Clearpay, a leader in “Buy Now, Pay Later” (BNPL) payments, known as Afterpay (ASX: APT) outside the UK and Europe, has announced new partnerships with top fashion and beauty brands – offering consumers more places to shop for the latest trends whilst spending responsibly and always interest-free.
New brands, offered through Clearpay, include premium fashion and lifestyle favourites Sweaty Betty, Feelunique, Mainline Menswear, Hawes & Curtis and Ghost, as well as DIY store, FFX.
Going forward, these new merchants will have the opportunity to join thousands of existing Clearpay merchant partners who take part in Clearpay Day, a bi-annual shopping event offering deals and promotions to consumers. The most recent two-day event on 30 September and 1 October drove:
● a 39% uplift in sales;
● a 42% increase in new customers;
● a 55% increase in the number of Shop Directory referrals, nearly half (44%) of which were to small business merchants;
● a 3% increase in average order value;
● a 79% increase in transactions in the “Home” vertical.
In addition, more than nine in 10 (92%) customers shopped via mobile devices and the vast majority (96%) of transactions were made by debit card, indicating that shoppers took advantage of the deals on offer, while continuing to use Clearpay as a budgeting tool. Clearpay data reveals that Millennials account for the majority of BNPL transactions and spending by this group is now 1% above pre-COVID levels2. This trend was also reflected during Clearpay Day, as the majority of transactions (51%) were undertaken by this group. Rich Bayer, UK Country Manager of Clearpay, said: “We’re delighted to welcome our new merchants to Clearpay, who now have access to our large and growing number of 1 All All Clearpay Day percentages calculated by comparing data to a standard engaged customers, and can enjoy increased conversion rates, incremental sales that are higher than other payment methods and lower return rates.
“When looking at the sector as a whole, BNPL spend has grown by 260% since January 2020, compared to stagnation for credit cards3. With customers increasingly turning to a payment method like Clearpay that enables them to spend responsibly, initiatives such as Clearpay Day enable a win-win, as our merchants boost sales, while our customers enjoy great savings on purchases with their favourite brands.”
Clearpay offers shoppers the ability to spread costs across four installments with no interest and no risk of falling into a revolving debt trap. Today, two million UK customers use Clearpay at more than 6,000 retailers after just two years since launching in the market.