Afterpay Expands to More In-Demand Categories with New Spring Merchants
14 March 2024 - 12:00AM
Business Wire
Kendra Scott, Made In Cookware, and Molekule
among latest top merchants to offer Afterpay’s flexible payment
solution, giving consumers more choice at checkout
Today, Afterpay announced a slate of new merchant partnerships,
empowering younger consumers to spend within their means through
Afterpay’s flexible financial platform. For purchases big or small,
consumers can now select Afterpay at checkout to spread their
payments out in installments at Diane von Furstenberg, Diggs,
For Eyes, HanesBrands, Kendra Scott, Made In Cookware, Molekule,
Myka, Namawell, Oak & Luna, Poly & Bark, Shop Premium
Outlets, Tornado Bus Company, and many more.
"Afterpay allows us to offer health-conscious consumers an
additional checkout and payment experience we couldn't offer
before. This partnership has enabled us to expand access of our
products to a larger customer demographic who are looking for
flexibility by paying over time," said Kristian King, eCommerce
Site Manager for Molekule.
Since Afterpay entered the U.S. market in 2018, it has expanded
its merchant network and vertical offerings to accommodate the
growing desire from next gen consumers to shop and spend more
responsibly beyond fashion and beauty products. Based on Gen Z and
Millennial spend, the largest Afterpay item categories were arts,
travel, & entertainment; home & garden; hardware; health
& beauty; and electronics in 2023.1 Additionally, 67%2 of
customers indicated they would use Buy Now, Pay Later (BNPL) more
if it were more widely available, with demand being higher among
Gen Z and Millennials. This comes at a time when next gen shoppers
are actively looking for more money management tools to help them
navigate the lingering impacts of inflation.
“Younger consumers have faced many financial challenges over the
past few years, fueling the growth of alternative payments like
Afterpay. Our goal is to not only offer more transparent payment
options, but to also promote a healthy and responsible customer
base. Because of this philosophy, BNPL customers recognize Afterpay
as the most trusted and used brand among those who have tried it,
and our merchants have seen the incremental value of having
Afterpay with more frequent customers and lower return rates,” said
Alex Fisher, Head of Revenue, Afterpay and Cash App.
As an alternative to traditional credit, Afterpay was founded on
the principle of financial inclusion and built to help people spend
responsibly, with customer protections built-in. As of the fourth
quarter of 2023, 98% of Afterpay purchases did not incur late fees
and 95% of installments were made on time.3 Afterpay customers also
indicated that using the service has helped them reduce financial
stress (77%), better manage their finances (67%), and save more
(60%).2
Download the Afterpay app on iOS and Android to access all
available merchant partners.
About Afterpay
Afterpay is transforming the way we pay by allowing customers to
buy products immediately and pay over time - enabling simple,
transparent and responsible spending. We are on a mission to power
an economy in which everyone wins. Afterpay is offered by thousands
of the world’s favorite retailers and used by millions of active
global customers. Afterpay is currently available in Australia,
Canada, New Zealand, the United States and the United Kingdom,
where it is known as Clearpay. Afterpay is a wholly owned
subsidiary of Block, Inc. (NYSE: SQ).
1 Afterpay U.S. data analyzed in 2023 excluding apparel and
accessories 2 Oxford Economics, The Economic Impact of Buy Now, Pay
Later in the US 3 Block Q4’23 results
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