According to Zip, next-gen shoppers have defined the BNPL market to date, and they’re also expected to dominate the future.
SYDNEY, AUSTRALIA, May 02, 2021 /24-7PressRelease/ — According to research by Roy Morgan, nearly a quarter of people aged 25-34 use the new services, which is a higher rate than any other age group. Furthermore, women are known to be the key users of buy now pay later services and have adopted new digital payment services at nearly twice the rate of men.
Zip is making a significant impression on the Australian marketplace, with nearly half of Australians (48.6 per cent) aware of Zip today. By nature, consumers are quick learners and are increasingly leaning into relationships with brands they’ve come to trust as a result of loyalty-generating BNPL offers.
BNPL players, including Zip, provide an alternative to predatory lenders that take advantage of financially excluded customers by offering access to funds without much-needed transparency around charges, regular fees or high interest rates.
Zip has been influential in turning traditional credit models on their heads. This is because they offer the same general service – later payback periods for immediate purchases. In addition, Zip’s hero product Zip Pay also offers users interest-free repayments. Popular etailers from Bunnings and Best & Less to Target and Tigerair offer the interest-free Zip Pay payment method.
Zip Pay works similarly to lay-buy, but instead of securing an item for later purchase, you receive your goods upfront. And unlike a loan, line of credit products do not expire once you pay off your debt. You can keep the card and use it again when required.
For business owners, implementing a buy now pay later option for customers can help meet expectations for diverse payment options and deliver a transparent, budget-friendly and responsible way to pay for large-ticket items. This results in not only greater customer satisfaction but also increased immediate sales and average order values for retailers.
With more BNPL consumer awareness continuing to grow, it appears the trend and those who dominate it aren’t going anywhere soon.
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