Topshop Topman introduces take home layby feature Afterpay
Millennial fashion chain Topshop Topman has rolled out Afterpay into its bricks and mortar stores, in response to the thousands of customers using it for online shopping.
Afterpay is a modern version of layby, where shoppers can get their hands on items before paying for them in full. Payments are broken into four installments fee-free, with penalty fees only kicking in if the customer is behind on schedule.
“To have Topshop Topman on board substantiates the strength of the Afterpay model and we look forward to continuing to expand this next phase of development. Our 140,000 customers requested Afterpay to be provided in-store and I am thrilled that we have delivered,” said Managing Director at Afterpay, Nick Molnar.
The UK fast fashion chain, Topshop Topman, first entered the Australian market five years ago, and has nine standalone stores in the country. Hilton Seskin, Chairman at Topshop Topman Australia, said Afterpay will help fashion lovers snag new arrivals with ease.
“For our millennial customer, the concept of instant gratification is key, and can now be satisfied through Afterpay, whilst providing them with the opportunity to purchase that must have item before it sells out and is gone forever.”
Some have been critical of Afterpay, with one reporter at News.com.au warning consumers “not to bite off more” than they can “really afford”.
What is Afterpay? A quick explainer:
Afterpay is free to sign up to, and has around 600 online retailers on board, such as Australian owned brands Cue and David Lawrence. Customers sign up before using to pay for items at eligible shops and online.
How it works at Topshop Topman in store:
Customers login to Afterpay via their smartphone, choose how much they want to spend, then supply a unique approval barcode at the checkout.
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