Buy now pay later consumers: more than eight in ten customers would use POS finance when purchasing from retailers
Some interesting new customer behaviour research in this week’s newsletter reveals how buy now, pay later payment options continue to surge in popularity, with more than eight in ten consumers willing to use point of sale (POS) finance when purchasing from SME retailers.
The research from Duologi found that more than a quarter of customers are now asking for POS and buy now, pay later options, when shopping with small and medium sized retailers both in-store and online.
The race to keep up with the rapidly evolving retail sector means that almost one in four SME retailers already offer POS finance options in an attempt to keep up with their competitors. This was highlighted as one in 10 fear bigger retail players like Amazon will steal their customers, as they are able to provide multiple payment options, lower prices and have greater visibility online.
Michael Bevan, CEO of Duologi, said: “There is no denying attitudes to alternative finance options have shifted in recent years, with the research showing the majority of customers now consider using POS finance – a 10% increase over the past two years. It is therefore important that retailers are evolving to meet changing customer expectations.
The issues and challenges thrown up by this report will be examined in detail at our 2020 Customer Engagement Transformation conference next Summer. A date for your shiny new 2020 diaries.