Ecommerce shoppers are increasingly turning to buy-now-pay-later (BNPL) payment options, according to Adobe’s most recent ecommerce survey. This suggests shoppers are using the payment plans to purchase lower-priced items due to inflation. BNPL use for groceries was up 40% compared to last year, while furniture saw the second biggest increase at 38%. These figures come as U.S. credit card debt reached a record high of $930.6 billion and the average household’s balance is $9,990, according to the Federal Reserve Bank of New York and WalletHub respectively. As a result, BNPL offers consumers a way to manage their budget and make purchases without incurring interest. Marketers should be sure to highlight the service and its benefits to shoppers in order to grow their ecommerce business.
Originally reported by Martech: https://martech.org/more-ecommerce-shoppers-using-buy-now-pay-later/
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