Can The ‘Buy Now, Pay Later’ Sales Funnel Boost Profits for Digital Creators?

Black Friday always brings some surprises, and in 2023, it was all about the ‘Buy Now, Pay Later’ (BNPL) payment method. 

This year (2023) a whopping $79 million of the sales were from people using BNPL. That’s a massive 47% jump from last year! In addition to that, online sales in the U.S. hit a record $9.8 billion, which is up 7.5% from the previous year. 

In this blog, we’re diving into how the BNPL trend is taking the online marketing world by storm. Could BNPL sales funnels help your business produce more revenue?

What is a ‘Buy Now, Pay Later’ Sales Funnel?

BNPL is a short-term financing option that lets customers buy something now. They can either purchase the product for a small upfront cost, or for free. The remaining balance is paid later.

In the online business landscape, this payment option allows your customers to get access to your online courses or digital products for free, or for a fraction of the cost. The remaining balance can then be comfortably paid off in smaller installments over a period of weeks or months.

The Growing Popularity of a ‘Buy Now Pay Later’ Sales Funnel

A BNPL Sales Funnel is not just a passing fad; it’s a movement that’s reshaping the way digital creators monetize their content.

Here’s why it’s on the rise:

Stats That Speak Volumes: According to recent studies, BNPL Sales Funnel adoption has surged, with a whopping 68% of shoppers preferring this payment option for online purchases. In the digital creator space, the numbers are equally impressive, with a 40% increase in BNPL Sales Funnel usage over the past year.

Seizing the Opportunity: As a digital creator, you can’t afford to ignore this trend. By integrating BNPL Sales Funnel into your payment options, you tap into a growing market segment of users who are ready to engage with your content and services. This trend isn’t just about making purchases more accessible; it’s about aligning your business with the preferences of your target audience.

That alignment comes with serious benefits you wouldn’t otherwise have.

Benefits of a ‘Buy Now, Pay Later’ Sales Funnel for Digital Creators

BNPL Sales Funnels bring a treasure trove of benefits for online business owners. Here are just a couple:

Reduced Barriers to Entry: BNPL Sales Funnel eliminates the financial barriers that might deter potential customers from signing up for your online memberships or courses. Imagine someone coming across your online course, but hesitating due to the upfront cost. A BNPL Sales Funnel could be the solution that nudges them to say ‘yes.’

Frictionless Sales: Less friction in the sales process means higher conversion rates. BNPL Sales Funnels make it convenient for customers to make a buying decision. They can access your content immediately without having to worry about the full payment upfront. This convenience factor often leads to increased revenue as more customers take the plunge.

But before you take the plunge with BNPL, you should know, it’s not a bulletproof option.

Potential Downsides of a ‘Buy Now, Pay Later’ Sales Funnel for Creators

While BNPL Sales Funnel offers substantial (and lucrative) advantages, it’s important to address the potential challenges:

Content Theft: Some worry about customers accessing content and then disappearing without paying, which is a valid concern. Protecting your intellectual property is crucial.

Content theft can be a real headache, especially when you’ve put in countless hours of work creating your online courses or digital products. The fear that someone might enroll, grab all your content, and disappear can be daunting. However, this doesn’t have to keep you up at night when you’re using Kartra.

Kartra’s security features allow you to protect your content effectively. It offers drip content features that can help prevent content theft and maintain engagement.

Uncommitted Customers: When you offer a low or zero upfront cost, you may attract leads who aren’t truly committed. This can be tiring if your customers are not the right fit, or if you end up providing customer service to those who haven’t invested in your product or online course.

Thankfully, Kartra provides solutions to help you qualify leads on autopilot. This way, you can filter unqualified leads out of your BNPL sales funnel altogether and streamline customer acquisition.

The Bottom Line

In a world where convenience and flexibility reign supreme, the BNPL Sales Funnel is here to stay. As digital creators, you can leverage this trend to your advantage, reducing buyer’s resistance up front.