Moss Bros adds pay-later option with Klarna
Buy now, pay later is extending its reach in Britain with UK menswear specialist Moss Bros becoming the latest fashion retailer to enter the fray in a deal with payments provider Klarna.
The company, which has 129 stores around the UK, also has a growing online business, and it will now allow webstore customers to use Klarna's service to pay for the items up to 14 days later, with no interest or fees.
That means they'll be able to try on their items at home before any money changes hands, something that has already proved popular at giant retailers such as Amazon and Asos, which have previously added similar services.
Services such as this are becoming increasingly popular in the most developed e-tail markets and while they can present much more of a logistical challenge to retailers, they also come with benefits. The amount of goods that customers order is often reduced by their inability to pay a large amount of money upfront for multiple size and colour options, and pay later options get round this issue.
Klarna said that the service "has been proven to boost sales and increase purchase frequency at many leading fashion retailers.”
Its UK general manager Luke Griffiths said: “Allowing consumers to try before they buy is just one of the ways we aim to make online shopping a smoother and more convenient experience. As the retail landscape evolves, especially in fashion, our partnership with Moss Bros shows their strong commitment to providing the best service for their customers in an increasingly competitive environment.”
And the retailer’s e-commerce head Matt Henton added: “We’re constantly on the lookout for new ways to provide our customers with a better experience throughout their entire purchasing journey, and payments are an intrinsic part of this. The key benefit is clear - we can now let shoppers buy several items, try goods on at home and return what they don't want, with no money exchanging hands until they’re happy.”
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