For the past few months, the world and the way people lived had shifted drastically. Before, if we want to go for an exercise, we just had to hit the gym or go to the local park to go for a run. Today, the fitness centers and gyms we frequented had to close to prevent COVID-19 from spreading.
The pandemic had caused a massive spike in terms of the demand for home fitness equipment. People have looked into online stores to create their very own personal home gym. Fitness enthusiasts and others had purchased a variety of products from treadmills, exercise bikes, weights, and rowing machines, just to name a few.
Exercise equipment suppliers have seen a massive demand for smart exercise equipment that will closely replicate their experience in an actual gym. However, these exercise equipment are far from being cheap. Nevertheless, athletic equipment suppliers have provided ways for their consumer to create their home gym without breaking the bank.
What is Buy Now Pay Later?
Have you ever experienced seeing a product from an online store and said, “I need that”? But no matter how you needed or wanted a product, that does not automatically mean that you can make a purchase. What if we told you that your budget would never be a problem again with the Buy Now Pay Later option?
As the name suggests, Buy Now Pay Later (BNPL) is a type of consumer financing given at the point of sale. Before you check out everything that is in your online cart, the BNPL option will be given to you. When you make a purchase in an online store, you are given the opportunity to choose the type of payment method you would want for your purchases.
For a business to be successful, they must be able to provide instant financing to their consumers to close the deal immediately, or in this case, their purchases.
This type of online financing at the point of sale allows for customers to borrow the full amount in order to make a purchase. The company is typical connected to multiple lenders. When a business is connected to multiple lenders, this allows for them to provide more options to their consumers. The more payment options, the happier consumers are, and merchants get higher revenue.
How Buy Now Pay Later Has Given Consumers Access To Home Fitness Equipment During COVID-19?
Gyms and fitness centers all over the country and the world had to close to stop the virus from spreading. However, having a pandemic does not necessarily mean that you don’t have to stay at your tiptop shape. You don’t have to go to the gym to stay fit. In fact, you can bring the gym to your home. But how can you do that?
There are now a lot of online athletic and exercise equipment suppliers that provide consumers a variety of payment and financing options to choose from. Whether you are looking for a treadmill, ellipticals, a rowing machine, a barbell set, or any other gym equipment imaginable, all can be easily delivered to your doorstep in just a few taps on your smartphone. However, this gym equipment doesn’t come cheap.
Though equipment can be expensive, online stores are providing their consumers with point of sale financing options in order to get the home gym of their dreams without having to break the bank. With the option of Buy Now Pay Later, consumers can get their gym equipment without paying for it in full at the point of sale. Instead, they are able to pay back the total over a few weeks or months. What’s more, is they can choose the payback plan that is most convenient for them.
According to the research conducted and published by the Organization for Economic Cooperation and Development, the pandemic had created so much drastic change in the landscape of eCommerce that we can expect these changes to last beyond the pandemic. Providing consumers with options such as Buy Now Pay Later as a point of sale financing allows for more opportunities for the consumers to purchase what they need without sending them into spiraling debt. More than that, it will also allow for a chance for the economy to be revitalized once the pandemic is over.