Afterpay launches app aimed at millennial shoppers
Afterpay has released an app for iPhone and iPad aimed particularly at the millennial shoppers taking advantage of the take home layby technology.
The new app was designed to appeal to the “tech-savvy millennial consumer,” a demographic that makes up nearly three quarters of Afterpay users.
“Millennials are the largest demographic in Australia and Afterpay’s momentum has been driven by a growing customer base of over 650,000 active users, of which over 70 per cent are millennials,” said Afterpay Managing Director Nick Molnar.
Afterpay is quickly becoming an alternative to traditional financing methods, such as credit cards. With rewards value slipping lower and interest rates as high as ever, Australians have been moving away from credit cards for larger purchases, instead opting for personal loans.
Afterpay presents another alternative to plastic, and could be particularly welcome for millennials, who were found to have the worst credit card habits in a recent study. According to the study, nearly 2 in 3 millennial cardholders mismanage their credit card, and 48% admit to carrying a lingering balance.
“Today, retailers have to contend with incredible on-demand services specifically targeting millennials and now more than ever, they need to enhance the customer experience,” Molnar said.
“Afterpay gives customers time, rather than finance to pay with their own money for the things they like while also providing an essential budgeting tool.”
The Afterpay app allows users to find store locations and shopping inspiration, generate barcodes to scan and pay in-store through the app. Users also gain access to exclusive offers, including one to celebrate the launch of the app itself. This offer will be revealed through the apps push notifications on 24 May.
Afterpay is currently available in-store at Australian retailers including Cue, Veronika Maine, City Beach, Glue, General Pants Co, Topshop Topman and The Athlete’s Foot. It also recently partnered with Big W.