Trending fitness, beauty and casual fashion retailers are now offering flexible payments on Afterpay
Afterpay, also known as Clearpay in the UK, the “Buy Now, Pay Later” payments company, has announced that it has partnered with Drunk Elephant, New Balance, It Cosmetics, Living Proof, and ASOS – offering shoppers a more flexible way to pay just in time for midsummer shopping and the “new normal” of social distancing.
Since consumers went into lockdown across the US nearly four months ago, Afterpay has seen a significant increase in demand for fitness, beauty, and casual fashion items. More specifically, during quarantine, Afterpay experienced 4x more clicks on fitness and 1.2x more clicks on beauty, with top-selling fashion items including t-shirts, shorts, sneakers, and leggings.
This shift in consumer spending demonstrates a clear interest from shoppers in products that promote a casual lifestyle, wellness, and self-care – making now an ideal time to offer Afterpay with these consumer-favourite brands.
Nick Molnar, Afterpay Co-Founder and US CEO said, “During the current COVID period, our customers are gravitating towards items that reflect their ‘new normal’ lifestyle with a strong preference in using their own money and paying overtime. We are thrilled to welcome these new brands to the growing Afterpay family during this important shift in retail spending.”
“We are pleased to be launching Afterpay for our US customers. We know the choice is important to our 20-something, fashion-loving customers and the addition of Afterpay as a payment method in the US will help to provide the best customer experience for our US customers,” said Eve Williams, Brand Experience Director, ASOS.
The company already collaborates with brands consumers love including Birkenstock, American Eagle, Kylie Cosmetics, Urban Outfitters, Steve Madden, and Ulta Beauty. By offering Afterpay, merchants give consumers more flexibility and spending power – reducing friction in the purchasing process and ultimately driving higher sales and new customers to their business.
On average, with Afterpay, merchants globally see customer conversion rates increase by more than 20%, and average order values increase by more than 25% compared to all other payment methods.
In fact, a recent analysis of the company’s users in the US found that 83% of customers use the service because of its product features, specifically budget management and the lack of incurred interest. The same report found that just over 50% of Afterpay customers visit the company app/portal weekly, and 93% expect their usage of Afterpay to either increase or stay the same.
Today, more than five million US customers use Afterpay at more than 15,000 top retailers after just two short years since launching in the market.