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.