Urban Outfitters’ Installment Plan Lets Customers Buy Now, Pay Later
Online shoppers are able to pay off purchases in four interest-free installments with Afterpay, a transaction form that appeals to the clothing retailer's young, e-commerce-friendly millennial demographic
Trendy clothing retailer Urban Outfitters is now using Afterpay in its online store as a way for customers to set up payment plans for their purchases. Customers can now opt in to an installment plan when making purchases online instead of relying on loans or paying all of the fees up front.
These plans allow shoppers to pay off purchases in four interest-free charges and will be available for all of Urban Outfitters’ brands, including Anthropologie and Free People, as of May 21.
Afterpay has caught on with over 14,000 people in Australia, including with retailers like Sephora, Lululemon and Stylerunner, but Urban Outfitters will be the first American partner. Afterpay has shown to increase sales and conversion rates from 20-30% for these past brands.
As millennials are the target market for Urban Outfitters, offering a payment plan system on a platform that this demographic prefers over will allow the clothing retailer to better engage and retain its main audience as well as give customers greater flexibility in their shopping experience.
Lead image: Urban Outfitters stock photo from Roman Tiraspolsky/Shutterstock
Body image: online shopping stock photo from A. and I. Kruk/Shutterstock