Affirm, the flexible and transparent buy now, pay later payment solution, will now be available for Bonobos shoppers for orders of more than $100.
Bonobos, the digital native men’s apparel brand, joins Affirm’s network of more than 6,000 retail partners, which includes Oscar de la Renta, Eddie Bauer, Rag & Bone and Fred Segal, among others.
“Affirm eliminates the complexity, uncertainty and hidden fees at checkout and empowers consumers to confidently buy the things they want and need,” said Silvija Martincevic, chief commercial officer at Affirm. “Whether buying an off-duty pant to feel comfortable and stylish while working from home, or performance golf polo to get back in the swing of things, Bonobos shoppers will now know exactly how much they’ll pay each month and when they’ll be done paying.”
According to Affirm, offering its payment solution at checkout has been shown to drive overall sales and increase average order value by 85 percent. Further, installment payment solutions, like Affirm, have been found to decrease instances of cart abandonment.
“Unexpected costs, such as shipping or additional fees, are one of the top causes for cart abandonment,” said Martincevic. “At Affirm, we understand that full-price transparency is a priority for online shoppers, and we know that they are looking for flexible ways to pay at check out. We always show the total cost upfront in simple, predictable monthly payments that are more budget-friendly, and we never charge consumers late or hidden fees. This results in an average conversion increase of 5 to 8 percent for our more than 6,000 [retail] partners.”
Notably, Affirm has 5.6 million users and approves on average 20 percent more customers than its competitors.
“The shift to e-commerce was expected to happen gradually, but it essentially jumped ahead three years overnight,” said Martincevic. “This has forced many fashion retailers to prioritize their e-commerce strategies and made it more important than ever to get the m-commerce (mobile) experience right. We are committed to helping our merchant partners embrace the increase in online spending by offering a modern payment option that helps enhance their online experience and reach new consumers, while increasing average order value, repeat purchase rate and cart conversion.”
Further, Martincevic told WWD, with an unprecedented holiday shopping season post-COVID-19 quickly approaching “consumers are more conscious than ever about money.”
“It’s especially important that they feel confident about their financial safety,” said Martincevic. “Fashion retailers can offer a transparent buy now, pay later solution to help consumers feel confident about their purchases. Those who do will grow sales and earn shopper loyalty while helping consumers stay in control of their finances.”
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