Clearpay, an established Buy Now, Pay Later payments platform (known as Afterpay (ASX: APT) outside the UK/Europe), has launched its new merchant analytics solution, Clearpay iQ.
With this new tool, brands are able to gain access to customer-centric analytics in order assist with optimizing investment and fueling growth.
The Clearpay iQ platform offers the following:
- Easy Data: AI-enhanced insights, visualizations, and real-time data provided via a single, accessible self-service user interface (UI).
- Single Source of Truth: Brands are able to assess/evaluate marketing performance, omnichannel shopping volumes, and demographic summaries “down to the store level.”
- “Next Best Actions”: A recommendation engine providing insightful actions in order to streamline business performance based on data analytics.
Jennifer Glass, Director of Owned and Paid Digital Marketing of Pandora, stated:
“Our partnership with Clearpay has helped Pandora make data-powered marketing decisions which has improved our ability to target new audiences, which ultimately has led to higher conversion rates and larger AOV. Working together, we have been very successful in capturing new, highly engaged young customers for our business.”
Clearpay has also launched its Next Gen Index, which is its most-recent quarterly report on international Gen-Z and Millennials’ consumer spending habits and preferences.
The report notes that the Millennial and Gen Z share of spending is set to increase to 48% by 2030 – indicating their continued influence on the global economy as these people reach their peak earning years.
The report further reveals that this younger generation has a special preference for BNPL. In the United Kingdom, BNPL spending has increased by 315% when compared to a 4% surge on debit and credit card purchases.
Rich Bayer, UK Country Manager at Clearpay, remarked:
“Gen Z and Millennials are driving change at the intersection of culture and commerce – so it’s no surprise they have been key adopters of Clearpay and BNPL more generally. Having built our business by connecting this next generation of shoppers to the best brands in the world, Clearpay is in a strong position to help its retailers navigate this demographic by providing unparalleled insights into the world’s hardest to reach customer cohorts.”
Clearpay’s Next Gen Index also revealed that the overall UK spending by Gen Z and Millennials has been recovering significantly faster than older generations. In fact, it’s up by an average of about 7% for Gen Z from pre-COVID levels.
Small business spending is also surging among Gen Z and Millennials, up by around 900% since early last year and makes up two-thirds (70%) of all Clearpay spend on SMEs, the announcement noted.
Although the majority continue to spend on fashion, the home and recreation categories are growing quite fast as well, up around 300% YoY.