Survey: BNPL users willing to abandon purchase if preferred provider isn't available
Retailers offering a consumer's preferred buy now, pay later (BNPL) provider goes a long way.
That’s according to a new survey from digital financial services company Zip, which revealed that 83% of respondents said they would be likely to abandon a purchase if their preferred BNPL provider wasn’t available at checkout.
Among those shoppers, nearly half (46%) said they have already abandoned a purchase in the past 12 months because their preferred provider wasn’t available. Of those who abandoned a purchase, 39% went on to buy from a different retailer. Three-quarters (75%) of abandoned carts with a reported value were worth $100 or more.
Overall, 65% of shoppers with a preferred provider say it is extremely or very important that a retailer offers it.
“Payment choice isn’t just a checkout feature, it shapes where consumers choose to shop,” said Rory Herriman, president and interim CEO of Zip US. “These findings reinforce the importance of giving customers access to financial tools they know and trust. For retailers, offering the right payment options means creating better shopping experiences and reducing the risk of losing customers at checkout.”
Nearly six-in-10 (59%) shoppers with a preferred BNPL provider say they have chosen one retailer over another because it offered their preferred provider. Of those, 90% say they would likely abandon a purchase without it.
[READ MORE: Survey: Consumers willing to abandon purchases over lack of payment options]
Nearly three-quarters (73%) of all surveyed BNPL users say they consider BNPL before they reach checkout, while 62% of all surveyed users say they have used BNPL for a purchase they otherwise would have postponed or skipped.
Zip’s survey was conducted through Ideally with 1,015 U.S. adults aged 18 and older who had used at least one Buy Now, Pay Later (BNPL) service in the past 12 months, across various providers, not limited to Zip customers. The survey was fielded between Oct. 17-19.
