Tips for online shops:
Consider introducing the BNPL payment option: Especially if online shops target a young audience.
Make sure to choose a stable BNPL partner: The partner should be prepared for economic challenges.
Keep an eye on regulatory changes: BNPL is still a relatively new and unregulated payment method. However, this could change.
2. Offer the right payment methods
Companies are expanding their payment options to meet customer demands for digital payments, both contactless in-store and with flexible options online. In 2021, 38% of retailers said they had expanded their digital payment options. And that's urgently needed.
The importance of offering popular payment methods becomes clear whenuk telegram data we look at how many of the consumers surveyed cancel the purchase process or look for the desired product in another shop if they cannot complete the payment process using the payment method of their choice.
15% of the participants surveyed said they would cancel the payment process and not buy the selected product if their preferred payment method was not available and 22% would look for the product in another online shop. 2% would contact the shop to find a solution. The remaining participants (61%) would buy the selected product using a different payment method. If the online shop does not offer the right payment method, it risks losing 37% of its customers.