Integrate & Empower your Retail POS with Buy Now Pay Later Solution
The past year has been quite precarious and challenging for businesses across the world, including the Retail and eCommerce industry. However, eMarketer research brings some reason to be hopeful as it predicts encouraging growth in the Retail eCommerce sector in the next few years.
At the same time, the retail industry is witnessing an alarming increase in the number of abandoned carts. With a recent Baymard Institute report citing 69.80% as the average documented online shopping cart abandonment rate, the retail industry has been focusing on taking up corrective measures to boost sales, while minimizing debt risk for consumers.
And the most prominent & proven tactic amongst all is the Buy Now Pay Later (popularly known as BNPL) Solution.
How BNPL Can Help Boost Revenue for Your Retail Business
The ‘Buy Now Pay Later’ solutions, also known as point-of-sale financing (or POS financing), is a successful concept that empowers buyers with consumer-friendly and attractive flexible payment options for their purchases. Studies have estimated a CAGR of 13.23% in transaction volume worldwide, from $285 billion in 2018 to a staggering $680 billion in 2025 – making BNPL a must-have solution for your retail business.
Not only has it empowered buyers across all ages (see statistics below) with consumer-friendly and attractive flexible payment options for their purchases, but has also put the retail industry on the super-highway.
Fig. Surveys of American adults between July 2020 and March 2021on the use of BNPL for making purchases (Source: The Ascent)
How Azilen Can Help you Change the Game in the Retail Industry
Azilen Technologies as one of the prominent product engineering companies have been helping product companies worldwide with seamless and the best-in-class solutions enabling rapid scalability.
In one of our recent collaborations, helped a leading Financial Services & Payment Technology Company build an innovative Buy Now Pay Later (BNPL) payment system that can be easily integrated with any of their Retail or E-commerce stores.
Fig. The Buy Now Pay Later Payment System (Graphic representation)
Our Next-Gen BNPL solution caters equally to all the needs of the Consumers and Merchants, while ensuring an enhanced purchasing experience. It has revolutionized ease of payments in the retail sector and helped merchants boost revenue by enabling consumers with an interest-free payment plan.
Fig. BNPL Solutions – 6 Key Features
So, what are you waiting for? Quickly add BNPL services to your Retail Point-of-Sale and integrate them with existing payment solutions. The seamless integration offer:
- Flexible and affordable payment options for consumers
- Help merchants garner incremental sales
- Convenient monitoring of all transactions in one place
- Analyze customer buying behavior
- Identify the most preferred payment methods, bestsellers, and more.
The Key Benefits of BNPL in Retail
In the recent times, the online consumer payment behaviour, as well as in offline retail stores is witnessing a major shift. And much of the change can be attributed to the role of Buy Now Pay Later solutions.
- The true benefit of BNPL in Retail is the ease of payments, and the financial flexibility.
- Increase in sales as customers make more purchases without worrying about paying high fees and hefty credit card interests on instalments.
- Brings a steady inflow of revenue for the e-tailers and retail merchants, besides enabling the purchasing power of retail consumers.
- Helps minimize ‘buying hesitation’, besides enticing the consumer to increase average order value.
- Helps lower cart abandonment and improve conversions leading to an increase in profits sans any significant cost surges.
- Help retail merchants build loyalty, minimize cart abandonments, and encourage repeat business – thus enhancing the customer experience.
Have You Integrated Buy Now Pay Later to Your Retail POS?
Azilen Technologies have been helping product development companies worldwide with state-of-the-art BNPL Solution that is easy to integrate with custom CMS or E-commerce platform. Its flexible infrastructure comes with certain salient characteristics such as:
- Asynchronous Architecture
- SSL Encryption
- PnP (Plug n Play) Setup
- Optimized Performance
- Secure & Confidential
However, every business is different and its customers are unique. If you are contemplating taking your unique retail business to the next level, leverage the advantage of the Buy Now, Pay Later solution. Talk to our product development solutions experts today to find out how Azilen can help you seamlessly to integrate BNPL into your Retail POS.