How to make your BNPL business even stronger
According to a recent study, Buy Now Pay Later (BNPL) options at checkout increase average order values by around 45% for retailers that offer them online and in-store. In addition, 44% of shoppers make purchases they might not have otherwise made (Klarna,2021).
Statistics look promising yet, there is a problem. Do your customers know where to find you?
In comparison to credit cards, BNPL services have a low distribution, so your customers are likely to be unaware of this option.
In 2021 Forbes conducted a study, in which the company interviewed BNPL customers. Results showed that users opted out for BNPL at checkout when they heard about a tempting deal.
One of the participants stated that:
“I went to go pay through my credit card and they sent me, ‘If you want to use BNPL, we’ll give you $20 off this purchase.’ That’s all I needed to hear. I ended up just paying the whole thing off anyway! I’m just looking for a deal.”
3 smart ways to reach your customers:
- Basic Geofencing: By using our geofencing solutions, your customers will be able to see which stores offer BNPL services as soon as they enter a mall.
- Store level location: You can inform your customers about your services inside the store.
- Introduce and increase traffic to a merchant partner: Mall IQ allows you to see your customer’s purchase intent, and send deals accordingly. Assuming your customer is looking for athleisure wear, and she has already visited Nike and Adidas. She will receive a notification showing her a BNPL deal from Lululemon, while she is at the Adidas store. With this notification, either lululemon will gain new traffic (if she does not know about the brand) or she will provide new traffic to lululemon.
Easy as ABC !
With Mall IQ, there are countless ways to empower your business with our smart solutions, and we are more than happy to talk more about it!