Buy now, pay later (BNPL) adoption is growing into a wave retailers can’t afford to miss. The total number of BNPL users is expected to exceed 1.5 billion in 2026, compared to 340 million in 2021, according to Juniper Research. However, retailers will need to ensure that they offer a convenient overall experience around their BNPL offerings. Guiding curious shoppers and adjusting operations to maximize the potential of this payment option will require retailers to rethink how they look at payment.
Key strategies retailers should consider include:
- Educating the shopper: Shoppers may not be familiar with BNPL, which can lead to frustration if they’re hit by fees, but offering total transparency up front can encourage larger purchases;
- Making use of BNPL’s unique benefits: The technology can go beyond payment flexibility to become a way for shoppers to reach shipping thresholds or make their money back on the resale market;
- Adding BNPL to your payment ecosystem: Making BNPL part of a seamless payment ecosystem can enhance the brick-and-mortar experience, provided retailers can keep payment data safe; and
- Expanding the appeal: BNPL is currently most popular with younger shoppers, but opportunities exist to expand to other demographics and product categories.
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