Designer fashion boutique Intermix has partnered with buy-now-pay-later (BNPL) provider Affirm, giving customers the option to pay for clothing in installments.
By selecting Affirm at checkout, approved Intermix customers can choose the payment option that works best for them, from four biweekly interest-free payments to month-to-month installments, the companies said in a press release Wednesday (21 September).
From there, customers see the total cost of their purchase and will never pay more than they agree to upfront, as Affirm never charges late or hidden fees for release. The partnership extends to both physical and online Intermix stores, as well as the Designer Re/Mix center.
“Our partnership with Affirm will allow our customers more payment flexibility and price transparency in how they pay,” said Karen Katz, interim CEO of Intermix. “As we continue to scale, we are looking at digital investments that will enhance the overall customer experience and enable us to deliver a highly personalized boutique shopping experience across both channels.”
As PYMNTS noted earlier this week, BNPL has been effective in promoting consumer spending during an era of high inflation. Businesses offering BNPL have enjoyed larger ticket sizes, more frequent customer visits and other benefits that are retaining retailers.
See also: Using BNPL to beat the cost of living crisis
BNPL gives consumers an incentive to make potentially risky purchases even in times of economic distress. Our research found that 46% of customers who could not access traditional credit options turned to BNPL to make purchases they could not afford otherwise.
Additionally, 47% of consumers expressed interest in BNPL for expensive, one-time retail purchases.
BNPL services are particularly popular among younger generations such as millennials and Generation Z. More than half of Gen Z shoppers – 56% – showed interest in using BNPL options at department stores and 52% were interested in doing so this in local businesses. These shares were 57% and 46% among millennials, respectively.
New PYMNTS Study: How Consumers Use Digital Banking
A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTech for some aspect of banking services, only 9.3% call it their primary bank.
https://www.pymnts.com/buy-now-pay-later/2022/bnpl-seen-as-financial-inclusion-tool-across-emea/partial/
