Has “Buy now pay later” become the latest fad?

Has “Buy now pay later” become the latest fad?

In 2016 there were 69 million consumers who purchased online and it is likely to go beyond 100 million by 2017 according to Assocham–Resurgent India study.

Shopping online is going to explode by notches. The retailers of all types are increasing their product offering, free shipping, adding in-store pickup, and experimenting with social media. The internet retailers are changing the way how we’ll shop online in the future!

According to Assocham–Resurgent India study, in 2016 there were 69 million consumers who purchased online and it is likely to go beyond 100 million by 2017, with better infrastructure with respect to logistics, a rise of digital initiatives, and broadband to fuel the demand in e-commerce.

At the same time, the report says that Bangalore has topped the charts in online shopping followed by Mumbai and Delhi. And around 25-30 million adults have
resorted to online shopping through the internet last year.

Having said that, online shopping has gained significant momentum due to the rise in socio and demographic factors. With e-commerce companies trying out ingenious ways to augment the shopping experience for customers, all of us can be convinced that the number of online shoppers and orders will grow manifold in the coming days.

Over the last few years, several startups have been laying paramount focus on the issue of delayed payment transactions. Subsequently, it has resulted in a new style in online shopping—Buy your products and pay for them later. This redefines online shopping experience and makes the payment transaction simple.

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That said, there is a company named EpayLater, offering a holistic shopping experience. Customers can complete a transaction with just a click. Surprisingly, 16 digit card numbers need not be entered. From different portals, customers can make several purchases with a tap and pay for all in one go on a later date.

Until now, several studies on online shopping have highlighted that online payment process is one of the core reasons that is holding online shoppers back from successfully completing an online purchase.

Few buyers express doubt on the reliability of online payment process, while others complain about the time taken to complete the payment. A weak internet connection becomes a roadblock as sometimes the payment transaction does not go through effectively, leading to a purchase failure or a horrid shopping experience.

E-commerce companies cannot afford it as it causes a loss of revenue and impacts brand image. At present, they are in a mad rat race for competition among their peers to win the trust of customers. It is easy for any company to lose customers if payment is not completed on time.

A time lag in the online payment process impacts a purchase of the product and in the long run, creates disinterest for shoppers to make an online payment. Unfortunately, it impacts revenue and brand recognition.

Why may the germination of this idea be successful?

The ideation of concept—“Buy Now Pay Later”—is a fresh breath of air. The idea is eye-catching for the millennials as they are time constrained and wish a quick purchase process. At the same time, the idea appeals to working professionals and people who live a fast-paced life.

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A lot of research has gone to make the online shopping experience hassle-free and that is the reason for this concept gaining traction. It addresses a core issue, a concern for the buyers—the payment transaction process!

We may have heard about product recommendation, web analytics, and social media analytics, but the concept of “shop now pay later” is unique. This makes it easier for the buyers to shop!

The online shopping buy now pay later concept helps the companies and shoppers achieve their respective objectives!

Online shoppers want to purchase items without any obstacles and e-commerce firms are eyeing for higher purchase transaction percentage and want to reduce the cart abandonment percentage to zero. Overall, online shopping is here to stay!

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