be no other extra fees you have to pay for the product. However, compared to credit card payments BNPL seems to be an easy and good financing solution.
3. Convenience payment option
Customer satisfaction is the utmost need of the hour. And ecommerce retailers are looking for ways to increase the user experience and also increase the convenience of shopping in many ways possible. One such way is a convenient payment option.
Unlike other ways of payment with this, you can purchase your needs and pay for the products with ease and convenience. Many people have lots of issues but that doesn’t mean they should not buy products that they can’t afford in a single payment. With a buy now pay later marketing strategy.
4. Increase Sales
With a buy now pay later marketing strategy, you can increase your sales which will simultaneously increase your revenue as well. As many people can buy things with the help of this you can now increase your sales. And this will also increase your average order value as well.
It is obvious that many people abandon their shopping cart after seeing the payment options. But however, with a buy now pay later marketing strategy you can now make many people buy the product. Reports say that people get more things with the BNPL option than credit or debit card payments.
5. Customer Loyalty
With a buy now pay later marketing strategy you can increase your customer loyalty. As customer knows that you will be there for your shopping anytime with your BNPL option.
People can rely on your shopping site, as you provide easy shopping and you can be the best option for familiarity with your ecommerce business and this will bring great customer loyalty. Having customer loyalty is the best and you can generate a lot of profits with this step.
You can implement this marketing strategy as one of your advantages. Because there are many competitors in this field if you want to stand out of the crowd and make the customers choose you over others then you must use the buy now pay later option for your ecommerce business.
As many ecommerce companies are looking out for imbibing this idea, chances are you might get into this. If you wish to generate more sales, and also make shopping easy for your customers then you can choose this easiest option.
If your customers are looking and opting for buy now pay later then you must also include it for your business. Use this to avoid customers as they need to offer different payment options. So choose wisely and choose the best for your business.
Trust is something that you should offer irrespective of the business you do. People love the brand and name of the company first for its quality and trust. If they trust your products and services, you can assure them that they will be your regular customer. You can offer trust through BNPL as you trust your customers that they will pay for your products as you trust in them and give the products. This will build trust in both sides and that is the success of any business can hold on to.
If a customer really likes your product and they trust you then they will surely tell about your brand to others and refer to others. They believe in their words and trust your products and make purchases. Do you see how this works? Yes, it is a like a cycle that builds on like a loop increasing your customer base and also your brand’s trust.
These are the Ecommerce Buy Now Pay Later Marketing Strategies that will be useful for your businesses. You can use all these marketing strategies for your ecommerce business which will enable your business revenue and profits.
What is meant by Buy now pay later?
Buy now pay later is a payment option that you can choose when you buy something. Instead of paying the full price at once, you can pay in instalments without any interest. BNPL companies pay for your purchase and you pay them back in installments.