Alternative payment solutions, like buy-now-pay-later (BNPL) platforms, offer consumers easy access to purchases, with payments spread out over time. BNPL can be leveraged by ecommerce retailers during the holidays and all year long as a relatively frictionless and easily accessible payment method. Brands deploying messaging about BNPL could attract more customers, particularly among younger generations.
Here are three facts about alternative payment solutions that can help ecommerce brands facilitate customer acquisition.
1. Millennial Ecommerce Shoppers Are A Popular Audience For BNPL Solutions
Millennials are the group most likely to use BNPL, in part because Millennials prefer alternatives to credit cards or traditional banking.
As always, whether aiming to acquire customers from specific segments or increase loyalty of current customers, messaging that resonates is key to encouraging action. By leveraging the power of DMS first-party data, digital advertisers can hone their strategies to reach consumers at the right times and the right places with messages designed to drive conversions.
2. BNPL Options Can Be A Differentiating Factor When Crafting Campaign Messaging
According to MarketingWeek, “One in five consumers say that they wouldn’t shop with a retailer who didn’t offer some sort of BNPL scheme.” Klarna discovered that 44% of shoppers would have ditched their cart if a four-payment BNPL option, like Klarna offers, wasn’t available. And, a recent survey of UK consumers by Credit Karma found that “31% of Brits” plan to use BNPL for their holiday shopping. Alternative payment solutions provide differentiation that makes an impact, and, with the right messaging, resonates with consumers.
3. Shoppers Can Be Re-Engaged With Messaging About Alternative Payment Solutions
Alternative payment solutions facilitate quick and easy transactions for consumers, and they allow consumers to spread out payments over time. For consumers trying to stick to a budget, the alternative payment solutions, like BNPL, can be the difference between a purchase being affordable or not. When a consumer wanders away without making a purchase, messaging about BNPL could encourage action, like returning to the site and clicking “buy.”
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