River Island launches ‘Buy Now, Pay Later’ Option
Fashion giant River Island has partnered with Swedish payment services firm Klarna, to bring its customers a new ‘Buy Now, Pay Later’ plan, where customers can split the payment into three different installments.
The new payment option allows customers to pay in three equal monthly installments. The first payment occurs when the item is purchased, with the next due in 30 days time, and the final payment in 60 days. There is no extra interest or charges attached to this service.
According to River Island’s website, anyone over 18 with a debit or credit card is eligible for Pay later, provided they pass a soft credit check. Your credit rating will not be affected due to any use of the service.
It won’t be universally available, with certain restrictions on when it can actually be used. All ordered are assessed individually, meaning you may be offered it for one purchase and not offered for the next.
Luke Griffiths, General Manager at Klarna UK, said: “Over the last two years, River Island has invested heavily in its technology and customer service. By introducing Klarna, the team demonstrates its commitment to delivering a great experience for customers.
“Klarna is proven to increase conversion and customer acquisition for over 4,500 UK retailers, so we’re confident that we will accelerate River Island’s growth plans with a truly customer-centric payment experience.”
Previous to working with River Island, Klarna came on board with Topshop, ASOS and Schuh, allowing them to offer customers similar ‘Buy Now, Pay Later’ schemes.
Report shows Amazon numbers declining
A recent report shows Amazon may not be as popular as it once was with consumers, following a drop in shopper purchases.
The amount of customers who will purchase items at least six times per month from Amazon has decreased, dropping from 80% in 2017 to 40% this year. This is according to research by First Insight, a retail analytics firm. 1000 shoppers were interviewed, focusing on customers who were with and without an Amazon Prime membership over two years.
The research also uncovered that partiality seems to be shifting towards Walmart, with over half the respondents saying they preferred Walmart over Amazon, an increase from 47% in 2018.
Additionally, the study showed that the number of Amazon Prime members is also declining – from 59% (of those interviewed) last year to 52% this year.
Discussing the research, First Insight chief executive Greg Petro told CNBC he thinks Amazon is losing customer interest.
“The excitement of the Amazon box coming to your house is kind of dwindling off. I think the novelty of Amazon is wearing off.”
John Lewis trials new click & collect partnership with Boden
English retailer John Lewis has formed a deal with clothing firm Boden, allowing Boden to use their Click & Collect system for a trial period, with the hope of adding new partners later.
Customers will be able to collect items from 30 different Waitrose stores across the UK, gaining access to John Lewis’s exclusive distribution system. Orders placed by Boden customers will be ready for ‘Click & Collect’ the next working day.
John Lewis Partnership said there will be “potential” to open this system to other retailers and brands.
“We were one of the first to launch a Click & Collect service at scale in the UK and we’re pleased that the service will now be used by other businesses,” John Lewis operations director Bérangère Michel said.
“This is a great example of how we are combining the capabilities of John Lewis and Waitrose to deliver what retail needs, at a time when the sector is changing at an extraordinary pace.”
John Lewis has been running its Click & Collect service since 2008, experiencing great success with the service. In the past five years, the UK department store says orders using the service have increased by over 50%. Furthermore, 57% of all online orders are currently purchased through the service, with a quarter of said packages collected at John Lewis stores, and the rest at Waitrose shops.
Boden chief customer officer Gav Thompson said: “We are so excited to be able to offer our customers click-and-collect at select Waitrose shops in time for Christmas.
“This is a new way of shopping Boden and the perfect collaboration, designed around convenience and ease.”
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