Enhanced Payment and Shipping Options
Customers are increasingly interested in modern payment and shipping options that enhance their shopping experience. While many of these are associated with large online retailers, they are increasingly being implemented by SMBs.
Buy Now Pay Later (BNPL)
Buy now pay later operates just as it sounds. A shopper can purchase an item with the option to pay over a period of time. Usually this means four separate payments spread out over eight weeks or so.
BNPL is especially popular among younger consumers. Forbes noted that between 2019 and 2021 BNPL use among GenZ shoppers increased by six times.
This option is forecasted to continue to grow as Amazon, Paypal, and Apple Pay have all added BNPL payment formats to their shopping experiences. Retailers have seen dramatic increases in their conversion rates by adding this option.
Buy Online Pick-Up In Store (BOPIS)
BOPIS was another purchase option that saw exponential growth since the start of the pandemic. Logically, people want the option to buy something online and pick up locally, expediting the shopping process and reducing the carbon footprint of their purchase.
And although eCommerce has continuously gained popularity, many consumers still prefer shopping in person. Give your customers the best of both worlds, allowing them to browse your inventory from the comfort of their sofa while enticing them to come into your brick-and-mortar location. They might buy additional items and/or enjoy being face-to-face with the personality of your business, your great employees.
In order to compete with large retailers, SMBs have to increasingly offer same-day delivery. While it would be difficult to match the fulfillment capabilities of the Amazons of the world, local SMBs often have the advantage of being closer to their customers.
The truth is, much like entertainment, more and more consumers will come to expect more on-demand delivery service as part of their weekly shopping routine. Partnering with third party apps like Uber Eats and Instacart can guarantee fast fulfillment for local orders. For wine stores, check out the options of working with liquor specific companies like Drizly.
Just be careful to analyze all fees beforehand. Certain delivery apps take a large percentage of the sale, making any margins that were already thin disappear.