London - Arcadia Group aims to satisfy all UK consumers who can't wait until next pay day for their latest shopping haul with the introduction of its new payment plan, 'Buy Now, Pay Later.'
The UK fashion conglomerate has partnered up with payment provider Klarna, which sees Arcadia's brands become the first to use Klarna's new e-commerce retail financing option in the UK, which offers shoppers the option to purchase something immediately online and pay for them over time.
The new partnership will offer customers from Arcadia's brands, including Topshop, Miss Selfridge and Dorothy Perkins, the choice to pay their purchase up to 90 days later, interest free. Under the new system, Klarna separates buying from paying and pre-authorises customers eligible for credit in real time as soon as an order is place.
Arcadia Group launches new financing option with Klarna
"Being able to 'Buy Now, Pay Later' at the click of a button empowers our customers to shop however and whenever they want," commented Richard Burchill, Head of Treasury and Card Services at Arcadia Group in a statement. "Revolutionising our approach to purchasing and paying will help us boost conversion rates and ensure our customers remain our brands’ biggest fans."
The new finance option aims to streamline retail financing, while delivering a seamless financing solution for time-poor customers shopping online or via the mobile. The payment option is also likely to help Arcadia Group counteract dropped baskets, boost customer retention, loyalty and sales by offering more flexible payment selections without redirecting customers away from the online store.
"More consumers are shopping on the go than ever before, but in our fast-paced lives shoppers get frustrated by long and complex checkouts and a lack of flexible payment options," added To get ahead, retailers need to offer a simple, hassle free browsing and buying experience that integrates seamlessly into their customers’ lives," added Luke Griffiths, UK General Manager of Klarna.
"We are excited to offer an innovative solution to one of the biggest challenges UK retailers face, and to be pioneering a new approach to retail financing with some of the country’s biggest brands," concluded Griffiths. The new partnership with Arcadia Group is said to be part of a wider, global launch of Klarna's 'Buy Now, Pay Later,' which is also going live in the US with online retailer Shoes.com.
News of the new financing option comes just days before Arcadia's Topshop prepares for its debut 'See Now, Buy Now,' Unique catwalk show. Taking placing during London Fashion Week on September 18, the high street label will offer customers the opportunity to purchase select pieces from its womenswear Spring/Summer 2017 collection as soon as the show closes.
Photo 1: Klarna, Facebook
Photo 2: Eastgate, Basildon, via Wikimedia Commons