Department store Myer will be implementing buy now, pay later service Afterpay in-store in 2020, in an effort to incentivise the 2.7 million active Afterpay customers to visit its retail locations.
“Our customers have responded positively to the Afterpay offering since we launched it online in April 2017, We now look forward to extending provisions of buy now, pay later services for our customers, with both Afterpay and humm in-store from late 2019.”
The decision comes amid Myer’s customer-first turnaround strategy, in which it seeks to bring customers back in-store by transforming the in-store customer experience, expanding the retailer’s ‘Only at Myer’ offering, and improving its online channel.
The plan seems to have started off on the right foot, having led to a 3.1 per cent increase in net profit after tax in the first half of FY19 to $41.3 million, according to Myer chief executive John King.
In-store is a growing segment for Afterpay, accounting for about 20 per cent of total ANZ underlying sales for the 5 months to May 2019, compared to 15 per cent over the first half of FY19. Additionally close to a quarter of the service’s new customers are being driven by in-store, rather than online, sales.
