Chronicle Journal: Finance

Afterpay Basket Size Increased 30% during Holiday 2020

SAN FRANCISCO, Jan. 4, 2021 /PRNewswire/ -- Afterpay (ASX:APT), the leader in "Buy Now, Pay Later" payments, today released consumer shopping trends for the Holiday 2020 shopping season for October 1st through the end of December 2020. Based on this data, consumers expanded their gift giving lists and shopped for more items compared to last year. The average basket size for Afterpay customers in the US increased by 30% when comparing the 2020 and 2019 Holiday shopping seasons. Traffic to Afterpay's brand partners was also strong, as the company saw a 145% year-over-year increase in referrals to global merchants from its Shop Directory.

(PRNewsfoto/Afterpay)

Thermal knits, pajamas and socks from Old Navy topped Afterpay's list of most purchased items this season. Crocs, just off the heels of their #StrapBack TikTok challenge launched in partnership with Afterpay last fall, were also a favorite - as shoppers chose to give the gift of comfort. As we headed into colder winter months, fleece lined boots and slippers also proved to be popular purchases.

Shakaila Forbes-Bell, Afterpay's resident consumer psychologist said: "In times of crisis, consumers seek both simplicity and familiarity, and this influences their shopping practices. During a particularly challenging holiday season, it's no surprise that shoppers turned to the 'good old days' and the associated fashions to bring about a positive emotional response. Nostalgia has been shown to lift our mood, give us a positive outlook and even make us feel physically warm."

Customers had the option to shop for the holidays with Afterpay both online and in physical stores, as the company's list of in-store merchants grew throughout the season. By partnering with Afterpay in-store, retailers were able to tap into Afterpay's highly engaged shoppers to increase their sales.  Customer demand for Afterpay's in-store solution continues to grow rapidly. More than two million customers have set up the Afterpay Card to shop in person since the offering went live in Fall 2020. 

Alex Fisher, VP of Retail for Afterpay said: "As shoppers returned to stores this holiday season, we saw a rise in services like Buy Online, Pick Up In Store (BOPIS) and contactless payments. Afterpay is at the forefront of these safe and seamless shopping experiences. According to a recent survey of Afterpay in-store shoppers, 32% of customers had never used contactless payments prior to trying it with Afterpay. We're proud to be driving the adoption of both contactless payments and flexible spending in stores - meeting the demand for a true omnichannel experience for retailers and shoppers alike."  

Afterpay hit new milestones in November 2020 during the peak of holiday shopping, with monthly underlying sales in the US exceeding ANZ for the first time, reflecting the increasing contribution from the company's fastest growing and largest region. The total number of customers that have signed up to Afterpay in the US now exceeds 13 million, and the total number of global retail partners is nearly 64,000, with a strong pipeline of new merchants preparing to launch in 2021.

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 who pay on time  - helping people spend responsibly without incurring interest, fees or extended debt. As at September 30, 2020 Afterpay is offered by nearly 64,000 of the world's favourite retailers, and more than 11 million customers globally have transacted in the past 12 months.

Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins.

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/afterpay-basket-size-increased-30-during-holiday-2020-301200037.html

SOURCE Afterpay

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.