Fashion retailer Intermix partners with Affirm
Designer fashion boutique Intermix has partnered with Buy Now, Pay Later (BNPL) provider Affirm to offer its customers installment payment options for clothing.
By selecting Affirm at checkout, approved Intermix customers can choose the payment option that best suits them, from interest-free, fortnightly four payments to monthly installments, the companies said Wednesday (9 21) in a news release.
From there, customers see the total cost of their purchase and, according to the release, Affirm never charges late fees or hidden fees, so they never pay more than they agreed to up front. The partnership extends to his Intermix store both in-store and online, as well as the Designer Re/Mix hub.
Karen Katz, interim CEO of Intermix, said: “As we continue to scale, we are looking at digital investments that will improve the overall customer experience and enable us to offer a highly personalized boutique shopping experience across both channels.”
As PYMNTS pointed out earlier this week, BNPL has been effective in boosting consumer spending during times of high inflation. Companies offering BNPL enjoy larger ticket sizes, more frequent customer visits, and other benefits that keep retailers going.
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BNPL provides incentives for consumers to make potentially difficult purchases, even in the midst of financial hardship. Our research found that 46% of customers who were unable to access traditional credit options used BNPL to make purchases they otherwise would not have been able to make.
Additionally, 47% of consumers expressed interest in BNPL for expensive one-time retail purchases.
BNPL services are especially popular among younger generations such as Millennials and Generation Z. More than half of Gen Z shoppers (56%) expressed interest in using his BNPL option at department stores, and 52% expressed interest in using his BNPL option at local businesses. These shares were 57% and 46% respectively among millennials.
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