Afterpay Unveils New Analytics Platform for Merchants
Afterpay, the leader in ‘Buy Now, Pay Later’ payments, today introduced its new merchant analytics platform, Afterpay iQ. With this powerful new tool, brands gain access to valuable customer-centric analytics to help optimize investment and drive growth.
The Afterpay iQ platform provides:
● Easy Data: AI-powered insights, visualizations, and real-time data are delivered in one, highly accessible self-service user interface.
● Single Source of Truth: Brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level.
● “Next Best Actions”: A recommendation engine offers insightful actions to optimize business performance based on analytics.
“Our partnership with Afterpay has helped Pandora make data-powered marketing decisions which has improved our ability to target new audiences, which ultimately has led to higher conversion rates and larger AOV, “ said Jennifer Glass, Director of Owned and Paid Digital Marketing of Pandora. “Working together, we have been very successful in capturing new, highly engaged young customers for our business.”
Afterpay Next Gen Index: Also today, Afterpay introduced the Next Gen Index, its latest quarterly report on global Gen Z and Millennials’ consumer spending behaviors and preferences.
The report reveals that Millennial and Gen Z share of spending will increase to 48% by 2030 1 – demonstrating their continued strong influence on the economy as these cohorts reach peak earning years.
The report also showed that this generation has an increasing preference for BNPL. In the U.S., BNPL spending has grown by 230%, compared to a 43% increase for debit and an increase of only 8% for credit cards.
“Gen Z and Millennials are driving change at the intersection of culture and commerce – so it’s no surprise they have been key adopters of Afterpay and BNPL more generally,” said Mark Teperson, Chief Strategy Officer at Afterpay. “Having built our business by connecting this next generation of shoppers to the best brands in the world, Afterpay is in a strong position to help its retailers navigate this demographic by providing unparalleled insights into the world’s hardest to reach customer cohorts.”
faster than older generations, up an average of 13% from pre-pandemic levels. Small business spending is also increasing among this generation – up an average of 220% since early 2020 and making up roughly two-thirds (67%) of all Afterpay spend on small businesses. While the majority of young consumers are still spending on fashion and beauty, home and recreation categories are growing fast – up 150% year-over-year.