Buy Now Pay Later Platforms Are Estimated To Witness High Growth Owing To Opportunity In Increasing E-Commerce Merchant Adoption

Ashish Thapa

Buy Now Pay Later Platforms Are Estimated To Witness High Growth Owing To Opportunity In Increasing E-Commerce Merchant Adoption

Buy Now Pay Later (BNPL) platforms enable customers to purchase goods or services and pay in installments over time without incurring interest charges. BNPL platforms facilitate online checkout and approval of installment payments at physical and online stores. The increasing demand for buy now pay installments from online and in store shoppers along with rise of e-commerce industry is contributing to the growth of BNPL platforms.

The global Buy Now Pay Later Platforms Market is estimated to be valued at US$ 17.72 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Increasing E-commerce Merchant Adoption: With the growing adoption of e-commerce across the globe along with rise in online shopping, there exists a huge opportunity for BNPL platforms to partner with more e-commerce merchants. Integrating BNPL options on merchant checkout pages can help improve average order value, increase cart conversion rates and boost repeat purchases. As BNPL payment options provide customers flexibility to pay over time without any upfront cost, many online merchants are adopting BNPL platforms to enhance the customer shopping experience and payment options. Both large and small e-commerce merchants stand to benefit by offering convenient monthly installment payment options through BNPL platforms.

Porter's Analysis

Threat of new entrants: Moderate. Large capital requirements and economies of scale deter new players. However, easibility of launching online platforms lowers barriers to some extent.

Bargaining power of buyers: High. Buyers have many alternatives and can easily switch between platforms.

Bargaining power of suppliers: Moderate. Major platforms have negotiating power over merchants due to large customer base.

Threat of new substitutes: Moderate. Emergence of alternative payment methods like digital wallets poses a threat.

Competitive rivalry: High. Intense competition among major established players to gain market share.

SWOT Analysis

Strengths: Convenient payment option driving adoption. Digital nature ensures seamless experience.

Weaknesses: High marketing spends needed to acquire customers. Credit risk if buyers default on payments.

Opportunities: Untapped growth potential in developing nations. Complimentary value-added services can boost revenue.

Threats: Stricter regulations may increase compliance costs. Economic slowdowns can impact repayment abilities.

Key Takeaways

The global Buy Now Pay Later Platforms Market Trends is expected to witness high growth. The global Buy Now Pay Later Platforms Market is estimated to be valued at US$ 17.72 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024-2031.

Regional analysis indicates that Asia Pacific will retain its leading position throughout the forecast period owing to widespread smartphone adoption, emerging middle class, and government initiatives to promote digital transactions. North America will also exhibit lucrative opportunities fueled by rising obsession of Gen Z and millennials with BNPL options.

Key players operating in the Buy Now Pay Later Platforms market are Afterpay, Klarna, Zippay, Splitit, and Affirm. These major players are focused on acquisitions and partnerships to expand into new geographies and gain competitive edge. For instance, Klarna recently acquired buy now pay later provider Bill Pay to solidify its presence in the US market.

Explore more related article on this topic: https://www.ukwebwire.com/buy-now-pay-later-platforms-market-demand/

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Ashish Thapa

Buy Now Pay Later Platforms Market: Strategies for Market Expansion and Growth, forecast by 2030

Pooja salve 2023-07-10

The Buy Now Pay Later (BNPL) platforms market is experiencing rapid growth and competition. To drive market expansion and sustain growth, companies in this sector are employing various strategies. Expanding into new geographic regions is another avenue for market expansion. Overall, successful strategies for market expansion and growth in the BNPL platforms market revolve around strong partnerships, customer-centric approaches, technological innovation, and a global outlook. As the Buy Now Pay Later Platforms Market continues to grow, AI will play an increasingly vital role in enabling seamless, secure, and personalized experiences for consumers, while helping BNPL providers mitigate risks and enhance operational efficiency.

Buy Now Pay Later Platforms Market Is Estimated To Witness High Growth Owing To Rising E-Commerce Adoption

Anjali CMI 2023-11-03

The Buy Now Pay Later Platforms Market is estimated to be valued at US$ 10. The flexibility and ease of payment in installments has made buy now pay later an attractive option for online shoppers. Bargaining power of suppliers: BNPL platforms face low bargaining power from merchants as platforms provide access to new customers and increase cart conversion rates for merchants. Key Takeaways The global Buy Now Pay Later Platforms Market Trend is expected to witness high growth, exhibiting a CAGR of 21. Key players: Key players operating in the Buy Now Pay Later Platforms market are Afterpay, Zippay, VISA, Sezzle, Affirm, Paypal, Splitit, Latitude Financial Services, Klarna, Humm, and Openpay.

Buy Now Pay Later Platforms Market Opportunities And Challenges

Rahul Kumar Yadav 2023-07-19

The Buy Now Pay Later Platforms Market has experienced significant growth and disruption over recent years, presenting numerous opportunities and challenges for both businesses and consumers alike. One of the key opportunities presented by BNPL platforms is the enhanced consumer purchasing power. Another opportunity for Buy Now Pay Later Platforms Market lies in the appeal to younger generations. As the Buy Now Pay Later Platforms Market continues to expand, new players enter the arena, leading to aggressive marketing strategies and competitive pricing. In conclusion, the Buy Now Pay Later Platforms Market presents vast opportunities for both consumers and businesses, enabling greater purchasing power, improved customer experiences, and increased sales.

Buy Now Pay Later Platforms Market Is Estimated To Witness High Growth Owing To Rising Demand for Convenient Payment Options

Gauri Cmi 2023-11-16

The Buy Now Pay Later Platforms Market is estimated to be valued at US$ 10. Segment Analysis: The Buy Now Pay Later Platforms Market Size can be segmented based on end-user and platform type. PEST Analysis: Political: The political landscape plays a crucial role in the growth of the Buy Now Pay Later Platforms market. Key Takeaways: The global Buy Now Pay Later Platforms market is expected to witness high growth, exhibiting a CAGR of 21. In terms of regional analysis, North America is the fastest-growing and dominating region in the Buy Now Pay Later Platforms market.

Buy Now Pay Later Global Market 2023 : Major Drivers, Analysis, Size, Share, Growth And Forecast To 2032

sai tbrc 2023-06-09

The Business Research Company’s Buy Now Pay Later Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The Buy Now Pay Later Global Market Report 2023 evaluates buy now pay later market size, growth rate, drivers, trends, and major companies. id=7652&type=smp The global buy now, pay later market size grew from $105. The buy now, pay later market size is expected to grow to $744. Africa Buy Now Pay Later Market27.

Should You Add Buy Now, Pay Later Options to Your eCommerce Site?

Narola Infotech 2023-05-03

As an eCommerce business owner, you're always looking for ways to improve your customer experience and boost sales. One option you may be considering is adding Buy Now, Pay Later (BNPL) options to your website. It can also be a cost-effective option for those who may not want to pay high interest rates on credit cards. It's also important for customers to stick to their budget and make payments on time to avoid falling into debt and damaging their credit score. In conclusion, adding BNPL options to your eCommerce site can be a good idea, but it's important to do your research and approach it with caution.

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