Today Clearpay, a leader in “Buy Now, Pay Later” payments (known as Afterpay (ASX: APT) outside the U.K. and Europe), introduced its new merchant analytics platform, Clearpay iQ. With this powerful new tool, brands gain access to valuable customer-centric analytics to help optimise investment and drive growth.
The Clearpay iQ platform provides:
● Easy Data: AI-powered insights, visualisations, and real-time data delivered in one, highly accessible self-service user interface.
● Single Source of Truth: Brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level.
● “Next Best Actions”: A recommendation engine offering insightful actions to optimise business performance based on analytics.
“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, “ said Jennifer Glass, Director of Owned and Paid Digital Marketing of Pandora. “Working together, we have been very successful in capturing new, highly engaged young customers for our business.”
Clearpay Next Gen Index:
Also today, Clearpay introduced the Next Gen Index, its latest quarterly report on global Gen Z and Millennials’ consumer spending behaviors and preferences. The report reveals that Millennial and Gen Z share of spending will increase to 48% by 20301 - demonstrating their continued strong influence on the economy as these cohorts reach peak earning years. The report also showed that this generation has an increasing preference for BNPL. In the U.K., BNPL spending has grown by 315% compared to a 4% increase for debit and credit card purchases.
“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," said Rich Bayer, UK Country Manager at Clearpay. “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 found that in the UK spending by Gen Z and Millennials has recovered faster than older generations, up an average of 7% for Gen Z from pre-pandemic levels. Small business spending is also increasing among Gen Z and Millenials, up an average of 900% since early 2020 and making up two-thirds (70%) of all Clearpay spend on small businesses. While the majority are still spending on Fashion, the Home and Recreation categories are growing fast, up 300% year-over-year.