Footasylum enters buy now, pay later as it seeks to drive sales upwards
Footasylum has launched a buy now, pay later service in a deal with New Zealand’s Laybuy. The retailer is Laybuy’s first UK partner as the company targets fast expansion in the British market.
The new service allows customers to spread the cost of their purchase over six payments, which are all interest-free, with the first payment being made when the shopper buys the item.
It’s an important development for Footasylum, which has struggled to achieve meaningful sales growth in recent periods and has had to resort to discounting to shift more product.
With consumers staying cautious, the prospect of being able to buy expensive trainers without a big initial outlay could prove to be a clincher in terms of making that sale.
In its initial stage, the Laybuy option is only available on Footasylum’s webstore, but it will be added to its 70 physical stores later this year.
Gary Rohloff, co-founder and MD of Laybuy, said: “The UK retail sector is experiencing unprecedented challenges as retailers attempt to navigate troubled waters. By providing retailers with a genuine alternative to discounts and promotions, Laybuy can not only help drive sales, but also significantly boost new customer acquisitions.”
Laybuy only launched in its domestic market two years ago but already claims that 8% of New Zealand’s adult population has signed up to its platform with partnerships covering 3,750 stores.
The company also claims that firms using its service have seen an increase in order value of 60%, new customer acquisition rising 30% and e-store/physical store conversion rates that are 50% higher.
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