The Latest B2B Bnpl Industry Statistics Explained
The Global Buy Now Pay Later (BNPL) market size was $7.3 billion in 2019, and it is expected to reach $33.6 billion by 2027.
The statistic indicates the significant growth projected for the Global Buy Now Pay Later (BNPL) market from 2019 to 2027. In 2019, the market size was reported at $7.3 billion, reflecting the initial value of transactions conducted through BNPL services. However, with the increasing popularity and adoption of BNPL services globally, the market is expected to expand substantially over the coming years, reaching an estimated value of $33.6 billion by 2027. This exponential growth highlights the growing trend of consumers opting for BNPL services as a convenient and flexible payment option, driving the surge in market value within a relatively short period.
B2B BNPL platforms accounted for 6% of all global BNPL transactions in 2020.
The statistic that B2B BNPL (Business-to-Business Buy Now, Pay Later) platforms accounted for 6% of all global BNPL transactions in 2020 indicates the proportion of Buy Now, Pay Later transactions that took place between businesses rather than between businesses and consumers. This suggests that a notable portion of BNPL services is utilized for commercial transactions between businesses, showcasing the increasing popularity and adoption of BNPL solutions within the B2B sector. This statistic highlights the evolving landscape of payment options and the significance of BNPL platforms in facilitating flexible payment alternatives in a business-to-business context.
Revenue in the BNPL segment is projected to reach US$20,464m in 2021.
This statistic indicates that the revenue in the Buy Now Pay Later (BNPL) segment is expected to reach US$20,464 million in the year 2021. This projection suggests a significant growth in the BNPL industry, demonstrating a strong consumer demand for alternative payment methods. The increasing popularity of BNPL services can be attributed to their convenience and flexibility, allowing consumers to make purchases and spread out payments over time without incurring interest. As this revenue forecast is specific to the BNPL sector, it highlights the increasing prominence of this payment model within the overall financial landscape and indicates a shift in consumer behavior towards more flexible payment options.
The user penetration in the BNPL segment is expected to hit 12.3% by 2025.
This statistic indicates the projected percentage of users within the buy now, pay later (BNPL) segment as a proportion of the total population by the year 2025. A user penetration rate of 12.3% suggests that approximately 12.3% of the population will have utilized BNPL services by 2025. This could be interpreted as a growing trend in consumer behavior towards opting for BNPL solutions for making purchases and managing their finances. The increasing user penetration rate may signify a shift towards alternative payment methods and a preference for flexibility and convenience in managing payments, potentially impacting the overall landscape of the financial services industry.
The average transaction value per user in the BNPL segment is projected to amount to US$674.13 in 2021.
This statistic indicates that the average amount of money spent per transaction by users in the Buy Now Pay Later (BNPL) segment is expected to reach US$674.13 in 2021. This figure serves as a key metric for assessing consumer behavior and economic trends within the BNPL industry. By analyzing the average transaction value per user, businesses and analysts can gain insights into the purchasing patterns, preferences, and potential market growth within the sector. This statistic is significant for companies operating in the BNPL space as it provides a benchmark for measuring performance and shaping strategic decision-making processes.
China is expected to be the largest BNPL market in 2021 with a projected market size of US$8,799m.
This statistic indicates that China is anticipated to become the largest market for Buy Now Pay Later (BNPL) services in 2021, with a projected market size of US$8,799 million. The BNPL market refers to a payment method that allows consumers to make purchases and pay for them later in installments, typically without interest. The rapid growth of BNPL services in China highlights the increasing popularity of this payment option among consumers, as well as the country’s robust e-commerce and consumer retail sector. The expected substantial market size suggests a significant shift in consumer payment preferences towards more flexible and convenient options, driving the expansion of the BNPL industry in China.
Over half of B2B merchants identified reducing friction in the checkout experience as a key goal for adopting a B2B BNPL solution.
The statistic indicates that more than 50% of business-to-business (B2B) merchants have recognized the importance of minimizing obstacles or difficulties in the checkout process as a primary objective for implementing a Buy Now, Pay Later (BNPL) solution in their operations. By focusing on reducing friction in the checkout experience, B2B merchants aim to enhance the efficiency and convenience of their purchasing process for customers, potentially leading to increased sales, improved customer satisfaction, and overall business growth. This statistic highlights the growing trend of B2B companies embracing innovative payment solutions to streamline transactions and optimize the overall buying experience for both buyers and sellers in the digital marketplace.
The adoption of B2B BNPL solutions has led to an average order value increase of 18%.
The statistic indicates that the implementation of Business-to-Business (B2B) Buy Now, Pay Later (BNPL) solutions has resulted in a notable 18% increase in the average order value within the organization or sector being analyzed. This suggests that allowing B2B customers the option to defer payment for their purchases has positively impacted their spending behaviors, leading to larger transaction sizes on average. The increase in order value signifies a higher level of trust, confidence, and purchasing power among B2B buyers who are utilizing BNPL solutions, potentially resulting in greater revenue generation for the business or businesses involved in offering these payment options.
Businesses have reported an increase in conversions by up to 32% when offering B2B BNPL solutions.
