After three years of supply chain logistics and shipping delays, retailers have too much inventory sitting on shelves, and consumer demand continues to be in flux as inflation maintains a strong grip on budgets everywhere. This means the way consumers shop has drastically changed as new financing options rise in popularity.
Buy Now, Pay Later (BNPL) vendors like Klarna and Afterpay are helping consumers ease the burden of inflation on their slimmed-down budgets. In fact, research shows that BNPL payments surged by 85% during the week between Black Friday and Cyber Monday last year. Furthermore, nearly 60% of consumers prefer BNPL over credit cards thanks to the simple approvals process and little-to-no interest.
