Sydney, Australia – Australia-based buy now pay later (BNPL) global fintech platform Afterpay has announced the launch of Afterpay iQ, its new dedicated analytics platform catered to merchants using their services.
With this powerful new tool, brands can gain access to valuable customer-centric analytics to help optimize investment and drive growth.
Entailed within the new analytics platform are AI-powered insights, visualizations, and real-time data are delivered in one, highly accessible self-service user interface. Furthermore, brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level.
Lastly, there is an embedded recommendation engine in the platform that offers insightful actions to optimize business performance based on analytics.
The launch of the platform coincides with Afterpay’s launch of their quarterly report on millennial and Gen Z spending, where they found that millennial and Gen Z share of spending will increase to 48% by 2030, demonstrating their continued strong influence on the economy as these cohorts reach peak earning years. The report also showed that this generation has an increasing preference for BNPL.
“Gen Z and Millennials are driving change at the intersection of culture and commerce – so it’s no surprise they have been key adopters of Afterpay and BNPL more generally,” said Mark Teperson, chief strategy officer at Afterpay.
Furthermore, they also noted that spending by Gen Z and millennials has recovered faster than older generations, up an average of 13% from pre-pandemic levels. Small-business spending is also increasing among this generation – up an average of 220% since early 2020.
“Having built our business by connecting this next generation of shoppers to the best brands in the world, Afterpay is in a strong position to help its retailers navigate this demographic by providing unparalleled insights into the world’s hardest to reach customer cohorts,” Teperson concluded.