This statistic indicates that businesses have experienced a significant improvement in their conversion rates, with up to a 32% increase when implementing Business-to-Business Buy Now Pay Later (B2B BNPL) solutions. This means that companies offering B2B BNPL payment options to their customers have been able to effectively convert more potential clients into actual buyers, resulting in a notable boost in sales and revenue. The statistic suggests that utilizing B2B BNPL solutions can have a positive impact on the transaction process, making it more convenient and appealing for business customers, ultimately leading to a marked increase in conversions for the offering businesses.
Almost two-thirds (64%) of merchants offering a B2B BNPL solution saw an increase in new customer acquisition.
The statistic ‘Almost two-thirds (64%) of merchants offering a B2B BNPL solution saw an increase in new customer acquisition’ indicates that a majority of businesses providing Buy Now, Pay Later (BNPL) services to other businesses have experienced a positive impact on their customer acquisition efforts. Specifically, 64% of these merchants have observed growth in attracting new customers through the implementation of their BNPL solution. This statistic suggests that offering a B2B BNPL option can be an effective strategy for businesses to expand their customer base and attract new clients, potentially leading to increased sales and revenue opportunities.
The B2B payment market, which includes B2B BNPL, is geared to reach $63 trillion by 2026.
The statistic indicates that the Business-to-Business (B2B) payment market, which encompasses Business-to-Business Buy Now, Pay Later (BNPL) transactions, is projected to grow significantly and reach a total value of $63 trillion by the year 2026. This growth suggests an increasing trend towards the adoption of digital payment solutions and alternative financing options within the B2B sector. Businesses are likely to increasingly utilize BNPL services to manage their cash flow, facilitate transactions, and access credit in a more flexible manner. The expected growth in the B2B payment market highlights the importance of understanding and leveraging evolving payment technologies in the business world.
Usage of digital payment methods in B2B transactions is expected to increase by 38% by 2025, suggesting a potential increase for BNPL transactions.
This statistic highlights a significant anticipated growth in the utilization of digital payment methods for business-to-business (B2B) transactions, with an expected increase of 38% by the year 2025. This projection indicates a shift towards electronic payment solutions in the B2B sector, suggesting that businesses are increasingly embracing and adopting more efficient and convenient digital payment options. Furthermore, the statistic implies that there is potential for a rise in the use of Buy Now Pay Later (BNPL) services within B2B transactions as a result of this shift towards digital payments. This trend underscores the evolving landscape of B2B transactions towards more streamlined and innovative payment methods.
Nearly 50% of B2B organizations want to improve their order-to-cash process, indicating potential for growth in B2B BNPL services.
The statistic suggests that approximately half of business-to-business (B2B) organizations are interested in enhancing their order-to-cash process, highlighting a significant opportunity for growth in the business-to-business “Buy Now, Pay Later” (BNPL) services sector. The fact that such a large portion of B2B organizations are looking to improve their order-to-cash process implies that there is a growing awareness and focus on streamlining financial transactions and enhancing operational efficiency within the B2B space. This presents a potential for BNPL services to address the needs of these organizations by offering flexible payment solutions that can simplify and optimize the order-to-cash process, ultimately driving growth and adoption of BNPL services in the B2B industry.
By 2022, it is projected that more than half of all B2B transactions will occur online, providing fertile ground for the growth of B2B BNPL.
The statistic highlights a significant trend in the world of business-to-business (B2B) transactions, indicating that over 50% of these transactions are expected to take place online by the year 2022. This shift towards online transactions is creating a conducive environment for the expansion of Buy Now, Pay Later (BNPL) services in the B2B sector. As businesses increasingly conduct their transactions online, the demand for flexible payment solutions like BNPL is also expected to grow. This statistic underscores the growing importance of digital platforms and payment methods in the B2B space, shaping the future landscape of how businesses engage in transactions and manage their finances.
Around 60% of businesses agree that B2B BNPL solutions increase customer satisfaction and loyalty.
The statistic stating that around 60% of businesses agree that Business-to-Business Buy Now Pay Later (B2B BNPL) solutions increase customer satisfaction and loyalty suggests that a majority of businesses see value in offering BNPL options to their customers in the B2B space. This indicates that such payment solutions can positively impact customer relationships by providing convenience and flexibility in payment terms. The statistic implies that businesses believe implementing B2B BNPL solutions can lead to improved customer satisfaction levels and help in fostering long-term loyalty among their client base. This insight highlights the growing importance and adoption of alternative payment methods in the B2B sector to enhance the overall customer experience and drive business success.
In 2020, the B2B eCommerce market was valued at $6.64 trillion, and is expected to reach $20.91 trillion by 2027. The BNPL involvement in this marketplace thus has significant growth potential.
The statistic highlights the significant growth potential of Buy Now, Pay Later (BNPL) services within the Business-to-Business (B2B) eCommerce market. In 2020, the B2B eCommerce market was valued at $6.64 trillion, with a projected increase to $20.91 trillion by 2027, signaling a substantial growth trajectory. The emergence and increasing adoption of BNPL solutions in this marketplace are expected to be a key driver of this growth, offering businesses more flexible payment options and improving cash flow management. This presents an opportunity for BNPL providers to capture a larger share of the B2B eCommerce market and capitalize on the expanding digital economy.
References
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