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Published on 22/12/2023
Purchase a bike with Buy Now Pay Later
If you opt to buy an electric bike, you can expect to pay a premium compared to a conventional mechanical bike. Over the past few years, the popularity of bikes, especially e-bikes, has surged. However, as prices continue to rise, obtaining one of these eco-friendly and practical modes of transportation becomes more challenging. In this scenario, opting for payment in instalments emerges as a compelling alternative. When coupled with purchase incentives, it offers buyers the flexibility required to own a bike. This approach proves doubly beneficial, catering to the needs of both consumers and merchants.
The growing trend in the bicycle market
An evolving bicycle market
The bicycle market has seen substantial growth in recent years, propelled by several factors: heightened environmental consciousness, urban infrastructures becoming more cyclist-friendly, and technological advancements making bikes more efficient and enjoyable. Adding to this mix is the impact of the COVID crisis, which prompted many city residents to shift from public transportation to the open air. This trend is well-supported by concrete data.
The flip side: the cost!
While there are incentives to support the market, the cumulative impact of these subsidies can still leave the e-bike1 buyer with a substantial upfront cost, especially for low-income families or young individuals. This is where payment in instalments comes in as an advantageous solution, simplifying the bike acquisition process while taking advantage of various available subsidies.
Payment in instalments | A smart solution for purchasing a bike
Buy Now Pay Later offers clear advantages for the sector
The option of paying in instalments, or BNPL2, offers buyers the flexibility to settle their bike purchases over several payments. This payment approach brings substantial benefits to both potential bike buyers and merchants, creating an opportunity to boost revenue while fostering customer loyalty.
For buyers, paying in instalments provides the following advantages:
- spreading out expenses by distributing payments over time
- maximising the benefits of bike purchase incentives - buyers can reduce the initial amount with incentives and extend the remaining cost across several months
- accessing bikes that genuinely align with their needs - the flexibility of BNPL allows them to choose higher-end models and accessorise as desired
- being able to complete the purchase quickly.
For merchants, providing split payment options is a strategic advantage because it:
- boosts the conversion rate Customers who are on the fence are more likely to finalise their bike purchase when presented with a budget-friendly solution
- Increases the average basket amount customers, reassured by the option to pay in instalments, may opt for higher-priced bike models or add additional accessories (mudguards, luggage racks, etc.)
- fosters customer loyalty - payment in instalments creates a strong connection between the merchant and the buyer, encouraging repeat purchases and referrals.
Why choose FLOA as your BNPL partner?
FLOA stands out as a leader in the French split payment landscape, offering seamless integration with the bicycle market. It has already established partnerships with well-known brands like Ecox and Mondovélo. Its strength lies in its compatibility with the Shifter point-of-sale software, catering to both bike shops and online stores.
For customers, FLOA brings flexibility and security: payment in instalments3, the freedom to choose withdrawal dates, secure transactions, and a personal dashboard for account management. For merchants, FLOA boosts sales, minimises defaults, guarantees debt collection, and streamlines administrative processes.
Choosing FLOA for split payments offers a solution tailor-made for the bicycle market. Want to explore further? Contact our team for additional information, personalised support, and to discover all the advantages that FLOA can offer to your business.
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