8 June 2019
The Weekly
Australia

Myer will be implementing a ‘buy now, pay later’ service Afterpay in-store in 2020, in an effort to incentivise the 2.7 m active Afterpay customers to visit its retail locations. The decision comes amid Myer’s customer-first turnaround strategy, in which it seeks to bring customers back in-store by transforming the in-store customer experience, expanding the retailer’s ‘Only at Myer’ offering, and improving its online channel. The plan seems to have started off on the right foot, having led to a 3.1 % increase in net profit after tax in the first half of FY19 to $41.3 m. In-store is a growing segment for Afterpay, accounting for about 20 % of total ANZ underlying sales for the 5 months to May 2019, compared to 15 % over the first half of FY19. Additionally close to a quarter of the service’s new customers are being driven by in-store, rather than online, sales.

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