RETHINK Retail met with Afterpay Vice President of Retail Alex Fisher at Shoptalk 2022 to discuss why more than 19 million active consumers are using Afterpay’s alternative payment platform and the benefits it brings to retailers that partner with them.
To learn more about Afterpay, visit: http://www.afterpay.com.au
My name is Alex Fisher. I’m our vice president of retail at Afterpay. And what Afterpay does is we’re a buy now, pay later solution, where we empower customers to shop for the things they want and pay over time with no interest and no downside. As folks return to stores, I think consumer expectations have fundamentally risen. So, all of the things that consumers have gotten used to online, like alternative payment methods, being one like Afterpay, they’re going to be expecting in the store environment. So, I think it just raises the stakes and means we’ve all got to continue to evolve and push the limits as folks go back to stores. We have over 19 million consumers that use Afterpay and they love Afterpay. So, they actually start their shopping journey typically on the Afterpay app or site to see which merchants offer Afterpay, and then they go on to shop.
So, it’s a pretty wild way that we’re able to drive referrals to merchants and new consumers that are, again, predominantly millennial and Gen Z, so younger customer and driving them to convert. From a merchant perspective, there’s very tangible value we add in a few different ways. So, adding Afterpay to your site or your stores will increase average order values, it’s going to increase basket sizes. And it also has a tangible impact on returns, where you see buyers remorse decrease when consumers pay the way that they want to pay. So you’ll see a decrease in returns as well. In terms of going live with Afterpay, launching your stores, could happen in as few as like 30 minutes, if you wanted to. There’s no technical integration needed. Just reach out to Afterpay, go to our site, get in touch with us. We’d love to hear from you. Launching online, similarly, super easy light lift. And we’d love to hear from you.