Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.
General

What Are the Advantages of Providing “Buy Now, Pay Later Furniture” Checkout Options to Your Customers?

Pinterest LinkedIn Tumblr

Buy Now, pay later has made an entryway into the financial world as an alternative to the ever exhaustive Credit System. Today’s youths are easily gravitating towards the BNPL system purely for its easy management and return policies. This system, made especially for consumers, has everything that a customer could ask for.

Having said that, Buy Now Pay later would also work great for merchants. In Buy Now, Pay later options, merchants get the full amount paid to them by the third-party provider as the customers give installments in due time. For any big appliances and items, using Buy Now, Pay later is a great option. 

Buy Now Pay later a Furniture is a great option for anyone who is looking to set up a new house. For merchants and providers, this is space for growing business. Here are different reasons why merchants should employ the use of Buy now Pay later in their furniture business. 

More Sales

People have started to flock towards the system of Buy Now Pay later. They like to employ this technique even in simple items to be bought. In such a case, if merchants use Buy Now Pay later in their checkout, there is a definite increase in customers and sales to come. 

According to reports, places that have employed the usage of BNPL have seen a total of 20% sales growth. Clients who are short on cash due to various different reasons can easily buy something using BNPL options while being committed to their purchase.

BNPL also prepares the customer to shop further in your shop. If everything goes to plan, they might even come back to your store again. 

Builds Commitment

Once people have paid one installment for the furniture they wnat to pay for, it is no doubt that they would like to be committed to the product. They can choose the item to their liking and stick to it without having to worry about anything. By doing this, you are actually empowering the customer. 

Usually, people come to a service for a small term. However, there is a good chance that you gain a long-term customer using this method. BNPL in Furniture ensures that people can rely on your company and service. They can come back to the system whenever they want to. By being able to afford everything with spaced-out installments, they are more committed to your products. 

Lessens Cart Abandonment

Cart Abandonment is one of the biggest problems in any kind of eCommerce business. Even in real life, people often see Cart Abandonment due to lack of funds at the moment or not enough ways of payment. By using BNPL, you can actually diminish the chances of the same. 

BNPL first and foremost diminishes the amount of the product, making it much more affordable. It also makes the checkout process easier, with customers only giving what they can afford. In such a case, it is absolutely plausible for people to continue with their shopping without having to worry about the further expenditure. 

By giving customers a choice of using the ‘Buy Now, Pay later’ option, you ensure that your cart abandonment rate goes down and purchase rate does up. About 6% of all customers have said that the checkout options are not always satisfactory. BNPL, thus, offers a satisfactory checkout option for the people. It is an easy-to-understand and accessible option. 

An Alternative to Credit Cards

Millennials and Gen Z are slowly abandoning Credit cards in favor of other options. After having lived through two financial crises, one going on right now, nobody wants to rely on another debt machine. BNPL offers the way out to the people. 

Its quick availability, lack of credit cut and ease to use make BNPL a great alternative to credit cards. Instead of many rate issues and other problems, customers can just pay what they are capable of going free. Merchants offering BNPL have a higher success rate in their checkout process and are more likely to catch the attention of the newer generation. 

Quick and Easy

The best part about Buy Now Pay later option is that it is quick and easy. There are many third-party service providers who allow merchants to employ Buy now Pay later options with quick ease. 

In case merchants want to employ BNPl without the help of any third-party service provider, that is available as well. It is no big issue. Making the whole system easy ensures that BNPL continues to be a part of the newer generation’s financial lives. 

Though it has a great number of advantages, as discussed below, it would not be wise to do away with the disadvantages of Buy Now Pay later for merchants or shopkeepers. 

If you do end up employing a third-party service provider, it is surely going to be a little expensive. Third-party service providers take about 2-6% of the amount for their own share from the merchants. Since the system is made to cater to the customers, it is inevitable that the merchants would be at the downside of the whole business. 

Installing BNPL on online sites is not easy either. While it may look like an easy-to-do option that can be done away with within a matter of seconds, so is not always the case. For customers, it is a simple process. eCommerce websites need special help to coordinate the whole thing and add the system in their checkout option. It is not an easy task.

Up till now, famous shops such as Conn’s and Bob’s Discount Furniture offer the option of Buy Now Pay Later Furniture. It is yet to hit the big market. Therefore, if you want to employ this method in your own eCommerce site, now is a good time. While it may have its own downsides, Buy Now Pay later is the financial option for the younger generation. To ensure that your brand remains up to do, you should employ the BNPL Furniture option. 

Write A Comment