General Pants Co. lifts online sales
Fashion retailer, General Pants Co., says implementing Australian payment platform, Afterpay, is paying dividends.
Afterpay allows customers to buy now and pay later on any product purchased online.
Paula Mitchell, e-commerce GM for General Pants Co, said that company has seen a steady increase in online sales since the introduction of Afterpay.
“We introduced Afterpay to General Pants Co. online customers one month ago and in its first week, Afterpay transactions accounted for 21 per cent of online revenue and shoppers were spending 37 per cent more using the Afterpay service than other payment types,” Mitchell said.
“We are confident we have improved the customer experience by offering them greater payment choice and flexibility,” she said.
Commenting on the deal, Nick Molnar CEO and co-founder of Afterpay, said the payment option was well suited to the retailer’s millennial target market.
“We’re excited to be working with General Pants Co,” Molnar said. “Their customers are tech savvy, fashion forward and like most young people today, budget conscious, preferring to pay with cash and debit cards.”
Afterpay has more than 100 retailers using its service, and is on track to raise $25 million through a fully underwritten IPO.
Shane Lenton, CIO of Cue said having launched Afterpay on Cue’s online store in December 2015, more than 25 per cent of total e-commerce sales able to be attributed to the payment method.
“What’s most compelling is the increase in our average online order value,” Lenton said. “Afterpay transactions are over 20 per cent higher than our overall online average transaction value and we have seen very similar results with the launch of Afterpay for Veronika Maine Online a little over a month ago. Next step will be to offer our customers Afterpay in store.”