Australian Newsagency Blog

A blog on issues affecting Australia's newsagents, media and small business generally.

Buy now, pay later helps drive sales

Mark Fletcher
March 22nd, 2019 · No Comments

Using buy now pay later platforms such as Oxipay, Zip Pay and Afterpay businesses can expect increase sales.

Talk to any fashion retailer and they will tell you how important these finch offers are to sales.

Talk to owners of big toy shops or other businesses for which LayBy was an important factor in sales and they will tell you these new finance models have helped cut costs and provide greater business certainty.

In my own experience, the buy now pay later offer is tremendously valuable online, accounting for between 15% and 20% of purchases depending on the product category and time of the year.

In-store, the buy now pay later offer is key in driving purchases of more expel dive items, items priced at $200 and more.

Add to this the opportunity of the retailer not having to image LayBy product and account for the financial risk associated with LayBy and you can see why many retailers have shut down LayBy in favour of these new lines of funding.

I mention this today as it offers newsagents who are actively evolving their businesses options for more easily selling higher priced items. I think this is critical if you are pursuing higher margin dollars from sales.

By integrating the buy now pay later platforms in your POS software you can make taking them as a method of payment easier.

Just as your product range needs to change, so do backend business practices, to have the business leaning into new opportunities that come with new ways of doing business.

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Category: Newsagency management

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