As more and more Indian consumers choose digital channels as their preferred choice for making small and big purchases, the unswerving rise in digital commerce has organizations scouting for new and novel ways to improve customer experience.
Although the last few years have witnessed tremendous transformation with different (and more convenient) payment and delivery options, the ‘buy now, pay later,’ trend is quickly catching up – and is here to stay.
As the online shopping space becomes increasingly competitive, Indian customers are spoiled for choice. Since most eCommerce companies offer more or less the same products, what really differentiates from the other is the convenience they offer to customers. While UPI, eWallets, and payment at delivery have been popular in the Indian eCommerce game, the latest buy now pay later trend is taking the industry by storm.
By allotting a certain credit amount to consumers for a few days – with no processing, down payment, or interest fee – the trend is enabling consumers to make purchases without any upfront payment deduction. Today, several companies such as LazyPay, SlicePay, Simpl, ZestMoney, ePayLater, Amazon Pay, etc. are offering this payment option to customers across platforms, empowering them with instant credit approvals to make quick and stress-free purchases.
In an era where customers have the luxury of surfing through hundreds of thousands of product and service options at their fingertips, the online shopping space has become extremely lucrative. To make the shopping experience far more convenient, hassle-free, and enjoyable, the buy now pay later trend is enabling customer gratification like never before.
The trend has become the need of the hour in pandemic-struck India, as it makes short-term credit lending a reality – helping consumers with unemployment, salary cuts, and other monetary issues meet their grocery, medicine, utility, lifestyle, and fashion needs and wants.
Here are some reasons why the trend is becoming so popular:
In an eCommerce ecosystem where competition is constantly intensifying, empowering the modern customer with convenient payment and delivery options has become critical for differentiation. Although payment at delivery has long been the favorite payment method of Indian customers, the new buy now pay later trend provides the desired flexibility to make payments in fixed (or flexible) installments, shifting the power to decide when and how to pay in their hands.