A buy now pay later app is gaining momentum in the digital era. Shopping is a popular hobby around the world. People who need something new go shopping or looking to upgrade their wardrobe visit a mall. One thing that comes as a hurdle is an amount that a customer has to pay while checking out.
The issue has now been adjusted. A customer no longer has to worry about settling the bill immediately. With the pay later option, a customer gets 15 days to settle the bill. This comes with no added interest. A customer can even opt for a no-cost EMI option. This would allow him or her to pay the amount over a specific time.
How Does Pay Later Option Make Shopping Easy?
The option to pay later is trending because it makes it easier for a customer to shop their favourite items. This widely depends on who has partnered with the platform. Here are a few ways in which it becomes easier for a customer and a retailer to work with pay later.
1. More Conversions
Whether online or offline, a cart is abandoned if the price reaches the peak of a customer's limit. The issue is more common at the end of the month. A customer may be a week away from getting the salary, and yet he or she has to abandon shopping due to less availability of finance.
The retailer loses the business, and the customer regrets not being able to buy the product. The option to settle the bill later acts as a win-win scenario. The customer is able to make the purchase, and the retailer retains the business.
With an easy to pay no-cost EMI option, there is no hesitation to go beyond the current limit and fulfill the desire of owning a much-awaited product.
2. High Lifetime Value
Gen Z prefers to go back to the shop that offers the best value. The pay later option attracts the newer generation, making them lifetime customers of a retailer. With repeated visits, customers are more prone to get better deals from the retailer, and the buy now pay later app.
Customers are likely to trust a retailer that offers the option to pay later. Trust works both ways, but retailers get an upper edge if they showcase a higher level of trust.
Since not every retailer partners with the platform that offers the option to buy now and pay later, a few retailers who do partner with the platform get ahead in the competition.
3. Better Reach
One thing that drives a customer to the store is the number of payment options that the retailer offers. Putting a board saying that the store only accepts cash would drive away the customer instead of attracting him or her.
Different banks offer promotions on their different payment methods like internet banking, debit card, and credit card, to name a few. Customers like to avail such promotions to save money.
Similarly, the pay later option offers the convenience to pay within the predetermined time limit. It is hard to not fall for such types of convenience.
4. Enhanced Experience
The payment behaviour of a customer used to be predictable before the era of digital payment. Things have changed now. Even though the behaviour is still predictable, it is a bit hard to determine what mode of payment a customer would prefer.
The general idea is that a customer prefers the mode of payment that offers him or her convenience. This drives the kind of experience that a customer has while shopping. The shop now pay later option enhances the customer's experience as it offers the convenience of paying anytime later in the future.
There is no compulsion to settle the bill on the spot. Such a facility is often ranked much before rewards and schemes offered by a retailer.
5. Part Of A Trend
This is an indirect way in which shops now pay later makes shopping easier. Going with the trend gives an advantage of guaranteed offers along with wide acceptance. The UPI payments were a rare instance. Their popularity has exploded, with every retailer accepting it as a mode of payment.
From a personal perspective, it saves a customer from being left out of the trend. No one likes to dig into their wallet when everyone is scanning a QR code to opt for the pay later option.
There is no pitfall to the option of settling the bill later. The method goes way beyond its capacity by not charging any additional interest or cost on the sum that is due to be settled.
Shopping is fun with everyone. The shop now pays later to take it up a notch. This works in favour of the customer as well as the retailer.
Download the LazyPay app, get your credit limit and enjoy making those purchases like you never have !!!