M&S ‘buy now, pay later’ scheme targets millennials

M&SMarks & Spencer is aiming to attract younger customers and boost trade in the run-up to Christmas with the launch of a “buy now, pay later” service on its website for clothing and home products.

M&S, which has teamed up with Australian fintech Clearpay to the launch, said its customers were increasingly looking for ways to spread the cost, particularly of larger purchases.

The maximum spend is £800 and does not require a credit application. Customers can manage their payments through a phone app and pay over four instalments across six weeks.

The move comes as M&S has also launched its first-ever standalone men’s casual wear campaign, promoting its autumn/winter 2019 outerwear and knitwear collection (pictured).

Many of the retailer’s rivals, including Asos, Boohoo, and more recently H&M, already offer delayed payment services through rival Klarna, which claims to have more than 3 million British customers.

Shoppers using the plans typically spend more, more often, making it an attractive proposition for retailers.

The move is yet another of chief executive Steve Rowe plans for “far-reaching change” as M&S looks to turn around its fortunes with an upgraded range and online shopping options after half a decade of falling sales.

Earlier this month, Rowe told investors that the introduction of instalment credit online was among a range of “tactical actions” to be deployed to drive trade alongside more effective leveraging of M&S’ multichannel operation.

However, its main focus is still on putting digital and data at the heart of its business and, over the past few weeks alone, M&S has recruited head of data science Mehdi Hosseini from GroupM and former Tesco Clubcard director Danielle Papagapiou to the new role of head of loyalty.

Related stories
H&M to launch ‘buy now, pay later’ for loyal shoppers
M&S hires GroupM chief as first head of data science
M&S hires ex-Clubcard chief for Sparks card revival
Andrew Mann joins M&S as head of insight and loyalty
M&S drafts in first ever chief digital and data officer

Print Friendly

To leave a comment please register – it takes less than a minute and is free of charge. You will also get our weekly email update The DM Report (to opt out contact subscriptions@decisionmarketing.co.uk). If you are an existing user, please log in. If you have forgotten your log-in details please email info@decisionmarketing.co.uk to get them reset!

Existing Users Log In
 Remember Me  
New User Registration
*Required field