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Buy-now-pay-later offerings are growing in popularity amongst consumers and retailers alike. Vice President Chris Ventry was featured in “Making the Most of BNPL: How Education and Total Cost Transparency Can Lead to Bigger Baskets,” a special report by Retail TouchPoints. He looks at how BNPL technology encourages consumers to spend more and transforms the way many think about shopping.
BNPL has changed the retail experience for shoppers and retailers alike. Chris explains how the technology has enhanced consumer’s buying power telling Retail TouchPoints, “Many consumers have a set budget for each shopping visit, and this budget may not always align with actual need. For one off-price retailer we’ve advised, the customer always came into the store and spent about $40, and frequently the purchase satisfied just one or two family member’s needs. With BNPL the customer can bring forward next month’s purchase today and still not break the $40 budget.”
Increased buying power on the consumer end leads to increased sales for the retailer. Chris explains, “BNPL assists with conversion, and can help increase the units in the basket. This is especially true when there is a free shipping threshold. Adding that extra item into one’s cart can help qualify for free shipment. Couple that with an extended time period to pay, and the retailer converts a wish into a sale.”
Read the full article here.
Chris Ventry serves as a Vice President in the Retail & Consumer Packaged Goods practice at SSA & Company