If you're an online shopper you've likely seen an item or two with its price followed by the option to pay in instalments at zero interest. Several companies offer a buy now pay later (BNPL) payment option. This is now making its way into the home industry. Why is BNPL a good payment option? People are likelier to buy the item they want if it feels like it costs less. Buy now, pay later companies allow consumers to access the item immediately rather than once the bill is paid off. Hence, consumers purchase what they like without worrying about the cost. This is especially relevant now, at a time of remote work and job loss. Buy now pay later furniture is a new addition. People can now buy a $5000 sofa for less than $200 a month. Apart from this buy now pay later furniture has other advantages, which will be discussed below. Advantages of buy now pay later furniture
1. Improve the shopping experience Buy-now-pay-later is a payment plan with different benefits. Merchants can provide maximum flexibility for their consumers by offering multiple instalment payment choices just as they would accept Mastercard, Visa, and AmEx. 2. Reduce cart abandonment As the online cart abandonment rate is quite high, companies have to take steps to make the buying process easier for consumers. Instalment payments can lead savvy consumers to make favourable calculated decisions on affordability at the point of sale. 3. Make larger sales Upgrading to a more durable mattress, appliance, or piece of furniture may not be possible for many shoppers especially in an environment of widespread economic uncertainty. But when this upgrade only costs $20 or $50 per month, consumers can easily buy the product. 4. Build brand loyalty Instalment payment options allow retailers and customers to align across their financial values like adhering to a budget, avoiding debt, and increasing their purchasing power. With the right solution, they are also helping customers build a positive credit history while earning rewards from the credit card provider.
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Allison Janney is a Sales & Marketing Manager at ChargeAfter. She would like to share content on Finance Industry like Point of Sale financing, Buy now Pay later, consumer financing & Ecommerce financing for valuable reader. |