Convenience Is Key in an Evolving Retail Landscape
Posted: Mon Feb 17, 2025 8:49 am
Speaking of change, today’s consumers demand convenience. It is not enough that retailers offer what they’re looking for in a shopping experience — they have to make it easy, too. A third of BNPL shoppers said they would have abandoned their cart entirely if BNPL wasn’t an option at checkout.
Credit cards have terms that are confusing to understand, with surprise fees and and interest rates that are subject to change. Shoppers increasingly view them with hesitancy and a wary eye.
BNPL services, on the other hand, are straightforward and easy to understand. Shoppers pay for their purchases in four equal, interest-free installments over a period of several weeks, with no hard credit check. In other words, BNPL offers the convenience that customers demand.
Seamless Swiping From Site to Store
The future is omnichannel. Retail TouchPoints reports 90% of retailers overseas chinese in uk data expect to offer Buy Online/Pickup In-Store (BOPIS) by the end of this year, and 87% plan to support mobile point-of-sale (POS) devices. According to Retail Dive, online digital wallet use rose to 35% last year, and nearly doubled for in-store shoppers.
These trends tell us that the choice of checkout is no longer twofold. In addition to the traditional online and in-store options, today’s consumers expect to check out on your website, at your store, from their car, and through your Instagram shop. Retailers need a solution that flexes seamlessly between these solutions. That’s BNPL.
Many BNPL services are set up to support omnichannel commerce. For example, Quadpay doesn’t require any additional code changes or integrations with a POS. Shoppers can simply scan a QR code to download the app, and check out using a credit card or their preferred digital wallet.
BNPL Lifts Conversion and AOV
BNPL does a lot to move the checkout experience into the future, from the convenience it offers shoppers to the omnichannel support it affords retailers. How do all those benefits translate to ROI? Very well, according to the data.
BNPL positively impacts both e-commerce conversions and AOV. The average Quadpay partner merchant enjoys a 20% lift in conversion and topline sales and a 60% increase in AOV. In a holiday report from CNBC, half of shoppers (48%) said BNPL enables them to spend 10% to 20% more than they can using a credit card alone. In a survey by Forbes, that number was as high as 40%.
Because BNPL enables shoppers to pay in multiple installments over time, they can budget their purchases accordingly. Despite a common misconception, the majority of BNPL shoppers actually have enough funds in their bank account at the time of purchase to cover the full cost, with roughly half having five times more than the total purchase price at their disposal.
BNPL shoppers choose to use BNPL for a variety of reasons: They want to be responsible with their finances. They like the convenience. Or, like nearly 30% of Americans, they may not have a credit card.
Further, because the payments are split into smaller installments, the overall cost seems more manageable. This may make shoppers more receptive to add-ons and upsells at checkout, further increasing AOV for e-commerce stores.
Credit cards have terms that are confusing to understand, with surprise fees and and interest rates that are subject to change. Shoppers increasingly view them with hesitancy and a wary eye.
BNPL services, on the other hand, are straightforward and easy to understand. Shoppers pay for their purchases in four equal, interest-free installments over a period of several weeks, with no hard credit check. In other words, BNPL offers the convenience that customers demand.
Seamless Swiping From Site to Store
The future is omnichannel. Retail TouchPoints reports 90% of retailers overseas chinese in uk data expect to offer Buy Online/Pickup In-Store (BOPIS) by the end of this year, and 87% plan to support mobile point-of-sale (POS) devices. According to Retail Dive, online digital wallet use rose to 35% last year, and nearly doubled for in-store shoppers.
These trends tell us that the choice of checkout is no longer twofold. In addition to the traditional online and in-store options, today’s consumers expect to check out on your website, at your store, from their car, and through your Instagram shop. Retailers need a solution that flexes seamlessly between these solutions. That’s BNPL.
Many BNPL services are set up to support omnichannel commerce. For example, Quadpay doesn’t require any additional code changes or integrations with a POS. Shoppers can simply scan a QR code to download the app, and check out using a credit card or their preferred digital wallet.
BNPL Lifts Conversion and AOV
BNPL does a lot to move the checkout experience into the future, from the convenience it offers shoppers to the omnichannel support it affords retailers. How do all those benefits translate to ROI? Very well, according to the data.
BNPL positively impacts both e-commerce conversions and AOV. The average Quadpay partner merchant enjoys a 20% lift in conversion and topline sales and a 60% increase in AOV. In a holiday report from CNBC, half of shoppers (48%) said BNPL enables them to spend 10% to 20% more than they can using a credit card alone. In a survey by Forbes, that number was as high as 40%.
Because BNPL enables shoppers to pay in multiple installments over time, they can budget their purchases accordingly. Despite a common misconception, the majority of BNPL shoppers actually have enough funds in their bank account at the time of purchase to cover the full cost, with roughly half having five times more than the total purchase price at their disposal.
BNPL shoppers choose to use BNPL for a variety of reasons: They want to be responsible with their finances. They like the convenience. Or, like nearly 30% of Americans, they may not have a credit card.
Further, because the payments are split into smaller installments, the overall cost seems more manageable. This may make shoppers more receptive to add-ons and upsells at checkout, further increasing AOV for e-commerce stores.