Australian buy now, pay later (BNPL) company Afterpay on Thursday (Aug. 19) announced the launch of its new merchant analytics platform, Afterpay iQ.
Aimed at driving growth, the artificial intelligence (AI)-powered platform provides analysis of various operations, including omnichannel shopping quantities, drilled-down demographics available on a store-by-store basis, and real-time data via a self-service user interface.
“Our partnership with Afterpay has helped Pandora make data-powered marketing decisions, which has improved our ability to target new audiences, which ultimately has led to higher conversion rates and larger AOV,” said Jennifer Glass, Pandora’s director of owned and paid digital marketing. “Working together, we have been very successful in capturing new, highly engaged young customers for our business.”
According to Afterpay’s quarterly “Next-Gen Index,” BNPL spending has skyrocketed by 230 percent, compared to a 43 percent boost in debit transactions and a rise of 8 percent for credit cards. According to the findings, millennials and Generation Z shoppers have a growing inclination to make purchases by installment payments. Spending for these groups is expected to jump by 48 percent over the next decade, further underlining the need for BNPL options.
The 7-year-old company is the latest BNPL firm to broaden its reach and encourage installment payments. According to a PYMNTS report, PayPal this week announced that effective Oct. 1, it will stop charging late payments for its BNPL service.
Read more: PayPal To Drop BNPL Late Fees
To harness the increased demand for travel, BNPL firm Uplift this week announced a partnership with online vacation booking company Tripster. The collaboration allows budget-conscious consumers to book trips and pay them off in equal installment payments of up to 12 months.
Also this week, Sweden-based Klarna announced the launch of its BNPL service in Poland.
Learn more: BNPL Firm Klarna Officially Debuts In Poland
Afterpay is constantly expanding its BNPL service as well. Service is offered by approximately 100,000 retailers and is used by roughly 20 million customers in North America. Afterpay is available in Australia, Canada, New Zealand, the U.S. and the U.K., France, Italy and Spain, where it’s known as Clearpay.