Introducing innovative payment
options is an efficient way to attract more consumers. This is a formula
adopted by the clothing company Levi’s. The firm has implemented a solution
that allows customers to acquire their products now and to settle its bill
later.
The US denim brand has partnered with a digital platform lets
clients benefit from interest-free instalment plans for purchases processed in
stores and online. Thanks to this, Levi’s was able to introduce the “buy now, pay later” facility. The
financial firm has collaborated with brands such as Ray-Ban, O’Neill and Tarte
Cosmetics. Its services are often described as “layaway for millennials”. They
facilitate commerce between retail merchants and end consumers.
The “buy now, pay later” solution does not require clients
to get into a traditional loan or pay upfront fees or interest. Settlements are
broken down into four equal instalments and the money is automatically deducted
from the consumer’s bank account every two weeks. These facilities have become
very popular among customers. This is because millennials are weary of
traditional credit cards and bank loans. The founder of the financial firm
advanced, “As more millennials and Gen Zers shop for brands ranging from
American icons like Levi’s, Ray-Ban, Jeffree Star Cosmetics and O’Neill
to younger, category-shaking brands like Tarte
Cosmetics, they are showing how important it is to them to be able
to manage their budgets responsibly and never be caught off guard by surprise
interest payments or fees”.
Process payments in instalments at Levi’s
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