The collaboration aims to expand Afterpay’s ads business and provide eCommerce shoppers with more relevant offers at checkout, the companies said in a Thursday (Nov. 16) press release.
Rokt uses machine learning (ML) and artificial intelligence (AI) to make transactions more personalized for each shopper, according to the release. By leveraging Rokt’s eCommerce technology and providing targeted offers at checkout, Afterpay can enhance the overall shopping experience.
The partnership not only drives new revenue for Afterpay but also deepens customer lifetime value, the release said.
“This partnership allows us to further enhance our in-app offering and give shoppers more choice at checkout,” Saket Mehta, global head of advertising partnerships and strategy at Afterpay, said in the release.
Afterpay, a subsidiary of Block, allows people to buy products immediately and pay over time, the release said. Its BNPL offering is available in Australia, Canada, New Zealand, the United States and the United Kingdom (where it is known as Clearpay). It is offered by thousands of retailers and used by millions of active global customers.
In another partnership, Afterpay teamed up with the Nift Network to add a rewards program to its BNPL offering. With this program, Nift’s proprietary AI matches Afterpay customers with a curated selection of gifts from the 12,000 brands advertising on the Nift Network.
“These exclusive … gifts are designed to help customers try new products and services, creating a unique opportunity for discovery and trial,” according to a separate press release at the time. “With Afterpay’s flexible payment solutions, customers can easily unlock a world of possibilities while managing their finances responsibly.”
Rokt’s machine learning technology powers billions of global transactions annually, according to the Thursday press release. It operates in 15 countries across North America, Europe and the Asia-Pacific region.
Its collaboration with Afterpay comes about a month after Rokt partnered with global payments network Klarna to deliver more relevant marketing solutions for retailers and enhance consumer experiences on Klarna’s shopping app. The partnership offers brands the ability to focus on consumer segments by demographic and location, ensuring that ads shown are important to shoppers.
For all PYMNTS retail coverage, subscribe to the daily Retail Newsletter.