For fashion and beauty lovers, an epic two-day sale is about to launch. The best part? Shoppers can take advantage of the deals now, and pay for their purchases later.
Afterpay, a leading payment solutions provider that allows online shoppers to finance purchases through an installment plan, is hosting its second bi-annual shopping holiday on Aug. 14 and 15. Afterpay Day will feature deals from Afterpay partners like Schutz, APL, Steve Madden, Redone, Tarte Cosmetics and Nars Cosmetics, along with hundreds of offers from other brands.
The timing of this month’s sale coincides with a massive back-to-school shopping push by brands and retailers, and furthers the company’s mission to appeal to a younger group of consumers. According to data from the National Retail Federation (NRF), apparel spending represents 34 percent of back-to-school spend, while shoes are at 20 percent. Total seasonal spending is expected to reach $80.7 billion.
“After building tremendous momentum in the U.S. over the last year, we are thrilled to partner with merchants to promote the second biannual Afterpay Day sale to over two million customers who have used the Afterpay service at one of our retail partners,” said Afterpay founder and U.S. CEO Nick Molnar.
“Customers can shop a record amount of amazing deals from the most loved fashion and beauty brands and retailers,” he continued. “Afterpay partners with retailers to create incremental value and to enable them to better serve existing customers and reach new customers. The world’s most valuable consumers, the millennial and Gen-Z generations, are quickly moving away from traditional credit.”
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The retail tech provider held its last sale in March, with more than 400 U.S. retail partners who experienced an average increase in gross merchandise volume (GMV) of more than 110 percent over a two-day period, according to the company’s statement. Some retailers saw an increase of more than 300 percent in GMV during the last sale.
The Afterpay platform allows consumers to purchase products online for immediate delivery, while spreading out payments into four installments to be completed every two weeks. The service is free to consumers who pay on time, though there are late fees associated with delinquent payments.
Having launched in the U.S. market just over a year ago, the company is already signed with more than 6,500 retailers nationwide and has attracted more than 2 million consumers. Afterpay is also partners with popular online brands and retailers like Anastasia Beverly Hills, Anthropologie, DSW, Estee Lauder Group, Forever 21, Levi’s, MAC Cosmetics, Steve Madden, and Urban Outfitters.