AfterPay: Payment Plans for E-commerce

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Afterpay was introduced to fill a niche in the financial market. Molnar and Eisen realized that involving payment plans in their e-commerce website was beneficial. Afterpay’s customers were given the option to pay in installments, purchases doubled, and customer retention increased. The company’s success was significantly contributed to paying close attention to the needs of generation Z and millennials. In particular, current generations are likely to use debit cards as opposed to credit cards. Afterpay introduced products and services that enabled it to attract millennials and generation Z and create trusting relationships. The firm also benefited by expanding its partnership with large departmental stores, such as Target and Myers, and online fashion retailers. Afterpay business move enabled it to grow from the top 100 to the top 20 companies in Australia with 16.2 million customers and over A$21.1 billion in sales. The company operates in nine countries, the primary ones being the USA, UK, and Australia. Due to
Afterpay’s well-established values and prioritizing customers’ needs, it is highly competitive. The firm’s partnership with Warby Parker, Way...