3 Ways Buy Now Pay Later can be used to boost sales in challenging times (while still helping consumers)

As consumers navigate economic uncertainty, they’re not just looking for ways to stretch their Rand further, they’re looking for smarter, safer ways to make essential purchases while avoiding costly interest.??

The most recent Stats SA data reveals a 0.9% decline in retail trade sales in 2023 compared to 2022 with the decline being attributed to a tough economic environment stifling consumer discretionary spending.??

However, our latest PayJustNow data reveals we’ve more than doubled our gross merchandise value (GMV) in 2023, achieving 105.8% year-on-year growth.??

In these challenging times, South Africans from all walks of life are embracing Buy Now Pay Later (BNPL) to buy both their essential and more aspirational purchases, thanks to a risk-free and interest-free shopping experience.??

This represents a significant opportunity for retailers facing declining sales in a constrained spending environment.??

1. Give consumers payment options both online AND in-store??

We’ve noticed a surprising shift away from online shopping to more brick-and-mortar retail purchases. Our December sales data reveals that physical retailers are gaining ground on their online peers, with in-store shopping having boosted hugely over the Festive Season period.??

At PayJustNow we give retailers the ability to offer BNPL both online and in-store. The sign up process is efficient and our vetting process ensures we don’t overextend consumers by offering them a limit that they can comfortably afford to pay over three instalments.???

2. Know your target audience and reach more people?

Nearly two-thirds (65.4%) of PayJustNow 's gross merchant value is generated by customers aged 27 - 42, and 68.5% of PayJustNow users are female, while the average user earns close on R19 000 per month.??

Fashion apparel and footwear remain the most popular categories accounting for more than 40% of sales, with the automotive, electronics and home categories also showing strong growth.?

If you’re looking to reach this demographic and grow your customer base,? PayJustNow can offer you access to more than one million customers growing at 40 000 to 60 000 new customers per month.??

3. Use deals to drive traffic and increase sales??

The PayJustNow Deals platform is also fast becoming one of the leading shopping platforms for South Africans seeking deals and promotions across a range of products and services.??

We recorded more than 12 million views on our Deals platform in November alone, while our customer base consistently shows an insatiable appetite for these value-driven purchases.??

Deals helps retailers reach short and long terms sales objectives, all while giving the consumer the best price.???

As inflation continues to bite and a constrained environment places further pressure on consumers, we expect to see even greater uptake of budget-friendly interest-free payment options among South Africans across income groups.?

Visit our website to discover how you can integrate BNPL into your retail strategy to elevate your sales and give customers the flexibility of an interest-free payment.??

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