Even though buy now, pay later is more widely available now, you may want to be cautious in using it, experts say.
Retailers from Nordstrom to Sephora are allowing customers to pay for items as inexpensive as a tube of lipstick in installments in a concept known as "buy now, pay later." Shoppers provide details such as their name, billing address, date of birth, email address and contact number, and some sites require them to quickly undergo a"soft" credit check to be approved. Then, they can complete the order but can pay for it over the course of weeks or months.
Payment deferral is"more attractive today than ever before," said AJ Stocker, vice president of strategic consulting at Kobie Marketing, a firm that advises brands on customer loyalty."We're now seeing an acceleration that's been influenced by changing consumer needs as a result of the pandemic."Several factors have converged during the pandemic to widen the appeal of buy now, pay later, experts say. Best Buy closed down stores in the pandemic.
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