Vipin Porwal | Source | Founder and CEO at Smarty

Consumers are becoming more aware of how these pricing hikes impact their daily lives. It’s clear that the extreme upswing of costs has made consumers take a second look at what they’re spending.

One reason BNPL is increasing in popularity is that it provides financial inclusion for people who don't have access to credit cards or any other sources of traditional loans. BNPL also comes without the interest rate for a certain timeframe. So, it can be a very good tool to purchase items that one wants to acquire now and spread out that payment.

Return policies now play a big role in how people buy things online, providing a competitive advantage to those retailers that can provide the easy path to return items. And the easy returns, as Smarty's Porwal says, are part of the appeal. Returning an item to a high-street store takes time, and you might have to explain yourself or end up not being able to return the item at all. With Amazon, you drop the parcel at the post office and let them scan your return QR code. If consumers trust the open box is going to be a good purchase, they'll start buying it because they can save money with confidence.