Shoppers are encouraged to take advantage of buy now, pay later (BNPL) options to offset some of the stress from a shopping season marked by strong consumer demand, rising inflation, product shortages, and smaller discounts from retailers.
Also in time for the holidays, BNPL is moving from online to in-store. This year, US holiday retail sales will hit a record $1.147 trillion with 81.6% of that coming from in-store shopping. Increasing the availability of BNPL in stores via retail partnerships will be critical to getting providers in on the return to in-person shopping during the peak holiday season.
Initial reports from Cyber Week indicate these strategies are working. PayPal CEO Dan Schulman said there were more than 750,000 BNPL transactions on Black Friday, a nearly 400% year-over-year (YoY) increase, while Afterpay reported a 34% increase in orders on Black Friday and Cyber Monday with in-store transactions up 442% YoY.
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