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Buy-Now-Pay-Later is motivating shoppers to spend more than ever before. Vice President Chris Ventry shared his insights for a CNBC article, “Retailers Bid Farewell to Layaway, as Shoppers Embrace Buy Now, Pay Later Options” on the popularity of these new payment offerings and their positive impact on retail conversion rates.
Chris notes the growing popularity of these payment options explaining that they both “convert a wish into a sale” and “…eliminate the ability-to-pay roadblock.”
He explains how BOPIS offerings are leading to higher conversion rates in the retail world, “For those using debit cards, the potential for an extended interest-free payment schedule through BNPL is enticing, ultimately enticing enough to drive conversion, which is the primary goal of all digital commerce sites.”
Read the full article here.
Chris Ventry serves as a Vice President in the Retail & Consumer Packaged Goods practice at SSA & Company