Urban Outfitters understand that clothes shopping can be an expensive venture for most consumers and installed Afterpay in its online stores to offer individuals a unique payment plan.
The new service, which will be compatible with all of Urban Outfitters' brands, like Anthropologie and Free People, enables shoppers to pay for their purchases in four interest-free installments. This means that consumers can afford to buy their favorite brands, without having to wait for pay day. This new service appeals to the brand's Millennial-heavy consumer base as it offers the young generation a more accessible and flexible means of updating their wardrobes.
Afterpay was rolled out on May 31st, marking the first time an American company has implemented the service.
Clothing Store Payment Plans
Urban Outfitters' Afterpay Enables Shoppers to Pay in 4 Installments
Trend Themes
1. Buy Now Pay Later - Businesses can implement a payment plan service where customers can purchase items without paying the full price upfront, increasing accessibility to consumers who may not have the funds for large purchases.
2. Interest-free Installments - Providing interest-free installment options can attract a younger Millennial-heavy consumer base, as it enables them to update their wardrobes without having to wait for pay day.
3. Online Shopping Payment Plans - With the shift towards e-commerce, offering payment plans for online purchases can increase accessibility and affordability for consumers, making it a competitive advantage for businesses.
Industry Implications
1. Retail - Establishments in the retail industry can offer payment plan services to increase accessibility and attract younger consumers, potentially leading to higher sales revenue.
2. E-commerce - Online businesses can provide payment plan options during the checkout process to increase affordability, customer satisfaction, and retention rates.
3. Financial Technology - Fintech companies can partner with retailers to create payment plan services that use their technological expertise to enhance the payment process and expand their market reach.