5
▪ BNPL enables consumers to pay for goods and services on credit, which is repaid usually in equal installments. The
popularity of the alternative payment method continues to grow exponentially. By 2026, $995bn is expected to be
spent through BNPL payment options, up from an estimated $226bn in 2021. E-commerce companies are taking note of
this trend, with 30% considering it a key priority to integrate into their payment options in 2022
▪ BNPL currently represents an affordable way for consumers to finance purchases with limited fees and interest rates. The
downside risk is limited for merchants as BNPL providers pay the full purchase price upfront (less any fees charged)
▪ With downside protection for merchants and clear consumer demand, more e-commerce providers are adopting
BNPL, which has been proven to:
‒ Improve conversion rates
– Nearly 50% of shoppers abandon their cart after they see the full price. The option to delay payment of the full
price and pay in installments has been shown to change customer behaviour, leading to increased conversion
rates of up to 44%
‒ Increase checkout sizes
– Retailers relying on Klarna to provide BNPL option to shoppers have reported a 55% increase in average order
value. On average, BNPL is estimated to increase checkout sizes between 30% and 50%
‒ Strengthen customer loyalty
– According to a study by PayPal and Netfluential, 28% of consumers aged between 18-39 are more likely to shop
at a retailer that provides a BNPL option
▪ High-flying stocks, like Affirm, have come crashing down, as has Klarna, which saw its valuation fall from a peak of
$46bn to $6.5bn in June this year. Inflation, interest rates, low consumer confidence, and regulatory scrutiny have all
acted as headwinds for BNPL
▪ It’s not all doom and gloom, however – investor appetite still exists, with recent funding rounds for BNPL startups, such as
Playter and Zilch, which both raised over $50m in June. Despite the current headwinds, the longer-term adoption trend
is clear
Buy Now Pay Later becoming increasingly mainstream
GP BULLHOUND’S SECTOR TAKEAWAYS
Takeaways
Selected news
ANNOUNCES LAUNCH OF
ITS OWN BNPL
JUNE 2022
ANNOUNCES LAUNCH OF
ITS OWN BNPL
JUNE 2022
COLLABORATE TO OFFER
BNPL TO MERCHANTS
JUNE 2022
Buy Now Pay Later continues to transform customer purchase behaviour and online shopping
Sources: BigCommerce, Bloomberg, checkout.com, CNBC, Juniper Research
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