Klarna’s payment options, Pay later and Slice it, now available to shoppers across all Arcadia Group brands, including Topshop and Miss Selfridge.
Europe’s leading payment provider Klarna announces that it is expanding its partnership with Arcadia Group, giving consumers more choice when it comes to payment options. Shoppers across the Arcadia Group – whose brands include high-street favourites Topshop, Miss Selfridge and Dorothy Perkins – can now use Klarna’s Pay later and Slice it to easily purchase products online.
The deal expands on Klarna’s existing partnership for online consumer finance with Arcadia Group, which was launched in September 2016. Offering a wider variety of innovative payment methods cements the fashion giant’s position as a leader in the ecommerce space.
The expanded partnership will give customers increased flexibility and convenience when purchasing. Pay later lets shoppers place an order entering only a few personal details, receive their goods and pay 30 days after delivery, interest-free and with no fee for the service. Data is also saved so shoppers can experience an entirely frictionless checkout when they make repeat purchases. With Slice it shoppers can spread the cost of their goods over time for baskets over £60. This helps shoppers to make bigger ticket purchases by ‘slicing’ the cost into monthly payments.
Recent research by Klarna found that the millennial generation experiences higher levels of impulsiveness and impatience than older shoppers. Payment options were identified as a key way of averting this issue, with 20% of millennials saying they would feel less guilty if they were offered deferred payment options, and one in five more likely to complete a purchase if they knew they could spread the cost over time. By offering such payment options, Arcadia is able to alleviate the concerns of their key millennial audience.
Commenting on the partnership, Luke Griffiths, Klarna’s UK General Manager said: “We are delighted to expand our partnership with Arcadia and build on the success we have enjoyed over the past year. Together, we are giving payment choice and financial flexibility to Arcadia’s customer base, and it’s great to provide Klarna’s pioneering technology to such a wide and diverse audience.”