Afterpay to host 'Afterpay Day' online shopping event this week

Prime Day might have been a month ago, yet e-commerce platforms are still following Amazon's example in offering flash savings events for online shopping.

Afterpay, a pioneer in "buy now, pay later" payment solutions for e-commerce outlets, will host its second biannual Afterpay Day event. On August 14 and 15, several of Afterpay's fashion and beauty retail partners will participate in the sales event to provide shoppers with hundreds of offers.

Participating brands include NARS Cosmetics, Schutz, APL, Steve Madden, Re/Done and Tarte Cosmetics.

Afterpay has reached over 2 million active customers in the U.S. since it launched in the market just over a year ago. Its product allows its retail partners to offer shoppers a buy now, pay later scheme. Customers can receive their products immediately and pay for their purchase in four installments.

The service currently partners with or is onboarding more than 6,500 local retailers; over 400 U.S. retailers participated in the first Afterpay Day and saw an average increase in sales of 110 percent over the two-day period. Some retailers generated an increase of 300 percent in sales volume.

"Customers can shop a record amount of amazing deals from the most loved fashion and beauty brands and retailers," Nick Molnar, co-founder of Afterpay and U.S. chief executive officer, said in a statement.

"Afterpay partners with retailers to create incremental value and to enable them to better serve existing customers and reach new customers. The world’s most valuable consumers, the millennial and Gen-Z generations, are quickly moving away from traditional credit.”