BNPL: A win-win for retailers and consumers
Weaver Fintech
Stable of fintech businesses driving growth through innovation and customer insights with a digital-first mindset.
SA’s retail landscape is feeling hard done by as of late. Not only are retailers confronted with tough operating conditions amidst rolling blackouts and economic uncertainty, but their customers also face the impact of rising inflation, interest rates and skyrocketing living costs, while discretionary spending figures dwindle.
?For growing numbers of South Africans, the answer to stretching their income amidst the high cost of living, lies in Buy Now, Pay Later (BNPL). PayJustNow is seeing a clear shift in spending behaviour, as more people than ever turn to BNPL to still get those important purchases, without breaking the bank or incurring further debt.
?In March alone, PayJustNow signed on 41?443 new customers – this after more than tripling its customer numbers in 2022.
?Customers are also looking to stretch their rands by taking advantage of promotions and discounts. PayJustNow 's recently launched Deals page saw 3 million views in March alone, where brands like Game and Cape Union Mart ran loadshedding specials and clearance sales. More retailers like Under Armour, Puma, Tiger Wheel & Tyre, Toughees and Lemkus are climbing on board to offer customers better value, all while driving traffic to their stores, creating brand awareness and growing their revenues.
?There is also a clear trend of customers buying better quality items that last longer, rather than cheaper items that need to be repurchased every few months, with so-called high-quality retailers making the most sales on the platform.
?By offering Buy Now, Pay Later, retailers give consumers choice, flexibility and the opportunity to budget better. In turn, they win over the hearts of consumers, boost sales and grow their businesses in the process. It’s a win-win for everyone.