With the eCommerce industry growing leaps and bounds in recent years, we’ve witnessed a lot of trends that magnetized buyers in the most creative ways.
Whether you’re planning to upgrade your cell phone or need a new dress for Christmas eve, nobody forgets to explore the eCommerce marketplace for hot deals.
But we’re living in 2021, and just like every industry, the eCommerce industry is exploring new horizons to catch the attention of potential clients to grow further.
Talking about the latest buzz in the eCommerce world, “buy now, pay later” is undeniably catching everyone’s attention. While most of us with a long history of relying on credit cards aren’t really surprised with this trend; people out there are leveraging this appealing payment option.
Let’s discuss this trend in detail and learn how afterpay online stores are becoming the biggest priority when it comes to making an online purchase.
What Exactly is Buy Now Pay Later?
For those who aren’t sure about BNPL, it’s a payment option in which the buyer purchases a good online and decides to pay later on as per their convenience.
Some people consider paying through easy EMI’s while others prefer complete payment settlement but after a couple of weeks or even months.
BNPL is one of the most popular and engaging ways by which eCommerce giants quickly move a diverse range of products out of their inventory.
Afterpay electronics stores along with eCommerce stores offering a huge range of home & office furnishing are providing great deals if you’re considering a purchase through the BNPL payment option.
How does it work?
As a customer, when you purchase through the BNPL option, you agree to the terms & conditions of the eCommerce store and enter into a contract, which depicts that the buyer has to pay for the mentioned good.
The contract also mentions that the party (buyer) is obligated to pay the interest rate (if any) to the company in the future. This entire process is almost similar to that of getting a loan but with some other advantages for the buyer.
As a buyer, you can always choose how your EMI’s would be settled once you are about to begin repayment. Some buyers prefer 3 months easy payments while others explore complete settlement of the payment in one go but after few weeks.
This payment model helps both the buyers and the sellers. The end-user may get the desired product without paying a single penny and on the other hand, the company quickly increases their sale even during tougher market trends.
Also, some BNPL options can only be availed on an eCommerce giant by going through a verification process in which your credit check is performed. This ensures that a buyer is a genuine person with a clean credit record.
Why Buy Now Pay Later is the Ideal Choice for Buyers in 2021?
Unlike conventional credit, BNPL allows you to get the product first, try hands-on, and if you’re satisfied, then you can proceed to payment. It’s one of the most convenient and hassle-free ways of making a purchase online.
Many people find it difficult to trust a product or a specific brand. Buy now pay later allows them to first use the product and then proceed with payments as per their convenience.
Most vendors offer a free trial for the first 14 days. This period is provided just to ensure that the buyer gets adequate experience of the product, and if he/she finds some flaws, or need to try another product, they can simply return the product without making any payment.
So, if you’re also the one with trust issues, or prefer purchasing through the conventional market-like experience, considering an afterpay online store is a great option.
It’s Quick, Easy, & Safe
You need not enter your card details, OTP’s, or internet banking details when you’re considering the buy now pay later option. Just 2-3 clicks and there you go!
Most people prefer quick payment settlement for a flawless buying experience on any eCommerce store, which is perhaps the reason why BNPL is the perfect and easiest choice for them.
Furthermore, most online shoppers are concerned about the safety of their purchase &the potential risk of disclosure of confidential bank details, BNPL is one of the safest modes of online purchase.
So, next time you’re about to purchase your favorite stuff like, electronics & furniture afterpay online, you can be worry-free about three things- time, money, & safety.
The eCommerce industry has significantly provided enough room for the expansion of businesses seeking substantial growth. Both the buyers and sellers can leverage innovative purchasing models like Buy Now Pay Later.
While some options may demand a 2-3% of interest on the purchase; buyers could easily research the internet to find marketplaces and vendors offering free-to-use services that eventually enhance the overall shopping experience.