Study: Six out of ten customers want more flexibility when shopping in-store

Vienna, October 05, 2021

Buy now, pay later: 60% of consumers wish for flexible financing offers such as buy now, pay later (BNPL) when shopping, according to the study “Consumer Behaviour Rethought”. In addition to various payment methods, one-third of customers would also like to have the option of booking additional services for the product at the point-of-sale. Repair and maintenance services as well as subscription models are particularly popular. Offering such services enables stores to keep up with booming online shops. For the study, the fintech Credi2 surveyed a representative sample of 1,000 Germans and Austrians.

The number of consumers shopping online is constantly growing, not only since the Corona pandemic. However, the pandemic has accelerated the downfall of brick-and-mortar stores in city centers. “Retailers need to rethink their strategies and give customers a reason to shop in-store,” says Daniel Strieder, CEO and co-founder of Credi2. “In addition to a pleasant shopping experience, customers today want a choice of payment methods, whether they are shopping online or offline. Above all, they want more payment flexibility.” Paying in installments to suit their own financial budget is something that younger people in particular are asking for. To be precise, 57% of the respondents under the age of 35 would favour using BNPL offers at the store checkout.

So far financing solutions are only available on demand

In online stores where a flexible financing solution is offered during the payment process, shoppers tend to be more spontaneous in their purchases and also buy higher-priced goods. In the study, however, two-thirds of respondents said that such solutions are uncommon in brick-and-mortar stores. “The majority experienced that installment payment is only offered on active demand and that there is a lack of choice of different models,” says the Credi2 CEO.

Additional services and subscription models are highly sought after 

Customers also associate a financing solution for an expensive product with the desire for a long period of use and corresponding additional services. 65% of those surveyed would therefore book a repair service, and more than half would take out insurance to protect themselves against possible loss.

In addition to financing solutions, young customers in particular now prefer subscription models that keep them up to date with the latest technology. In the study, 60% of those under the age of 35 stated that they would book a corresponding service in store which enables them to regularly exchange their product for a successor model.

Here you can download the study “Consumer Behaviour Rethought”. 

About Credi2 GmbH

Credi2 specialises in embedded finance solutions for ‘buy now, pay later’ and subscriptions. The fintech enables banks, merchants and OEMs to offer modern sales financing solutions via the Credi2 platform. Customers include Volkswagen Bank, Raiffeisen Bank International and Apple. Credi2 has worked with these companies to launch innovative and highly successful payment solutions in a short period of time.  

The Vienna-based scale-up was founded in 2015 by Daniel Strieder, Michael Handler and Jörg Skornschek. In addition to the founding trio, the management team also includes Christian C. Waldheim and Jennifer Isabella Schimanko. Credi2 is a fast-growing fintech currently employing more than 90 people from all over Europe.