Buy Now, Pay Later: The “New” B2B Customer Acquisition Strategy to Win Over New Clients
Buy Now, Pay Later: The “New” B2B Customer Acquisition Strategy to Win Over New Clients
It’s not all bad news for businesses. As far as pandemics go, some businesses are thriving despite the tough economic conditions. One of the biggest trends to emerge just happens to be an increase in the number of “Buy Now, Pay Later (BNPL) ” options available to consumers.
According to Cornerstone Advisors, consumers made just over $100 billion in retail purchases using BNPL programs in 2021—up from $24 billion in 2020 and $20 billion in 2019. Of course, some people are bothered by this trend because they feel it makes people spend more than they can afford even if that’s not their intention.
Even though getting clients in the B2B industry is much more complicated than in B2C because it involves a diverse group of decision-makers who are much more involved in the entire buyer’s journey, there is undoubtedly an overwhelming demand and trend for buy now, pay later (BNPL) billing solutions for business to business purchases.
Take the startup Billie (similar to Affirm, Klarna or Afterpay) for example it helps businesses to buy certain, more expensive products and services now and have the payments easily spread out over a certain period. This approach, especially for businesses, should help with liquidity and boost overall growth. Billie’s B2B buy now, pay later platform raised a whopping $100M after crossing the 100k user mark earlier this year, catapulting them from strength to strength as they expand their B2B customer base.
Companies have found a variety of growth hacks in leveraging BNPL programs with 0% APR, from supporting their efforts to upgrading operating systems, processes and technologies, paying for subcontractors or even paying bills to free up additional working capital. BNPL can also be used to relieve cash flow and avoid debt financing for many companies that are experiencing peaks and valleys when it comes to money in the bank.
BNPL Plans Are Here to Stay, but They’re Also Here to Help Businesses Meet Changing Consumer Behaviour to Increase Sales
We all want what we want whenever we want it, but this doesn’t necessarily always translate into an instant sell or purchase. The B2B world in particular is very different from the B2C world when it comes to well, everything.
Buyer anxiety is much higher here, so give B2B customers all the time they need to purchase with total flexibility and confidence thus making the entire purchasing journey and process simpler! Guiding buyers toward clear, optimal choices can reduce insecurity and potential regret ultimately bolstering confidence in their decision.
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