Arcadia’s online shoppers are being offered three months interest free credit on their online purchases from Dorothy Perkins, Topshop, Miss Selfridge and Burton. The initiative, developed in partnership with Klarna, requires customers to complete a short credit check online for fast approval and is primarily aimed at younger customers.
Klarna’s service is designed to make access to credit simple and it separates buying from the paying, pre-authorising customers in real time when the order is placed without the need to complete lengthy forms. Customers deemed eligible for credit are then able to spread their payments for a period of up to 90 days, interest free. Recent research from Klarna shows that 67 per cent of UK shoppers have abandoned online shopping baskets, representing an average loss of £37,062 per retailer each year. It claims that offering consumers more flexible payment options helps retailers counteract the dropped basket effect.
“Being able to Buy Now, Pay Later at the click of a button empowers our customers to shop however and whenever they want. Revolutionising our approach to purchasing and paying will help us boost conversion rates and ensure our customers remain our brands’ biggest fans,” commented Richard Burchill of Arcadia.
The new partnership with Arcadia is part of a wider global launch of Klarna’s Buy Now Pay Later which is also going live in the USA with online retailer shoes.com
Share