The cosmetic industry has always been at the forefront of adopting new technologies and innovations, from e-commerce to virtual reality, and now it's time for payments. One of the most significant opportunities for the beauty sector is undoubtedly Buy Now Pay Later (BNPL), which offers numerous advantages, particularly in the B2B arena. We at Opyn are here to share some of these benefits, also through the enthusiastic words of Virgilio, a successful Opyn Pay Later client.
Purchasing Trends in the Beauty Sector
In 2023, the cosmetic and personal care market will generate $571.10 billion in global revenue, and according to Statista, this figure is expected to grow at an annual rate of +3.8% through 2027.
Based on the same source, in 2021, 29% of global consumers made online purchases for personal care and beauty products, while 22% opted for hybrid shopping methods. Naturally, these figures are set to rise, as are the market shares held by online shopping channels. This consumer trend is also reflected in the business-to-business sector, where companies expect a seamless omnichannel buying experience from their suppliers.
If you're selling personal care products to other businesses, the next step to enhance your business is to start offering options that enable clients to purchase goods and services quickly and hassle-free, whether the transaction occurs online or offline.
For those purchasing cosmetic products, the online experience should mirror that of physical stores. Conversely, the digital element can be integrated into in-store and remote settings, especially during payment.
It's vital to remember that the beauty world is more about the experience than the transaction. Hence, speeding up the payment process is undoubtedly a plus, especially for B2B clients seeking a faster, frictionless purchasing journey.
The goal is to provide a seamless multichannel experience that centers around the client, be it a consumer or a business.
Payments in the B2B Cosmetic Industry
The cosmetic industry has always been attuned to new trends and innovations, even in financial terms, and now it's payment's turn.
Companies appreciate a swift and smooth checkout process, allowing them to focus more on managing their business. That's why B2B cosmetic product and service sellers can enhance their conversion rates by providing digital and alternative payment methods.
In this context, it's essential to expand the available purchasing solutions to cater to a growing company audience. And while conventional payment methods, such as bank transfers, cater to a broad user base, they are becoming outdated and inconvenient, especially in B2B sales.
To meet business clients' flexibility needs, an attractive option is Buy Now Pay Later. This short-term financing form is also widespread in the cosmetics world, improving online client conversion rates while simultaneously promoting up-selling and cross-selling, both offline and online.
An All-in-One Solution for B2B: Opyn Pay Later
The cosmetic sector is a cornerstone of the global economy, particularly in business-to-business. But how much more could it expand if more beauty companies offered flexible payments to their B2B clients?
Now, they can do so simply and flexibly with Opyn Pay Later, Opyn's all-in-one solution that allows business clients to make staggered payments. But that's not all: beyond payment installments, we offer order and collection management methods and a 100% customized commercial, marketing and administrative consultation based on your needs.
As Virgilio Cau, Opyn Pay Later client and owner of CAU Srl, an Italian company supplying cosmetic products to hairdressers and beauticians, states: “Every B2B company looking to sell successfully must have a range of financial tools at its disposal: this innovative service is a must-have among their options.”
But the benefits of Opyn Pay Later for B2B cosmetic companies are numerous, here are some of them:
- 100% Digital Experience: With Opyn Pay Later, you can generate a payment link in an instant and get paid in a few clicks. Clients just need to enter a debit or credit card, and subsequent installments are automatic.
This is one of the main benefits identified by Virgilio, who says: "Opyn Pay Later is the alternative to cumbersome and outdated payment methods: an installment service conveniently linked to the client's credit card or debit card. We, as suppliers, obtain administrative simplification and the customer gets rid of the payment burden, enters their card and their purchases are automatically settled."
- Increased Security: Opyn Pay Later is a secure service where you can receive and monitor client payments without any hitches by accessing a single platform.
- Fewer Defaults: with our platform, you receive timely collections and optimize cash flows while reducing the risk of defaults, thanks to Opyn's credit expertise, that also handles soft collection.
- No Fixed Costs: you have no subscription or activation fees. You pay commissions only if your clients make transactions.
- Greater Flexibility: you can choose the installment method for each sale and offer it to your clients in a customized way. Similarly, the amount and installment date can be adjusted to suit your and your client's needs. Likewise, you can select the service that best suits your business from those currently offered.
- End-to-End Solution: with Opyn Pay Later, you won't have to worry about a thing. We support you at every stage, from service activation to soft collection.
To conclude with Virgilio's words, “Opyn Pay Later is a great idea, and it will be the future of payments for companies.”
Start increasing your B2B sales and grow your business by offering better payment terms and flexible installments to your beauty clients, both online and offline. Discover Opyn Pay Later!