Back to school shoppers want flexible payments, Splitit
35% of US consumers would spend more on back to school shopping if offered the ability to use flexible payments solutions such as interest-free instalments or ‘buy now, pay later’ plans, according to research by Splitit.
37% of the 1,000 people surveyed also said free shipping would encourage them to spend more money and 29% would be tempted by a 10% discount. 48% prioritise finding the best prices and 33% prefer to buy as many items as possible in one place. 40% are planning to do their back to school shopping on Amazon.
“Retailers and direct-to-consumer brands are in fierce competition with the likes of Amazon and only those who differentiate themselves will succeed. Our research clearly shows that consumers crave flexibility,” says Gil Don, Splitit CEO and Co-Founder. “Back to school shoppers want payment solutions that suit their cash flow without incurring debt. Merchants who meet this demand will draw customers, combat cart abandonment, and see their bottom lines grow.”
Gen Z shoppers, many of whom are heading to college as freshmen or returning students, are particularly keen on payment flexibility. 23% said that such options would encourage them to buy more this season. Another 26% said that buy now, pay later et al would help them avoid overspending.