High street retailer Marks & Spencer is to offer customers a buy now, pay later option on online purchases over £30 in the run up to the busy festive season.
Clearpay, the UK arm of Australian Afterpay Touch Group will provide M&S customers with the ability to spread the cost of purchases amounting over six weeks, interest-free.
Kirsty Ward, director of M&S Bank and Services says M&S is “committed to providing our customers with seamless, easy and convenient ways to pay, and that’s why we’ve introduced this fully-integrated and interest-free option to help spread the cost of shopping on M&S.com”.
The Clearpay facility spreads the total payment out over four instalments across six weeks, does not require a credit application, and is free. Customers can manage their payments directly through the app.
The capability will go live in mid-November, spearheading the lead up to Christmas.
Carl Scheible, CEO, Clearpay UK says: “We are thrilled to launch with Marks & Spencer especially as we head into the busy Christmas shopping and trading season. We’re looking forward to being part of their development as they continue their transformation for customers.”
Last year Steve Rowe, Marks & Spencer chief executive, outlined extensive plans for change within the company after a lengthy run of falling sales. The company’s 50% acquisition of online supermarket retailer, Ocado, in August falls in line with this pivot toward digital and complements the business’ target of driving one third of Clothing & Home sales online by 2022.
This week the retailer announced a revenue fall of 2.1% to £4.86 billion in the six months to the end of December. Posting a 17.1% loss in profit before tax, M&S attributed the fall to a lacklustre first half in clothing and home sales. Clothing division head Jill McDonald was sacked in July this year with the CEO stepping in to take leadership of the division himself.