Marks & 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 for 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.
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