We love to use our blog as a forum to discuss industry topics and updates, but we hope you can forgive us every now and then for using it to share our most exciting pieces of Laybuy news. Today is one of those occasions, as we are delighted to announce that we have teamed up with fashion brand ALEXACHUNG to offer Laybuy as a payment option in the UK, allowing customers to spread the cost of purchases from the range over six equal weekly payments.
We are thrilled to have such a high-end and desirable collection on our books, but we are also really excited about the benefits that we believe Laybuy can bring to the ALEXACHUNG brand. Through our partnership with the iconic fashion line, we will offer its customers more flexibility than ever before when making payments. The brand will benefit from Laybuy’s proven risk-free approach, with retailers receiving full payment up-front while Laybuy takes all of the credit risk, working in partnership with Experian to ensure customer affordability before a purchase can be made using the platform.
What is particularly great about collaborating with new merchant partners is seeing the tangible ways in which Laybuy can truly help to solve their specific business challenges. In this case for example, Edwin Bodson, Managing Director at ALEXACHUNG, says: "ALEXACHUNG is excited to partner with Laybuy and offer our customers a new way to acquire and invest in pieces from our collections.” His comment resonates strongly with our goal to offer customers payment flexibility, without ever charging interest, to allow them to spread the cost of investing in aspirational purchases.
It is really inspiring to see brands of every shape and size recognising that customers want more options and better ways to pay, and that partnering with a responsible lender is a great way to offer this without putting customers in a position where they have to use store or credit cards. This is exactly the predicament that Laybuy was designed to solve, especially amongst millennial consumers who are wisely risk averse when it comes to traditional forms of credit, which can put them at risk of a debt spiral.
The ‘buy now, pay later’ platform from Laybuy is proven to help retailers increase sales, basket size and the number of transactions, as well as gain brand new customers. Since launching two years ago, Laybuy’s retail partners have seen order values rise by 60% online, in-store conversion rates by 50%, and new customer acquisition rise by 30%.
So, merchants – what are you waiting for? Get in touch, and perhaps you will be the next brand that we are announcing a collaboration with. And in the meantime, get your new summer wardrobe sorted and #paybylaybuy over at www.alexachung.com.