Arcadia Group has added “pay later” and monthly online payment options for its shoppers, in a bid to engage millennial customers.
The owner of brands including Topshop, Topman, Miss Selfridge and Dorothy Perkins has joined forces with payment provider Klarna to offer online customers the option of paying for goods 30 days after delivery, without being charged interest.
It is also introducing a “slice it” service, where shoppers can split the cost of their goods into monthly instalments for baskets over £60.
Klarna said the move comes after research found the millennial generation experiences higher levels of impulsiveness and impatience than older shoppers.
According to the provider, 20% of millennials said they would feel less guilty if they were offered deferred payment options, while one in five were more likely to complete a purchase if they knew they could spread the cost over time.