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All You Need to Know About the Buy Now Pay Later for Shopify

 

Overview

As the desire of people to buy the latest and the best in class products increase, “buy now pay later” payment model is becoming more and more popular among consumers. In a time like this, the Canadian multinational e-commerce company Shopify has decided to launch a new feature that is going to allow the sellers on their platform to let their customers shop through installment plans. To provide the customers with buy now pay later Shopify plans, the multinational company has joined hands with the popular buy now pay later platform Affirm through an exclusive partnership in the US.

The Canada based e-commerce company has assured that all of its users will be able to use the buy now pay later Shopify plans when they turn to the Shopify payments section.

This announcement is done after Shopify ran a test last year with a selected number of clients. The company reportedly saw close to 30% drop in abandoned carts. In one of the quarters, the sellers saw an increase of 50% in order values. Shopify officials have publicly accepted that the result of the test was satisfactory and that is why they moved forward with the new buy now to pay later Shopify plans.

All You Need to Know About the Buy Now Pay Later Shopify Plans:-

  • Similar to the service plans of Affirm, Shopify’s buy now pay later Shopify plans offer the customers an option of splitting the price of a product into four different payments without any interest or additional charges. The Shopify officials have accepted that the lack of extra charges played a significant role in them partnering with Affirm as their exclusive US partner for their buy now pay later Shopify plans. The “no late fees, no hidden fees” model of Affirm attracted the Shopify officials as models like these reaffirm the trust between Shopify and its sellers and buyers.
  • Affirm on the other end is excited about spreading its business model to the huge customer base of Shopify. The officials at Affirm believe that this deal will ensure a steady growth in the popularity of their affordable, flexible and transparent installment plans. They believe that these plans will also ensure a steady growth in the order values of the customers.
  • The e-commerce pundits are seeing this as a significant step forward for Shopify. In the time of this pandemic, the relevance and popularity of the e-commerce industry has increased a lot. Recent reports suggest that close to 60% of people in the US used buy now pay later plans in the recent year, which was less than 40% of the population last year. So, these reports clearly show a huge growth in the popularity of these plans.
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