Buy now, pay later payment options provider Afterpay is launching Afterpay Ads, which is “a new suite of advertising products to help brands reach, acquire and activate high intent, loyal shoppers across the Afterpay ecosystem,” the company said.
Afterpay noted that the service is designed for brands who are looking to further tap into the Gen Z and Millennial demographic, and said “these powerful new advertising options help accelerate customer engagement and business growth.”
“With Afterpay Ads, brands can place featured ads across the Afterpay app and amplify merchant promotions, products and offers on a pay-for-performance model,” the company said in a statement. “Brands simply choose the products they want to promote via sponsored listing formats, such as deals, products and collections, and pay only when a shopper engages with the ad. Early results with advertisers show 20 percent lift in sales on average when brands choose to promote their products within the Afterpay app.”
Mark Teperson, chief strategy officer at Afterpay, said the company’s retail partners are already using the platform to acquire and reach Millennials and Gen Z, but said Afterpay Ads unleashes “the power of our ecosystem by giving brands a new way to promote products, collections and offers to Afterpay’s highly engaged young audience of shoppers.”
The company said its platform generates an average of 1 million referrals “per day globally from the Afterpay Shop Directory” and added that about 55 percent of these referrals come from the Afterpay app.