Afterpay Unveils New Analytics Platform For Merchants

Rhea-AI Summary

Afterpay (ASX: APT) launched Afterpay iQ, a merchant analytics platform designed to provide brands with customer-centric analytics to optimize investments and growth. The platform offers AI-powered insights, visualizations, and real-time data, allowing brands to evaluate marketing performance and shopping volumes. Additionally, Afterpay released its Next Gen Index, revealing that Millennial and Gen Z spending will rise to 48% by 2030, with BNPL spending growing by 230% in the U.S. since the pandemic.

Positive

• Afterpay iQ enhances brands' ability to access AI-powered customer analytics, potentially driving better marketing decisions.
• Next Gen Index indicates a strong shift in consumer spending towards Millennials and Gen Z, showcasing increased preference for BNPL.

Negative

• None.

SAN FRANCISCO, Aug. 19, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in 'Buy Now, Pay Later' payments, today introduced its new merchant analytics platform, Afterpay iQ. With this powerful new tool, brands gain access to valuable customer-centric analytics to help optimize investment and drive growth.

The Afterpay iQ platform provides:

• Easy Data: AI-powered insights, visualizations, and real-time data are delivered in one, highly accessible self-service user interface.
• Single Source of Truth: Brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level.
• "Next Best Actions":  A recommendation engine offers insightful actions to optimize business performance based on analytics.

"Our partnership with Afterpay has helped Pandora make data-powered marketing decisions which has improved our ability to target new audiences, which ultimately has led to higher conversion rates and larger AOV, " said Jennifer Glass, Director of Owned and Paid Digital Marketing of Pandora. "Working together, we have been very successful in capturing new, highly engaged young customers for our business."

Afterpay Next Gen Index:
Also today, Afterpay introduced the Next Gen Index, its latest quarterly report on global Gen Z and Millennials' consumer spending behaviors and preferences. The report reveals that Millennial and Gen Z share of spending will increase to 48% by 2030¹ - demonstrating their continued strong influence on the economy as these cohorts reach peak earning years. The report also showed that this generation has an increasing preference for BNPL. In the U.S., BNPL spending has grown by 230%, compared to a 43% increase for debit and an increase of only 8% for credit cards.

"Gen Z and Millennials are driving change at the intersection of culture and commerce - so it's no surprise they have been key adopters of Afterpay and BNPL more generally," said Mark Teperson, Chief Strategy Officer at Afterpay. "Having built our business by connecting this next generation of shoppers to the best brands in the world, Afterpay is in a strong position to help its retailers navigate this demographic by providing unparalleled insights into the world's hardest to reach customer cohorts."

Afterpay's Next Gen Index also found that spending by Gen Z and Millennials has recovered faster than older generations, up an average of 13% from pre-pandemic levels. Small business spending is also increasing among this generation - up an average of 220% since early 2020 and making up roughly two-thirds (67%) of all Afterpay spend on small businesses. While the majority of young consumers are still spending on fashion and beauty, home and recreation categories are growing fast - up 150% year-over-year.

Afterpay's Next Gen Index can be found here:
UK Report
US Report
Aus Report

For the latest merchant offerings, please visit www.Afterpay.com/en-US/for-retailers. 

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 - helping people spend responsibly without incurring interest, fees 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 in North America alone².

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.

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1 AU, US & UK markets only

2 Results announced in Q4 2021

 

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SOURCE Afterpay

FAQ

What is Afterpay iQ?

Afterpay iQ is a new merchant analytics platform offering brands customer-centric analytics and insights to optimize investments and growth.

When was Afterpay iQ launched?

Afterpay iQ was launched on August 19, 2021.

What does the Next Gen Index report reveal?

The Next Gen Index indicates that Millennial and Gen Z spending will grow to 48% by 2030 and highlights a 230% increase in BNPL spending in the U.S. since the pandemic.

How does Afterpay iQ assist merchants?

Afterpay iQ provides powerful analytics, including real-time data and a recommendation engine, allowing merchants to evaluate their marketing performance and optimize business strategies.