At the end of 2022, the volume of monthly purchases made using the Shares (buy now pay later) BNPL service increased by more than 10 times. Since the launch in April 2021, purchases have been made for more than 10 billion rubles; more than 1500 stores connected the service. This was reported by the press service of the service.
In 2023, the Russian BNPL market in Russia will grow three times – at least to the level of 90-100 billion rubles, predicts Mikhail Burmistrov, CEO of INFOLine – Analytics. The expert estimates the capacity of the BNPL market in the country last year at more than 30 billion rubles.
Dmitry Seregin, head of the Shares project, said that in the future it is planned to significantly expand the functionality of the product, enter new product categories, and develop a loyalty program. “Taking into account these plans and the development of the service in an offline format, we expect the rapid growth of indicators to continue in 2023,” he stressed.
Fedor Virin, a partner at Data Insight, believes that the main reason for BNPL’s growth in 2022 is that there are several good offers on the market. “These offers, well integrated with online platforms, entered the market at the right time: prepared consumers in the face of savings and the economic crisis have received them well. Considering that the market penetration of BNPL is not yet very large (loans still prevail), we should expect a rapid growth of this format in 2023 as well,” the expert added.
According to Artem Sokolov, President of the Association of Online Trading Companies (AKIT), the growth of the BNPL market last year was quite expected: in an environment where Russians are very balanced in their purchases and strive to rationalize their spending, the service turned out to be extremely in demand. “The ability to take possession of the goods immediately, and simply distribute the payment over time, and often choose the amount of the payment yourself, makes many goods more accessible,” Sokolov noted, suggesting that the positive dynamics of the BNPL market will continue this year.
