Buy now pay later is growing in popularity among furniture merchants because it’s a solution that customers are looking for – Adobe reports that BNPL furniture purchases grew by 38% in the first two months of 2023 alone, indicating that customers are looking for flexible payment options to fit their budget when purchasing high value items like furniture.
Providing customers with this solution will help furniture merchants to grow in a variety of ways, from driving conversions to increasing AOV. Here, we’ll explore how to integrate BNPL into your furniture business strategy in order to satisfy customers while remaining true to your brand.
Why choose BNPL for your enterprise furniture business
There are many advantages to integrating buy now, pay later into your customer experience and business strategy.
- Drive conversion: Providing customers with a flexible payment solution can help to convert more sales – Splitit has helped furniture companies boost conversion rates by 30%.
- Increase AOV: By allowing customers to break their purchase down into a manageable, installment-based payment plan, BNPL makes it easier for customers to budget for larger items and therefore can increase your AOV.
- Improve loyalty: Delivering a great experience that fulfils your customers budgetary and lifestyle needs is a great foundation for a successful customer relationship, therefore building loyalty and encouraging repeat business.
- Deliver a modern shopping experience: BNPL grew 14% year over year in 2022 and is set to continue on the same track – by offering a buy now, pay later solution in your checkout, you’re delivering a modern retail experience that customers are beginning to expect.
BNPL allows for tailored solutions for enterprise furniture merchants
When looking for a buy now, pay later platform for your furniture business, consider how it can be tailored to fit the way your business works, the size of your team, and how you interact with your customers.
With Splitit, you can seamlessly incorporate BNPL into the touchpoints that make the most sense for you.
- Omnichannel capabilities: Whether you operate solely in-store or through an omnichannel model, Splitit can be incorporated at your physical checkout. When shopping in person, customers can quickly choose an installment payment solution with the tap of their credit card. Learn more about in-store installments.
- Seamless, white-label solution: Thanks to seamless integration to your website and our white-label platform, BNPL can become a holistic part of your brand. All messaging lives within your business ecosystem, so your customers aren’t confused by third-party companies and instead can interact with your company, which they know and trust.
- BNPL sales strategies: With BNPL in your toolkit, you can tailor your sales strategies accordingly. Whether you have a dedicated furniture sales team that interacts closely with your customers or you operate solely through an ecommerce platform, you can position BNPL into your sales funnel to provide your customers with payment solutions that will help drive them over the line.
Integration with your furniture business’ ecosystem
In order to truly drive growth and value for your business, BNPL shouldn’t be an afterthought or an add-on, but a platform that you can integrate within the flow of your business.
Splitit offers a white-label solution, which means buy now, pay later can become a seamless part of your brand. This means you can maintain a smooth and frictionless checkout experience, and your customers will connect the value of a flexible payment solution directly with your brand.
This is possible because Splitit is designed to easily integrate with your online platform, with plugins to connect with your ecommerce ecosystem that extend to your inventory management and CRM systems.
When it comes to payment scheduling, you can customise the BNPL payment plans you offer to fit the way your business operates – this means giving your customers the option to pay via weekly or monthly installments, as well as the option to offer pay after delivery.
Get data-driven insights and analytics with BNPL
As well as providing your customers with a flexible payment option, BNPL can provide you with valuable insight about customer behaviour.
With Splitit, you’ll gain reports that reveal how your customers interact with BNPL, so you can see who is more likely to convert with a BNPL payment solution and how it affects decision making throughout the sales journey.
From there, you can develop a strategy for the best way to target customers and identify key moments to present BNPL as an option. Testing, iterating, and monitoring BNPL within your business flow will help you develop ways to successfully position it within your existing payment landscape.
Explore more payment processing strategies to grow your business.
Security and compliance within the BNPL landscape
Data and security are one of the most important things to consider when choosing a BNPL provider. As well as ensuring that business and customer information is secure and protected against fraud, it’s important to understand how BNPL companies use your data and your customer’s data outside of the payment flow.
With Splitit, your data is your data – we don’t harvest consumer data or sell it to third-party providers. This means that you retain your customer insights and don’t have to worry about your valuable information being passed onto competitors.
We also uphold the highest security standards for security, fraud prevention, and data protection. While legacy BNPL companies are facing regulatory changes that will likely have a huge impact on the way they interact with customers, Splitit works with customers’ existing credit cards, which means we are compliant with credit bureau regulations and adhere to responsible lending practices.
Success stories from enterprise furniture merchants
We have helped furniture businesses to solve problems, grow sales, and satisfy customers around the world.
Helping ReST drive revenue
After developing some of the world’s most innovative sleep technology, smart bed company ReST was looking for a way to boost sales growth and increase conversion while reducing their financial risk. Partnering with Splitit helped them to drive revenue by almost 500%. Learn how Splitit helped ReST restructure their sales strategy.
Growing Simba’s growth volume by 40%
After over 50 years in business, luxury mattress company Simba was already available in 15 countries around the world. They were looking for a way to diversify their payment options and provide an installment solution to customers in all countries. Partnering with Splitit helped Simba to drive growth volume by over 40%. Learn more about how Simba’s partnership with Splitit has boosted growth and satisfied more customers
Dedicated enterprise support for your BNPL solution
Your buy now, pay later platform should be a partnership that boosts your business and enhances your operations from the very start. With Splitit, you can expect dedicated support to help you get up and running, so you and your customers can feel the benefits immediately.
This includes integration and platform plugins that allow for a seamless experience across the front- and back-end of your site. As part of our white-label platform, we have comprehensive resources to help you set up your onsite messaging and build BNPL into a holistic part of your brand.
Splitit has helped businesses across the world to boost sales, improve average order value, and drive conversions. It’s a BNPL solution that you can incorporate into your furniture brand and sales strategy to support your existing business operations and provide your customers with the options they’re looking for.