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Afterpay Day: a retail success story

The Register examines the growing success of retail holiday Afterpay Day and the benefits for participating retailers. 

Bi-annual shopping event Afterpay Day is back, with participating retailers including Glassons, The Iconic, Specsavers and Mighty Ape offering up to 70% off thousands of items from Thursday 18 to Sunday 21 March. 

Only four years old, Afterpay Day commenced in August 2017 in celebration of Afterpay gaining one million customers worldwide. Since then, the event has been cemented on the retail trading calendar and grows each year. At present, Afterpay has over three million customers across Australia and New Zealand. 

This year, Afterpay rolled out a ‘Favourites’ feature to coincide with the event, allowing shoppers to login to the Afterpay app, browse their most-wanted items, and add to their Favourites for a later date.

There are many benefits for retailers to participate in the event and offer Afterpay at the checkout to drive sales. 

During the last Afterpay Day sale, the average order value (A.O.V.) was up 10%, and sales were up 26% for participating retailers compared to the event before that. 

Small to medium businesses estimate an increase in average order value of 10-20% after joining Afterpay, with two out three of these businesses reporting an increase in total sales. 

Data also shows that customers who signed up to Afterpay three years ago now purchase using Afterpay more than 20 times a year. 

One Afterpay success story is M.A.C. The brand has increased its sales targets by 70% since signing with Afterpay. 

Speaking of Afterpay Day, a M.A.C. spokesperson says:

“Like Cyber Weekend and Boxing Day, the Afterpay Day sale has fast become a key bi-annual shopping moment in its own right. Consumers expect businesses to participate as they know that ‘Afterpay Day’ is an essential online and offline shopping period in their calendar.”

Read our article about the benefits of integrating buy now pay later products here.

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