Fashion and stationery retailer Cotton On has partnered with New Zealand-based buy now pay later provider Laybuy to offer shoppers the flexible payment option in its stores based in Australia, New Zealand and the United Kingdom.
The payment option will be available starting June 30.
Brendan Sweeney, Cotton On’s e-commerce general manager, said they know their customers have been looking for a range of different payment methods that best meet their needs.
“Buy now pay later services are growing in popularity in both Australasia and the UK and we are increasingly seeing it becoming the payment method of choice for many consumers,” Sweeney said.
Gary Rohloff, Laybuy’s co-founder and managing director, said the partnership with Cotton On provides consumers the option to buy the clothing or stationery they need, when they need it, and allows them to make interest-free repayments through regular instalments over six weeks.
“Our experience tells us that offering Laybuy as a payment option helps retailers increase sales, lifts average basket sizes and helps them gain new customers,” Rohloff said. “Our retail partners have seen their order values rise by over 60 per cent and new customer acquisition increase by up to 70 per cent.”
“The real advantage of Laybuy is our customers don’t pay interest, ever,” he added.
Launched in New Zealand in 2017, Laybuy allows consumers to buy from retailers and spread their payments over six weekly instalments.
Cotton On Group operates seven brands including Cotton On, Cotton On Body, Cotton On Kids, Rubi, Typo, Cotton On Lost, factorie and Supre, plus its philanthropic arm, Cotton On Foundation.
The company operates 102 stores in New Zealand.