perfect apps enriched with latest
E-commerce companies are on a spree for a long time and with the way the industry is growing, seems like they’d do anything to make their customers keep coming back. In 2021, retail eCommerce sales went to an astounding estimate of 5.2 trillion worldwide.
It is not exaggerated to say that this number will go as high as 8.1 trillion by 2026 is not even surprising because that’s the way the industry is growing. Shopping online has been added to the list of hobbies now. People no longer shy away from ordering something online. In fact, digital shopping behavior has seen a drastic increase in retail shopping in the past few years.
Such behavior is reinforced by eCommerce companies which bring on new ways to catch all their customers in a net. So, if you are to build an eCommerce app, one such brilliant step ahead is the introduction of a ‘buy now pay later’ (BNPL) plan of action. With advancements in technology, commerce platforms are sewing up all kinds of benefits. Buy now pay later app development is a great way to make customers confide in your app or portal.
It is a sort of short-term financing wherein the customers can buy a product at present and pay for it later, mostly without adding on any interest value. If you’ve heard of soft loans or credit cards, this will be easier to understand. You can buy products and then pay back the amount later in installments without having to pay any interest on the principal amount.
This one is different from EMIs and other later paying options as it allows you to pay for the product in installments without any interest applied depending on the service provider partnered with. The consumer however should pay the amount on time so as to maintain the credit score and avoid bearing the late fee. BNPL can be considered as an exclusive app as well as one of the top eCommerce app features in trend.
Everybody’s shopping habits have drastically changed post pandemic. COVID-19 has left a huge hole in the pockets of many people around the globe. Such has been the situation in which people are not even capable of procuring basic requirements. This is where your BNLP comes to the rescue.
Ecommerce business should look to partner with Finance companies to provide a streamlined BNLP services. Helping your customers in hard times will take you and your business a long way. This way, you earn their trust and keep them from turning their backs on you. BNLP as a model is an opportunity for those looking to build a fintech startup.
Although the thought has taken the world by storm, the BNLP, like any new initiative has some challenges posed to businesses. For building fintech apps, the good news is, challenges are not here to stay forever. With compliance with laws and by taking some measures before you partner with a professional mobile app development company, these challenges can be eliminated in their entirety.
With benefits always come some challenges. The same has been the case with the eCommerce industry. With the escalation in online shopping, online scams have also apparently increased to an alarming rate of 30% since the COVID-19 pandemic. This has provoked governments of different nations to take strict measures to ensure that consumers are safe.
But there is nothing to be worried about, the BNLP app development at this place begins only after these strict cyber security measures are taken. Compliance with the law goes a long way in building your business and winning customers. This is what a customized app with BNLP feature does for your business.
Want to hire experts in Buy Now Pay Later App Development?
Be it any regular app or a buy now pay later eCommerce app, the features make or break it for the apps. Likewise, there is a list of must-have mobile app features to make your app usable and popular. A BNLP app has distinctive features which might or might not be similar to the regular app outlook.
Here are some of the general features that one can find in a BNLP app:
Credit terms: it entirely depends on the business owner which loan provider he/she wishes to use for the BNLP app development. Based on the terms of this loan provider, the credit term of soft loans is decided. Some products may have a loan term of a few weeks, while others can extend up to two years.
Utmost functionality: the convenience with which a BNLP app provides soft loans on products of consumer needs is just commendable. Who could have thought taking a loan could be easy as getting your groceries billed at a supermarket? The loan application and loan approval on a BNLP app is smooth and swift with a record rate of getting approved in just a matter of a few minutes.
Buying power: the loan provider that you choose for your BNLP app shall have a limit up to which they extend loans to their customers. This decides how much your app is willing to extend it. Some BNLP loan providers even lend loans up to $20,000.
Paying back system: the loans taken by the customers have to be paid in a few weeks’ time or however, the provider has fixed it. These repayments of the loans can be done in installments, again decided by the operator, and are usually interest-free on BNLP apps.
Completely digital: the goodwill of BNLP goes a long way as it allows the entire loan procedure to get settled online, without any hassle of papers.
The world has changed and this new world’s buying and selling habits have also transformed. Today, people don’t bother carrying cash with them when they go out. All they need is a mobile phone to get almost everything they want. With time trends changes and so following and integrating the latest mobile app development trends helps to stay ahead of the curve.
The adoption of mobile payments has increased drastically in the past few years since the advent of seamless mobile payment apps. Online payments went up drastically during the COVID-19 pandemic.
Here are some trends that can be seen specifically in the mobile payments industry in the coming times:
Let’s calculate the cost to build your BNLP app.
To make your online store contemporary to the newest trends, BNLP app development shall be implemented by all means. It is time eCommerce companies begin to think about what they can put in their stores to get the customers’ needs fulfilled.
People are now becoming habitual of the digitized transformations being inflicted in every possible field. In these times, if your store lags even a step behind, they’ll run off to a competitor who probably has it all. With respect to the terms of the finance company partnered with and considering ‘Buy Now Pay Later’ as an advanced features to be integrated, the cost to build an eCommerce App will increase a little.
There are three primary ways to implement BNLP in your eCommerce store:
The development of a BNLP app might be new for some of you. So here are some things to remember while you’re taking the step ahead.
Transactions should be safe: though online payments have become quite a noise in the market, people still hesitate in trying something new. These days, there are new technology platforms and tools flooding in every day, and to trust each of them is a bit risky for your customers. Thus, to make sure the customers confide by you, make sure the payments are secured with all of the following getaways:
Comfort for customers goes a long way: consumers these days are in habit of getting utterly comfortable in everything they’re doing. Also, if you provide the convenience they need, the chances of customer retention are increased.
Make sure the following aspects are tested in the MVP:
Want to ensure faster ROI for your BNLP app development?
BNPL application development must be robust and in line with the requirements of the business and the customers. The success of the app depends to a great extent on how well it performs in the real world. And all this is the concern of engineering that goes behind the app development process. Here are some important things you should know before you set the ball rolling to build your app.
Determined team for the task: the team that has to work on the entire development process of the app shall be driven to get you the best product in the market. They should have extensive knowledge of the entire development process and should be adept at what they’re doing.
Methodology plays a role: have a solid fool-proof plan in your head on how you wish to go about the development of the app. This helps you to have a better custom BNPL solution.
Robust infrastructure: the infrastructure of the app shall be robust and up to the mark so as to get the entire process smooth.
Architecture to be decided well in advance: the architecture plan of the app should be apt for seamless management and deployment of the app.
Choose the right tech stack: choosing the right kind of technologies for your app is crucial for it to succeed in the marketplace among its end users.
Wealth metrics: Knowing what you’re expecting from the app is essential to measure the success of the app in real time.
Get security policies on point: with money matters, security is of prime importance to the customers. Make sure you make use of apt security policies and adhere to the laws and regulations.
After the COVID-19 pandemic, governments have specially made sure that any online payment portal is not left out of the regulations and laws. The strictness of the laws has been a result of increasing fraud and scam complaints.
Thus, it is crucial that you know everything about these guidelines and your app follows them so as to get the business and customers’ interest secured.
E-commerce companies are using new ways to keep customers coming back, with “buy now pay later” (BNLP) plans to be a popular option. These plans allow customers to buy products and pay for them later in installments without interest. BNLP software development features include credit terms, buying power, and a digital system.
The mobile payments industry is also expected to grow, with trends including an increase in digital wallet users. You can read a mobile app development guide to enhance your knowledge before you outsource your project, and later ask developers to integrate your BNLP feature for your eCommerce app.
Do you want your own Buy Now Pay Later App?
Know what’s new in Technology and Development