Afterpay Day Drives 35% Growth in New Customers¹

Rhea-AI Summary

Afterpay (ASX: APT) reported a 35% increase in new active customers during its first bi-annual Afterpay Day sale, which included brick-and-mortar shopping. The sale generated nearly six million referrals to global merchants, with 30% directed to small and medium-sized businesses. Mobile transactions accounted for 86% of sales, while average basket sizes included four items. Afterpay now has over 16 million customers in the U.S. and nearly 75,000 global retail partners. The event featured promotions from over 3,000 retailers, driving significant sales growth.

Positive

• 35% increase in new active customers during Afterpay Day.
• Nearly 6 million referrals to global merchants.
• 86% of transactions on mobile devices.
• Over 16 million total U.S. customers and nearly 75,000 global retail partners.

Negative

• None.

SAN FRANCISCO, April 1, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later"  (BNPL) payments, today released results and consumer shopping trends for its bi-annual Afterpay Day sale - its first ever to include brick-and-mortar shopping.

The U.S. sale drove a 35% increase in new active customer to the platform³. Traffic to Afterpay's brand partners was also strong - as the company sent nearly six million referrals⁴ to global merchants from its Shop Directory during the sale's duration, with approximately 30% of referrals⁵ going to SMB partners.

Crocs, Nike sneakers, Fenty Beauty, Ulta Beauty and UGG topped Afterpay's list of most purchased items.  And most Americans used their mobile phone to make those purchases. 86% of U.S. Afterpay Day transactions occurred on mobile devices⁶, with an average of four items⁷ in the shopping basket. Afterpay is currently the top-ranked BNPL app in the app store based on number of downloads.

91% of American shoppers used their debit card to make their purchases⁸ - preferring to use their own money to pay over time.  Los Angeles was  the top city for Afterpay shoppers followed by Chicago, Brooklyn, Houston and Philadelphia⁹.

Afterpay Day included deals and promotions from more than 3,000 of the best retailers and brands across North America, with sales up to 70% off full priced items¹⁰.  A number of new brands partnered with Afterpay in-store as well as online for the first time ever -  including Steve Madden, MAC Cosmetics, Jo Malone London, Aveda, origins, Vera Bradley and more.

"Afterpay Day was the perfect way to support our merchant partners as retailers welcomed their customers back to their physical stores and the economy starts to rebound," said Melissa Davis, Afterpay's Head of North America. "As evidenced by the numbers, Afterpay Day delivered new customers, drove increased sales and increased basket sizes online and in-store for the more than 3,000 participating merchants in North America."

The total number of customers that have signed up to Afterpay in the U.S. now exceeds 16 million, and the total number of global retail partners is nearly 75,000, with a strong pipeline of new merchants continuing to launch in 2021.  During December 2020 , Afterpay referred more than 40 million customers to its merchant partners via its Shop Directory¹¹.  

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time  - helping people spend responsibly without incurring interest or fees when you pay on time.¹² As of December 31, 2020, Afterpay is offered by nearly 75,000 of the world's favourite retailers, and is used by more than 13 million active customers globally.¹³  

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay.  Afterpay is on a mission to power an economy in which everyone wins.

¹ Figures based on internal Afterpay data
² Ranking based on PYMNTS.com app rankings
³ Figures compare to Afterpay Day, August 2020
⁴ Figures based on internal Afterpay data
⁵ Figures based on internal Afterpay data
⁶ Figures based on internal Afterpay data
⁷ Figures based on internal Afterpay data
⁸ Figures based on internal Afterpay data
⁹ Figures based on internal Afterpay data
¹⁰ Figures based on internal Afterpay data
¹¹ Figures released in 1H 2021 results 
¹² Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms.
¹³ Source: Afterpay data, December 2020

 

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SOURCE Afterpay

FAQ

What were the results of Afterpay Day for AFTPY?

Afterpay Day resulted in a 35% increase in new active customers, strong mobile transactions, and nearly 6 million referrals to merchants.

How many customers does Afterpay have as of April 2021?

As of April 2021, Afterpay has over 16 million customers in the U.S.

What percentage of Afterpay Day transactions were made on mobile?

86% of Afterpay Day transactions occurred on mobile devices.

How many retailers participated in Afterpay Day?

Over 3,000 retailers participated in Afterpay Day.

What is Afterpay's stock symbol?

Afterpay's stock symbol is AFTPY.