Buy Now Pay Later has gone mainstream
In the last couple of years, Buy Now Pay Later has become an absolute must-have for any eCommerce business. The trend intensified during the COVID 19 pandemic with households needing greater budget flexibilities and Fintech companies offering very attractive and convenient ways to pay for purchases. Read our full BNPL review.
Why is Merchant adoption growing so strongly?
Although merchants are the ones who foot the bill at the end of the day, they are still finding multiple advantages to the BNPL model. Offering BNPL boosts a number of key eCommerce metrics such as:
- Improved Checkout Conversion by an average of 20%*
- Increased Average Order Value (AOV or Basket size), by 18% to 60%*
- More Return visits, purchases and loyal customers (driving uplift in Customer Life Time Value)
- Better customer acquisition as BNPL brands provide exposure to their millions of consumers
How to choose your Buy Now Pay Later vendors?
Although consolidation is happening through multimillion-dollar acquisition, there is still an overwhelming choice for merchants who want to offer this new way to pay.
Not all regions are equal in terms of BNPL offerings. For instance, Australia is a pioneer in this market segment, offering the largest number of solutions, whereas DACH Regions are more conservative and already tied to Klarna who acquired Sofort several years ago.
So, apart from the markets they operate in, what are the key differences between Buy Now Pay Later Solutions?
- Fee structure and terms & conditions (both for consumers and merchants)
- The number of consumers they can market to
- The demographics and vertical preferences of their consumers i.e younger buying fast fashion vs older paying for healthcare or home renovations
- Specific marketing and promotional activities
- Integration effort (how easy or difficult it will be to launch with them)
Ultimately, selecting BNPL partners should be as simple as understanding how the provider’s terms, demographics, and industry coverage, fit in with your business. Unfortunately, however, what typically weighs most heavily for a merchant is understanding the development cost to get the provider integrated.
But what if integration was no longer an issue?
Optty makes it easier to offer more BNPL options and save lost sales
That’s where innovation comes in to solve a big pain point that a growing number of merchants are experiencing. As Natasha Zurnamer, CEO of Optty puts it:
“Buy Now Pay Later is a revolution in retail and Optty is a revolution in BNPL, we enable the superhighway to retail revenue”.
Optty is a company based in Singapore with founders from Australia and the UK and decades of experience in retail and eCommerce.
Optty merchants like Taking Shape, City Beach, and Cotton On Group are already seeing significant benefits by using Optty to offer multiple BNPL options in their markets. In fact, Optty retailer data shows that using Optty to offer 4+ BNPL options in each region you operate can impact order conversion.
Without offering a 3rd BNPL at checkout you risk losing up to 16% of sales.
Customers want choices in the way they pay and Optty is leading the charge in enabling this.
To further confirm its proof of concept and product market fit, Optty recently raised $9M to accelerate adoption of their products. To celebrate, Optty is offering OneStepCheckout users an exclusive offer, for a limited time only.
Easy to install & integrate: unlock access to all the BNPL you need in one place
- 1 single, fast, & free integration unlocks access to 45 BNPL providers in 59 countries and 36 currencies
- Never worry again about BNPL consolidation forcing you to update an integration
- Benefit from millions of BNPL customers around the world
- Fully control your BNPL offering with the Optty Retail Control Center:
- Add a new provider in only 2 clicks
- Reorder providers in checkout with simple drag & drop functionality
- Set custom order thresholds for when to offer a provider
- Create custom PDPs and widgets with ease
- Realtime, side-by-side performance to inform expert business decisions.
Optty Integration with OneStepCheckout
Straight out-of-the-box, easy as one, two, three.
With Optty you can benefit from the perfect combo that will further reduce your cart abandonment and boost your checkout conversion.
Limited Time Offer Exclusive to OneStepCheckout Customers
To celebrate the launch of their solution for Magento Open-Source and Adobe Commerce (Community Edition & Enterprise Edition), Optty is offering OneStepCheckout customers an exclusive deal for a limited time only:
- Up to $50 credit on your first month’s invoice (that’s up to 200 Free Transactions on our Optty Business Plan)*
Other Optty benefits include:
- Free extension for Magento
- No monthly charges, pay only on successful transactions
- No contracts, if you don’t love Optty, opt out at any time.
Take advantage of this launch offer by signing up before October 15th, 2022.