Online retail business is booming during the COVID-19 pandemic as consumers increase their use of contactless digital channels to shop safely from home instead of returning to brick-and-mortar stores. Recent data revealed that U.S. consumers spent approximately $347 billion at eCommerce retailers within the first six months of 2020, whereas they spent $267 billion during the same period of time a year before.
However, small- to medium-sized businesses (SMBs) are feeling the weight of increased competition and have fewer resources than their much larger competitors to draw upon. Small eCommerce retailers are discovering how leveraging buy now pay later (BNPL) can help boost not only customer engagement and loyalty but also their own bottom lines. Installment payments can allow customers feeling the pinch of the economic downturn to pay off their purchases over time while providing steady revenue streams for small businesses that