This partnership aims to help Liberty customers save time and money when making high-end purchases by using the Swedish FinTech company’s buy now, pay later (BNPL) option, Klarna said in a Tuesday (July 25) press release.
“We are proud to partner with London’s iconic Liberty to offer flexible, convenient payments to shoppers looking to purchase high-end items online,” Raji Behal, head of Western and Southern Europe at Klarna, said in the release.
Klarna encourages consumers to consider the impact of their shopping habits on the environment, and half of luxury shoppers in the U.K. claim their high-end goods purchases are more sustainable, according to the press release. There is also a belief that buying quality items can save money in the long run, as 46% of luxury shoppers feel their items save them money.
“We are seeing consumers of all ages and incomes … recognizing the environmental benefits of ‘buy it for life’ with high quality products in a classic style that will look good for years to come,” Behal said in the release. “Our interest-free BNPL products empower consumers to manage finances better, making informed choices that benefit both their wallet and the planet.”
PYMNTS research has found that 56% of luxury store and specialty boutique shoppers are “highly interested” in using BNPL for online purchases.
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The survey also found that 46% of department store customers would switch to another retailer if their preferred store didn’t offer installment payments, according to “BNPL and the In-Store Opportunity: Why Merchants Must Offer Payment Flexibility at the POS,” a PYMNTS and Zip collaboration.
In other recent news from Klarna, the app recently added new products geared toward environmentally conscious shoppers, including a top-up donations feature that lets consumers add a $1 donation to purchases and a carbon footprint tracking tool that provides insights into the impact of products within the home and garden and jewelry/accessories categories.
