Close Menu
  • For Buyers
    • Retail News
    • Products & Suppliers
    • Ecommerce
    • Marketing & Management
    • Trade Show News
  • For Suppliers
    • Supplier News
    • Marketing & Management
    • Importing
    • Manufacturers
    • Warehousing
    • Finance
    • Show Exhibiting
  • Wholesale 101
  • Trade Show Calendar
  • Wholesale Products
Facebook X (Twitter) Instagram
Wednesday, May 28
  • Subscribe
  • Submit Content
  • About Us
    • Contact Us
  • Advertise
    • Display Advertising
    • Email Marketing Campaigns
    • Newsletter Advertising
    • Sponsored Content
    • Lead Generation Services
  • Top Product Sources
Facebook X (Twitter) Instagram
WholesaleCentral.com Blog
  • For Buyers
    • Retail News
    • Products & Suppliers
    • Ecommerce
    • Marketing & Management
    • Trade Show News
  • For Suppliers
    • Supplier News
    • Marketing & Management
    • Importing
    • Manufacturers
    • Warehousing
    • Finance
    • Show Exhibiting
  • Wholesale 101
  • Trade Show Calendar
  • Wholesale Products
WholesaleCentral.com Blog
Home»For Buyers»Retail News»How ‘Buy Now, Pay Later’ Can Strengthen Brand Equity
Retail News

How ‘Buy Now, Pay Later’ Can Strengthen Brand Equity

PublisherBy PublisherAugust 3, 2022Updated:January 12, 20234 Mins Read
Facebook Twitter Email
Buy Now, Pay Later shopping on a phone
Share
Facebook Twitter Email
  • This flexible payment solution also doubles up as a highly effective marketing tool for you as a retailer to build your brand equity. Improving brand equity means increasing the value of your brand in the minds of your consumers.
  • White-labeled BNPL solutions put the merchant in the driver’s seat and enable them to retain the customer relationship and data.
  • If you are looking to deepen your customer relationships, you can implement white-labeled BNPL online and in-store.

by Yaacov Martin

With ecommerce sales showing no signs of slowing down, both online and brick-and-mortar retailers are under unprecedented pressure to rise above the crowd. The competitive marketplace might throw a wrench in the works of merchants, but Buy Now, Pay Later (BNPL) can help you change the course of your retail business.

BNPL is based on a simple idea that allows consumers to split their purchase price into equal, often interest-free installments. This flexible payment solution also doubles up as a highly effective marketing tool for you as a retailer to build your brand equity. Improving brand equity means increasing the value of your brand in the minds of your consumers. As a result, you can welcome loyal customers. 

Here are some ways that indie retailers can leverage BNPL solutions to build better brand equity and reap the rewards:

Use a White-Labeled Solution

Although BNPL services have a common function of breaking up the purchase cost, we cannot put all of them in the same basket. For example, with many direct-to-consumer BNPL providers, shoppers are frequently redirected from the merchant’s checkout to the BNPL provider’s own website to create an account. At this point, the merchant loses control of their customer relationship. Even though the consumer has been through the retailer’s journey, ultimately, it will be a third-party BNPL provider that gains the customer’s data and future remarketing opportunities.

White-labeled BNPL solutions, however, put the merchant in the driver’s seat and enable them to retain the customer relationship and data. Offering shoppers the option to pay in installments over time under your brand name ensures they associate your store with convenience and flexibility — which can ultimately lead to an increase in customer loyalty.

Offer Both Online and In-Store BNPL

In-store BNPL is perceived as a value-added service by consumers and is an important part of the merchant’s tactile brand experience. If you are looking to deepen your customer relationships, you can implement white-labeled BNPL online and in-store. The pay-over-time offering would be in your brand and not for a third-party provider’s brand.

Providing a consistent financing experience online and in-store is crucial to building brand equity, as consumers expect similar offerings and experiences across all retail channels. Let’s say you only offer BNPL in your online store. A shopper sees an item online but decides to buy it in your physical store. If the customer is not offered the same financing options in-store as well as online, your brand equity and customer loyalty could be harmed.

Optimize Consumer Approval Rates

Higher BNPL approval rates mean a positive financing experience for the customer, which in turn translates to stronger brand equity for you, the retailer. One way to maximize consumer approval rates is to ‘complement’ any current financing offers with other forms that may be more suitable to consumers who do not qualify for your existing offers.

Leverage BNPL Programs From Banks

If you ask customers what the most essential factor is when choosing a BNPL provider, 53 percent of them will say that it is trust, according to a recent PYMNTS report. Implementing a bank BNPL program allows merchants to build consumer trust and, therefore, brand equity. Banks, with their centuries-long experience in lending and solid balance sheets, are synonymous with trust. With impending regulation, BNPL options from regulated financial entities, such as banks, are experiencing increased demand by merchants and consumers.

Provide a Seamless Global Experience

Global merchants face the challenge of offering a consistent POS financing experience across all their global markets while also complying with all local regulations. By partnering with a BNPL provider that has a global presence, these merchants can provide a unified BNPL experience to all customers in any international market. A global provider can also facilitate relationships with local lenders.

The global BNPL market will only continue to grow. In fact, it is expected to reach a value of $656.34 billion in 2026. By offering these in-demand installment payment methods, retailers can increase their sales and also build better brand equity.

Yaacov Martin is the CEO and Co-Founder of Jifiti.

customer loyalty finance
Share. Facebook Twitter Email
Previous ArticleHow to Optimize Digital Customer Experiences
Next Article The Go-To Event for the Souvenir Industry

Related Posts

5 Essential Tax Season Preparation Tips

January 24, 2024

7 Tips for Wholesale Inventory Management

January 23, 2024

Prepare Your Business for Supply Chain Disruptions

December 30, 2023
Sign Up for Buyer Updates
WholesaleCentral.com

Join the Buyer's Network

Get news & updates only for retailers.

how-to
Wholesale 101 for Buyers

Amazon Return Pallets For Sale: How to Profit

11 Mins ReadUpdated:August 9, 2024

A big trend among some online sellers is buying Amazon return pallets and overstock and…

Retail News

5 Essential Tax Season Preparation Tips

10 Mins ReadUpdated:August 8, 2024

Are you ready for tax season? April 18 is approaching quickly, and many day-to-day decisions…

Ecommerce

7 Steps to Create Successful Shipping for Your Business

6 Mins ReadUpdated:August 8, 2024

by Sidney Karanja Today’s business environment is more globalized and complex than ever before. In…

Product News

Overstock Liquidations

6 Mins ReadUpdated:August 9, 2024

Overstock inventory refers to the excess goods or merchandise that a retailer has on hand…

Latest Posts

Crafting a Marketing Strategy for Electronics Retailers

January 21, 2025

Effective Digital Marketing Strategies for Health & Wellness Brands

January 21, 2025

Mastering Beauty Ads: 10 Strategies for Engaging Your Audience | Blog.Wholesalecentrl.com 

January 21, 2025

Jewelry Marketing Strategies: How to Attract Customers and Boost Sales in a Competitive Market

December 31, 2024

How to Open a Gift Shop: A Step-By-Step Guide

December 23, 2024

Online Marketing Calendar for 2025: Don’t Miss These Critical Dates

December 17, 2024
  • About Us
  • Subscribe
  • Contact Us
  • Advertise
  • Find Wholesale Sources
WholesaleCentral.com

Join the Buyer's Network

Get news & updates only for retailers.

Follow Us:

Copyright © 2025. Sumner Communications, Inc..

Type above and press Enter to search. Press Esc to cancel.