Fashion Retailer Intermix Partners With Affirm

Designer fashion boutique Intermix has partnered with buy-now-pay-later (BNPL) provider Affirm, giving customers the option to pay for clothes in installments.

By selecting Affirm at checkout, eligible Intermix customers can choose the payment option that works best for them, ranging from four interest-free biweekly payments to monthly installments, the companies said in a press release Wednesday (September 21).

From there, customers see the total cost of their purchase and never pay more than they agreed up front as Affirm never charges late or hidden fees as per the publication. The partnership extends to both physical and online intermix stores, as well as the Designer Re/Mix hub.

“Our partnership with Affirm will allow our customers more payment flexibility and pricing transparency in how they pay,” said Karen Katz, interim CEO of Intermix. “As we continue to scale, we are looking for digital investments that improve the overall customer experience and allow us to offer a highly personalized boutique shopping experience across both channels.”

As PYMNTS noted earlier this week, BNPL has been effective in encouraging consumer spending in times of high inflation. Businesses that offer BNPL benefit from larger ticket sizes, more frequent customer visits, and other benefits that keep retailers going.

See also: Using BNPL to overcome the cost of living crisis

BNPL gives consumers an incentive to make potentially discouraging purchases even in times of economic hardship. Our research found that 46% of customers who did not have access to traditional lending options turned to BNPL for purchases they otherwise could not have afforded.

Additionally, 47% of consumers expressed interest in BNPL for expensive, one-off retail purchases.

BNPL services are particularly popular among younger generations such as Millennials and Gen Z. More than half of Gen Z shoppers – 56% – expressed interest in using BNPL options in department stores and 52% were interested in doing so in local businesses to do. These proportions were 57% and 46% for Millennials, respectively.

New PYMNTS study: How consumers are using digital banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking services, only 9.3% cite them as their main bank.

Also Read :  Asian shares fall as technology shares pull benchmarks lower – Daily Freeman