Apparel Retailer Betabrand Introduces Innovative Payment Method

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Apparel Retailer Betabrand Introduces Innovative Payment Method

By Weronika Raczek - 01/09/2017
In the world of digital shopping, consumers’ eyes are instantly drawn to the final amount at the bottom of their online shopping cart. If it winds up being too expensive, they take away from their cart until they reach the number that makes it easier to pay for the full amount.

In addition, many shoppers are searching for unique experiences and products. Looking at the same kinds of clothes, for example, can become repetitive and uninteresting, driving away potential shoppers that were in search of something uniquely them.

Betabrand, a retail clothing company that designs, manufactures, and releases new products in limited quantities each week, partnered with Affirm to solve both of these problems with the click of a button. The two companies partnered to make the customer experience of online shopping more enjoyable and affordable.

With Betabrand people who have a knack for design are able to send in ideas and then have the idea crowdfunded and developed. It is a way for people to connect with each other and build a sense of community while creating something for others.

The partnership with Affirm allows Betabrand customers to use an innovative form of credit as payment when they check out. The solution allows shoppers to set up their own payment plan for a span of three, six, or nine months, rather than paying in full at the point of sale.

“With Affirm, customers buy more than they would if they would have to pay in full,” said Aaron Magness, CMO, Betabrand.

Affirm allows customers to feel safer and more comfortable buying more than they originally could with just a credit or debit card. This allows the customers to purchase everything they want, as well as have time to pay it all back, with the same amount every time.

With Affirm added to the checkout funnel, there were a few e-commerce changes, which allowed early adopters to have an alternative payment method which is geared toward younger people. People who checkout with the solution have shown a 35% higher regular order size, thanks to the ability to pay their amount sporadically. If for some reason, the customer is not able to make that month’s monthly payment, Affirm will not charge the customer a fee.