The trend of installment purchases is on the rise, with data from a leading e-commerce company indicating that the percentage of purchases made in installments is expected to grow to around 20% in the next year. This shift in consumer behavior reflects a significant change in how people approach their purchases, opting for more flexible payment options to avoid large one-time payments.
According to the company, over 15% of purchases on their platform are currently paid in installments. This trend is particularly evident in the purchase of high-value items such as the latest mobile phones, televisions, large appliances, laptops, and PC systems. Consumers are still interested in premium products, but they are increasingly turning to installment payment solutions to make these purchases more manageable.
Mihai Pătraşcu, CEO of evoMAG, highlights the growing preference for installment payments, especially for high-value products. By partnering with financial companies, evoMAG is able to offer customers payment solutions that allow them to access the products they desire without putting a strain on their budget. This approach enables consumers to maintain access to premium products in a sustainable way, without having to make a large upfront payment.
One of the key benefits of paying in installments is that it allows consumers to spread the cost of their purchases over time, making them more affordable and accessible. The company notes that orders paid in installments have, on average, a 20% higher value than those paid in full upfront. This indicates that flexible payment options are enabling consumers to purchase more expensive products that they may have otherwise found difficult to afford.
In terms of payment preferences, the most popular option among evoMAG customers is to pay in 4 interest-free installments. This option strikes a balance between flexibility and affordability, allowing consumers to spread out their costs over a manageable period without incurring additional expenses. This approach has proven to be a popular choice among consumers looking to purchase high-value items without straining their finances.
Overall, the increasing popularity of installment purchases reflects a shift in consumer behavior towards more flexible payment options. By offering installment payment solutions, e-commerce companies like evoMAG are able to cater to the changing needs and preferences of their customers, making premium products more accessible and affordable. As this trend continues to grow, it is likely that installment purchases will become an increasingly common way for consumers to make large purchases in the future.