Buy Now, Pay Later: The Latest Online Shopping Trend Ruling the eCommerce Sector

The ecommerce market is vast and it is still growing across the world. An increasing number of people love to shop online rather than visiting a conventional brick-and-mortar store. Every year, new online shopping trends rule the market, thus changing the future of this sector. ‘Buy now, pay later’ is the latest online shopping trend that is gaining traction in the eCommerce sector.

Shop now, pay later! Doesn’t that sound surprising? Thanks to the thought process that has made payments so easy. The eCommerce market in India has been experiencing a spike in sales after the introduction of this trend.

What Makes This Concept a Successful One?

There are several factors that contribute steadily to the incredible advancements in the eCommerce market. Several shoppers spend a lot of time surfing through the product catalogue, choosing things, and adding to the virtual cart, though when it comes to the final payment phase things take a reverse turn mainly due to payment issues.

For many online shoppers, the checkout process of payment gateway process seems to be a complicated one. The reason could be anything from delayed network connectivity or shelling out funds during the month end, which is why many shoppers abandon their virtual shopping cart at the last moment. Poor internet connection also plays a spoilsport many times. Few shoppers hesitate to register the details of their debit or credit card online, while few others may not find time to navigate through the lengthy process involved in payment gateways.

Considering all these limitations that the payment gateway has, the innovative ‘Shop now, pay later’ concept like ePayLater is certainly a welcome change, thus making it a popular option to choose. The launch of such a payment model at a phase when online shoppers are looking for an alternate solution is like a fresh breath of air.

Elaborating one of the reasons for the popularity of this concept, Akshat Saxena, the co-founder of ePayLater, a ‘Buy now, pay later’ service, says – “One of the key reasons why the concept is a hit is that while plenty of thoughts and research have gone into making online shopping a good experience for shoppers, not much has been done to make the process of payment more comfortable. ‘Buy now, pay later’ is an effort towards making the payment process hassle-free.”

This trend is highly appealing to the younger generation that is always looking for a quick purchase process and wants to save time. Similarly, it is also a boon for other demographics like people on the go and working professionals who don’t have much time to spend on delayed payment processes.

Enhancing Flexibility and Simplifying the Online Payment Process

The process of shopping things online and paying later is considered to be customer-friendly as well as secure. Shoppers can place orders without the need to fill in any payment details, which is why it is gaining popularity.

Furthermore, the flexibility factor is favorable to the shoppers as they get extra period to settle down the payments. This simply translates to browsing through the product catalogue, adding things to cart, and checking out without being concerned about the payment. They get enough time to do the payment in the coming days. The greatest advantage for merchants is that they experience higher level of engagement with the same customers.

Thus, the ‘Shop now, pay later’ concept enhances the flexibility aspect and simplifies the online payment process.

There is no doubt that online shopping is not a trend, but a concept that is here to stay. And ‘Shop now, pay later’ concept is likely to follow suit, thanks to the benefit of going through less hassles during the payment process. 

There have been a lot of online shopping trends like web analytics, social media analytics, and product suggestion engines of late, but the idea of shopping now and paying later is something unique and different. Since it directly looks into the hassles associated with the complicated payment gateways, the process of payment transaction becomes much easier and shoppers also find it convenient for shoppers to buy online.
Buy Now, Pay Later: The Latest Online Shopping Trend Ruling the eCommerce Sector Buy Now, Pay Later: The Latest Online Shopping Trend Ruling the eCommerce Sector Reviewed by Sahil Arora on February 21, 2018 Rating: 5

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