The rise of Buy Now, Pay Later (BNPL) services has transformed the retail landscape, making it a crucial option for businesses aiming to cater to modern consumers. With projections estimating BNPL payments to reach US$484.7 billion by 2024, retailers can no longer overlook this trend. Klarna, a leader in the BNPL space, highlights that 45% of its shoppers are from Gen Z and Gen X, and 40% are Millennials, indicating a strong preference for flexible, cashless payment methods. Integrating Klarna into Adobe Commerce and Magento Open Source can significantly enhance customer experience by offering installment payments, reducing cart abandonment, and increasing conversion rates. Retailers can also expect a boost in sales, with Klarna reporting a 20% increase in conversions and a 40% rise in average order value among its partners. Furthermore, Klarna's robust security features build trust, while access to a vast marketing ecosystem allows merchants to reach new customers effectively.
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