Cravings by Chrissy Teigen is partnering with PayPal for buy now, pay later (BNPL) options at the lifestyle brand’s online store, according to a Cravings press release.
With PayPal’s Pay in 4 option, Cravings can meet customers’ requests for flexible payment choices as digital-first commerce becomes the new normal. Since instituting Pay in 4 as a payment option, Cravings saw a 34 percent boost in average order volume over regular PayPal transactions. PayPal has more than 375 million active accounts.
“PayPal prides itself on bringing a variety of commerce experiences to businesses of all sizes, providing small businesses with tools that used to be exclusively available for large enterprises,” said Greg Lisiewski, vice president of Global Pay Later, PayPal. He added that PayPal is “excited” that Chrissy Teigen is using the company’s “innovative payment technology” to grow her brand at a time when customer engagement is seeing fast, digital-first changes.
Kimberly Kreuzberger, general manager of Cravings, said the company knew that it needed a “trusted payment partner” and it soon became clear that PayPal should fill that role. “Having a seamless checkout experience, along with Pay in 4, we can provide the Cravings shopper with greater choice, ease and flexibility as they engage with our lifestyle brand,” Kreuzberger said.
PayPal launched Pay in 4 — part of the company’s range of Pay Later solutions — in August of 2020 as a way to assist merchants in driving conversion, revenue and customer loyalty without risk or fees. The solution gives customers an alternate way to pay for purchases between $30 and $600 across a six-week period, interest-free. Companies offering Pay Later messaging on their site saw an average order value (AOV) with Pay in 4 that was 39 percent more than regular PayPal transactions, according to the press release.
In other BNPL news, Barclays announced on Tuesday (April 27) that it will become one of the first major banks in America to offer point-of-sale financing options through a new partnership with digital banking platform Amount.
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