Cheers to this: Afterpay now has more than five million active shoppers in the U.S.
This milestone comes just two years after launching in the U.S., making Afterpay one of the fastest growing ecommerce payment companies in the market.
Our thanks go out to each and every customer, as well as our 15,000+ merchant partners, which include AE/Aerie, Birkenstock, Lancer Beauty, Marc Jacobs Beauty, Perricone MD, Soko Glam, YSL Beauty, and more. (Meet all our partners on Afterpay’s Shop Directory.) Together, we’re empowering the next generation of responsible shoppers with flexible payment options, so they can buy what they need, on their terms.
“We feel so grateful to partner with the merchant community to support their shoppers and help them attract more customers, as commerce and retail starts to rebound”
Demand for the ability to buy now and pay later has accelerated since the start of the year, with one million customers joining the Afterpay platform during the COVID-19 period of March 1-May 15. In that time, Afterpay assisted merchants in processing $2.4 billion year-to-date, a 354% increase over the same period last fiscal year. Customer basket sizes also rose 33% during this period, indicating the health of online retail despite the pandemic.
“At a time when ecommerce has become the primary way people are shopping, there is a growing interest and demand among consumers to pay for things they want and need over time using their own money - instead of turning to expensive loans with interest, fees, or revolving debt,” said Nick Molnar, co-founder and U.S. CEO of Afterpay. More than 85% of Afterpay orders are made with debit cards, as consumers turn away from traditional credit cards and seek greater ownership over their money and spending habits.
“We feel so grateful to partner with the merchant community to support their shoppers and help them attract more customers, as commerce and retail starts to rebound,” said Molnar. In April alone, Afterpay’s Shop Directory contributed nearly 10 million lead referrals to our retail partners. On average, merchants see a 10-25% increase in customer conversion rates and 20-50% increase in average order values compared to all other payment methods.
This underscores Afterpay’s commitment to help our partner merchants grow their businesses and foster active, engaged customer bases. While the pandemic has disrupted business for many retailers--and life for many of our customers--we are optimistic that the Afterpay community will continue to come together to shape the future of retail.
To each of our merchants and customers: Thank you. Here’s to the next five million!