Sephora Introduces Shop Now & Pay Later
Sephora rolled out ‘shop now and pay later’ today with Klarna, which allows customers to split purchases into four interest-free payments. Kim Stromberg, a Sephora e-commerce executive told Glossy the goal is to attract and retain Gen-Z and young millennial shoppers.
“We had been monitoring the market and were aware that many Gen-Z and young millennial customers don’t own credit cards and only use debit cards. It’s critical for our Sephora.com strategy to make checkout easy and as seamless as possible, now more than ever,” Stromberg said.
She adds the Klarna partnership fits the company’s evolving range of payment options such as adding Apple Pay in 2014, Paypal in 2016 and introducing the Sephora Credit Card last year.
Sephora’s partnership with Klarna is a rising trend in e-commerce. Brands like Fenty Beauty, Morphe and ULTA are using Afterpay, a similar payment system to broaden their customer base. Glossy reports since Sephora temporarily closed its stores due to the coronavirus pandemic, their online sales have increased by 30 percent since March.
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