BNPL companies want to be shopping center applications

Likewise, acquiring customers through Afterpay’s merchant directory was one of the main reasons Jarman from Commas continued the partnership. Molnar sees technology, including video shopping and social shopping, as obvious additions to Afterpay’s offerings. “Another layer of the super app equation is, how do you manage to evolve your relationship with your next-gen consumer? You see it playing out on a large scale in different ways with different products. I don’t think there is a limit to where it starts and ends.

One of the early forerunners of Klarna’s in-app video shopping, he partnered with beauty retailer Beautycounter on a four-episode live stream that can be purchased on his own app and on Beautycounter’s website. , with celebrity appearances and freebies on purchase.

Klarna

BNPL supplier Sezzle offers clothing gifts and shopping, in addition to an in-house marketing agency. “Payment platforms are no longer just the means to end the payment process; they are connections, ”says Kelli Latchem, director of fashion partnerships at Sezzle. “They connect retailers to consumers on a level that might otherwise have been unattainable.”

There are so many players because “there is a lot of spending to be done,” said PwC’s Bukovac – with vacation spending in 2021 expected to be up 21% from last year, adds she does.

Of course, the big tech companies – which also have the data, scale, and years of traction to woo fashion – also see a lot of money to be made by sponsoring fashion with the aim of being the dominant platforms. Amazon ran an international campaign to sponsor emerging designers, and Instagram sponsored the Met Gala, while Tiktok sponsored the British Fashion Council, to name a few.

“Google is spending a disproportionate amount of money to engage in shopping from a search perspective, social platforms are going into shopping – Instagram shopping has been around for about a year now,” acknowledges Klarna’s Sandstrom. Amazon, he says, while being the best fashion app, isn’t particularly aimed at high-end brands. Klarna is particularly investing in direct buying and plans to combine its acquisition of the Apprl influencer marketing technology platform with Hero’s live streaming capabilities in its app.

For successful tech companies, expansion comes naturally, Sandstrom adds. “Either you become an infrastructure, almost the main system, or you become one of the main applications for consumers to use. Something caught in the middle, like a single-ride pony? I think it will no longer be possible. “

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Peggy P. Gilmore

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