Is Payment Experience Retail’s Big Untapped Opportunity?
Retail Remix · with Alex Fisher · February 8, 2021 · 30 min
Summary
Millennial and Gen Z consumers are wary of credit card debt, driving the "buy now, pay later" (BNPL) boom. This episode with Afterpay VP Alex Fisher reveals how BNPL services like Afterpay are tapping into consumers' financial consciousness and expanding across all retail channels. Learn how offering flexible payment options can boost sales and customer loyalty for your ecommerce business.
Key takeaways
Gen Z and Millennial consumers prioritize financial health, opting for debit and BNPL over traditional credit to avoid debt.
Afterpay is expanding its BNPL services into brick-and-mortar stores, indicating a growing demand for flexible payment options across all retail channels.
Implementing BNPL solutions can significantly increase conversion rates and customer loyalty by addressing psychological barriers to purchase, such as fear of debt.
Retailers should integrate BNPL options across all sales channels (online, in-store, mobile) to cater to evolving consumer payment preferences and capture sales from financially-conscious demographics.
BNPL offers value drivers by allowing customers to pay in interest-free installments, which can increase average order value and attract new customer segments.
Millennial and Gen Z consumers are extremely cognizant of their financial health. They’re more likely to use their debit accounts and are more wary of racking up credit card debt. It’s no surprise, then, that the “buy now, pay later” space is booming. Afterpay is one of the companies driving this new payment revolution, giving consumers the power to pay for purchases over four installments, interest-free. With more than 11 million active customers globally and 63,000 retail customers, the company is venturing into brick-and-mortar stores. We sit down with Alex Fisher, who is the VP of Retail at Afterpay, to discuss the company’s staggering growth in 2020 and how she is helping expand retail partnerships across all channels. Listen in to learn: The emotional and psychological factors driving the “buy now, pay later” industry; Why and how Afterpay is expanding into stores; and The value drivers of extending “buy now, pay later” capabilities across all channels. RELATED LINKS Learn more about Afterpay]]>
What does this episode say about retail & omnichannel?
Gen Z and Millennial consumers prioritize financial health, opting for debit and BNPL over traditional credit to avoid debt.
What does this episode say about customer retention?
Afterpay is expanding its BNPL services into brick-and-mortar stores, indicating a growing demand for flexible payment options across all retail channels.
What does this episode say about conversion & cro?
Implementing BNPL solutions can significantly increase conversion rates and customer loyalty by addressing psychological barriers to purchase, such as fear of debt.
What does this episode say about retail & omnichannel?
Retailers should integrate BNPL options across all sales channels (online, in-store, mobile) to cater to evolving consumer payment preferences and capture sales from financially-conscious demographics.
What does this episode say about retail & omnichannel?
BNPL offers value drivers by allowing customers to pay in interest-free installments, which can increase average order value and attract new customer segments.
