The recent Black Friday and Cyber Monday shopping events have seen a significant increase in the use of buy-now, pay-later (BNPL) options among US consumers. Splitit’s CEO reported a 62% rise in order volumes during Cyber Week compared to the previous year, with average order values climbing to around $800. Data indicates that BNPL usage has grown from just 2% of e-commerce sales in 2020 to over 7% today, with Cyber Monday alone witnessing nearly $1 billion in BNPL transactions. This trend is attributed to rising household budgets and the flexibility BNPL offers, allowing consumers to spread costs over time without accruing interest. Major retailers are increasingly integrating BNPL options into their checkout processes, making it more accessible. While the service is gaining popularity, concerns about potential debt burdens, especially among younger consumers, have prompted regulatory scrutiny. Overall, BNPL is poised for continued growth as it becomes a staple in the shopping experience.
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