Online grocery shoppers are turning to buy now, pay later (BNPL) programs offered by retailers at a blistering pace as they cope with turbulent economic conditions, according to Adobe Analytics data released Wednesday.
The percentage of online BNPL transactions involving groceries grew 40% during the first two months of 2023, the fastest pace among the retail categories Adobe studied. By comparison, the home furnishings sector’s share of BNPL orders rose 38% during the same period, while the apparel category’s share moved ahead by 8%. The electronics sector, meanwhile saw its share of the BNPL market decline at a 14% clip, Adobe said.
The grocery industry’s growing representation in a sector of the economy often associated with big-ticket purchases suggests that consumers are looking to get better deals by buying larger quantities of goods at a time, Vivek Pandya, lead analyst of Adobe Digital Insight, said in a blog post.
itim Group plc (LON:ITIM) is a SaaS-based technology company that enables store-based retailers to optimise their businesses to improve financial performance and effectively compete with online competitors. Itim adds retail value by helping multi-channel retailers optimise their business and their stores to improve financial performance and compete more effectively with the “Amazons”.