Faces Buy Now Pay Later was introduced in 2022. Since then, thousands of practitioners have registered and used our Buy Now Pay Later feature. Fast forward to our current timeline, Faces Buy Now Pay Later is comparable to leading finance lenders for beauty and aesthetic businesses!
In our recent blogs about finance, we’ve highlighted several advantages and benefits of Faces BNPL such as an increase in clinic bookings and higher client retention rates. We understand that some practitioners may still be sceptical about these advantages, and we would like to show you the raw data on our end.
In this blog, let us show you the cold data about finance in the beauty and aesthetics industry, along with the native data we have on Faces. We’ll connect the dots on each piece of data and come up with the best judgement for your business. Let’s go ahead and start!
Faces Buy Now Pay Later and Bookings
– Across all UK businesses with BNPL integration, 69% have reported an increase in sales and performance metrics.
– Since 2020, the Buy Now Pay Later industry has seen humongous user growth, with a record total of £30bn expected this year.
– In 2023, the health & beauty industry led the market in consumer spending.
– Aesthetic clinics offering seamless experience in bookings can enjoy up to 69% in bookings compared to traditional paper-based clinics. This means aesthetic clinics offering an all-in-one solution for payments, bookings, and finance have the advantage.
– According to PayL8r, BNPL options capture a larger segment of customers, and businesses can see up to a 30% increase in orders.
– Examining our database, practitioners registered on BNPL through Faces have seen a 28% increase in bookings for their most expensive treatments. We also spotted that clients who realised they could use Buy Now Pay Later are more likely to get more treatments.
– Online purchases (including appointments booked online) are rapidly growing due to BNPL, with Gen Z and millennials leading the purchase growth.
– With Faces BNPL, introducing BNPL to your aesthetic business can attract younger clients (19-29 years old).
– Financial and analytical forecasts believe that up to 78% of businesses will adapt to BNPL due to customer’s increasing reliance on BNPL payments.
Summarising all data from both Faces and other reputable sites, there is a positive connection between offering Faces Buy Now Pay Later and the number of bookings. Though this would generate more profits for you, it is crucial to understand the proper strategy for implementing BNPL.
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Reasons why Buy Now Pay Later is popular
As we’ve seen tremendous growth in BNPL transactions in the UK, as of 2024, more than half of UK adults have used Buy Now Pay Later for purchases. In this section, we will indicate several reasons why BNPL is popular in the retail and aesthetic industries.
– In early 2020, data shows the main reason why clients use BNPL is because of its convenience.
– BNPL is also popular because consumers use BNPL services to avoid high credit card fees and interest.
– A study done on 533 BNPL users suggests that utilising this feature has made high-cost treatments attainable and more manageable for repayments.
– Another related study by the Consumer Council found that one key reason consumers use BNPL is due to the recent increase in the cost of living. Further examination of the research shows that the impacts of BNPL have mostly been positive.
Conclusion
In this digital age, BNPL is a pivotal feature that encourages clients to book a treatment. While lingering sentiments make aesthetic professionals hesitant to use this feature, with the correct mindset, the right knowledge, and a reliable partner like Faces, you can eliminate your worries and continue on the road to financial and business success.
If you want to start registering on Faces Buy Now Pay Later, click here or talk with our Finance Manager!