Rapid digitization and the growth of consumerism have led us to enter a new era of innovation and creative problem-solving. With rising inflation and the glaring flaws of the formal credit system, consumers have often found themselves on the receiving end of numerous shortcomings. Still, with the 'shop now pay later' paradigm, this situation is slowly changing for the better. With the birth of such a mechanism, more users are making the shift, and retailers are also encouraging shoppers to make use of such payment systems. Moreover, newer players have been entering this market at a steady pace, thereby offering better and more convenient services to shoppers across the globe.
How the ‘shop now pay later’ movement is redefining shopping
A few years ago, the idea of purchasing a product without having to bear the cost of it would have been a distant dream for most of us. The rigorous process involved in accessing credit has often thrown us curveballs that seem quite unmanageable. However, fast forward to today, and almost anything seems possible. Virtual interfaces that let you complete your shopping experience with the press of a few buttons and a sound bank balance have completely transformed the shopping experience for users. Shoppers simply need to make a fractional down payment, the rest of which is taken care of by the lender. You can then pay later, through a mode of your choice. Retailers, too, have benefited from this through increased sales and better customer loyalty.
Improve your shopping experience
Research often shows that numerous eCommerce retailers end up losing a significant chunk of their user base if they cannot provide them with the payment systems in demand. As a result, most store owners are waking up to this reality to cater to the requirements of customers and provide them with pay later facilities. Not only does this help with user retention, but it also contributes to the improvement of the overall experience for the shopper. This is because the buy now pay later online facility is a highly convenient affair and provides users with a seamless transactional process.
Never miss out on your favorite product again!
Most of us find ourselves scrolling away on our favorite eCommerce platforms, never to buy the products we add to our wishlists. With rising living expenses and other obligations, it often seems prudent to reduce retail therapy to mere wishful thinking. However, with the shop now pay later mechanism, shopping for expensive items is longer out of your reach.
You can heave a sigh of relief, add as many of your treasured products to your cart, and check them out as well since you will not have to shell out a monumental amount of dollars for them. Here are the steps to follow to buy those products right now, instead of never looking back at them again:
- Head over to the eCommerce platform of your choice and add as many of your sought-after products to your cart. Be it a smartphone or a pair of luxury boots. They are all within your reach!
- While checking out the product, click on the shop now pay later option, which will direct you to the interface of the BNPL app that the eCommerce platform has partnered with.
- Once you have been directed to the right payment gateway, you will be required to enter a few personal and banking details in order to complete the verification process.
- Having been verified, you will only be required to make a small down payment, and for the rest of the amount, you have to choose a repayment scheme that is convenient for you. This will involve picking the mode (such as credit cards, debit cards, etc.) and the duration (monthly, weekly, etc.).
- Following this, you can either set the repayment scheme to the manual or automatic mode and preferably set ample reminders to help you make the payment on time.
- After this, all that is left to do is wait for your package to arrive so that you can don those treasured products with plenty of flair and gusto!
We all know what it is like to look at a product and fantasize about an idyllic world where that could have been yours. Fortunately, this is no longer an idealistic reality with the pay later system. With a few simple steps, you can bring any product of your choice to your doorstep. Moreover, with more eCommerce platforms launching their own version of the shop now pay later system, the shopping experience is only set to become increasingly seamless. So, what are you waiting for? Log in to your favorite digital store and purchase the item you have had your heart set on for all this time!
