Afterpay Grows In-Store Just In Time For the Holidays

Rhea-AI Summary

Afterpay (ASX: APT) has expanded its in-store payment solution to major retailers like Nordstrom and J.Crew ahead of the holiday season. This offering allows customers to pay in four interest-free installments, catering to a trend where over 25% of consumers plan to shop in-store early due to supply chain concerns. Additionally, Afterpay's partnership with Westfield will feature an AR scavenger hunt to engage shoppers. With almost 6 million users adopting the Afterpay Card, the service is becoming increasingly popular, driving $459 million in savings for its users compared to traditional credit cards.

Positive

• Expansion of in-store payment solution to major retailers like Nordstrom and J.Crew.
• Enabled flexible payment options during the holiday shopping season, attracting early shoppers.
• Nearly 6 million users have added the Afterpay Card, indicating growing adoption and value.
• Afterpay helped consumers save $459 million in fees by not using credit cards.

Negative

• None.

SAN FRANCISCO, Nov. 10, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today announced that its in-store payments solution is now available at leading retailers just in time for the busy holiday shopping season - including Nordstrom and Nordstrom Rack, J.Crew, Madewell, American Eagle, Aerie, Tilly's, Morphe, Alo Yoga, Parachute Home, and Le Creuset Signature Boutiques and Outlet Stores. Customers will also be able to use Afterpay during their holiday travel through a partnership with leading airport and resort-casino specialty retailer Marshall Retail Group, including its InMotion locations.

By offering Afterpay in-store, retailers provide customers with the convenience of paying for their purchases over time in four interest-free installments¹, with the added benefit of being able to take home their items right away. This is especially important this holiday season, as more consumers are planning to get their shopping done early. According to recent Afterpay research, over 25% of consumers are planning to make their holiday purchases primarily in-store, and nearly half are shopping early to ensure availability of the gifts they want to purchase².

"The current economic climate and supply chain issues have impacted the way consumers are shopping this holiday season, proving an even greater need for flexible shopping and payment options," said David Di Bene, VP of Retail Marketing at Afterpay. "By bringing our in-store capabilities to top new brands, and mixing innovation into the shopping experience, we're helping provide consumers with greater freedom and convenience for their holiday shopping in a way that's both fun and engaging."

Afterpay and Westfield Partner on AR Holiday Hunt
In another effort to support both retailers and consumers this holiday season, Afterpay is partnering with Westfield centers to provide shoppers with an AR-activated scavenger hunt experience. The experience leverages Westfield's high-impact digital network, and will feature QR codes throughout participating Westfield centers in the US, prompting shoppers to scan and help find Afterpay's Hidden Helpers in AR. Upon scanning, shoppers will be taken on a whimsical holiday adventure to uncover five Hidden Helpers throughout the center, which will unlock special deals and promotions at Afterpay retailers.   

Close to 6 million customers have added the Afterpay Card to their wallets to shop in person, showing the increasing value of the in-store solution³. The growth of Afterpay's retail program mirrors the recent findings from Accenture, which show that spending on BNPL in the U.S. has increased rapidly in the last year - up 230% since the start of 2020. With that increase, Afterpay has become consumers' preferred BNPL provider for fashion and beauty purchases, and has helped them save up to $459 million in fees by not using credit cards⁴.

About Afterpay Limited
Afterpay Limited (ASX: APT) is transforming the way we pay by allowing customers to buy products immediately and pay for their purchases over four installments, always interest-free⁵. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest or extended debt. As of June 30, 2021, Afterpay is offered by nearly 100,000 of the world's favorite retailers and nearly 20 million customers have signed up in North America alone.

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 Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms
² Afterpay Holiday Shopping Survey, November 2021
³ Source: Afterpay data
⁴ Afterpay x Accenture Economic Impact Report, October 2021
⁵ Late fees may apply. Eligibility criteria apply. See afterpay.com for full terms

 

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SOURCE Afterpay

FAQ

What retailers are now offering Afterpay's in-store payment solution?

Afterpay's in-store payment solution is now available at retailers such as Nordstrom, J.Crew, and American Eagle, among others.

How does Afterpay benefit customers during the holiday season?

Customers can make purchases and pay in four interest-free installments, which is particularly appealing as many are shopping early this holiday season.

What innovative marketing strategy is Afterpay using this holiday season?

Afterpay has partnered with Westfield to create an AR scavenger hunt that engages shoppers and offers special deals.

How much have customers saved by using Afterpay instead of credit cards?

Afterpay customers have saved up to $459 million in fees by choosing not to use credit cards.

What recent trends have been seen in Afterpay's customer base?

Close to 6 million customers have added the Afterpay Card to shop in person, indicating a significant increase in usage.