Isn't it interesting to think how data gathered through one company's performance says so much about the world around us? AfterPay was able to use its latest Spring-Summer performance data to gather new trends in consumer behavior.
AfterPay is an Australian financial-tech company best known for its buy now-pay later feature. It is an online app, where the user would sign up for an account and typically get approved within minutes. If the user is shopping online, they choose the ‘Pay with AfterPay' method at checkout. If the user is shopping in person, they can add the AfterPay card to their digital wallet and tap to pay. The user is able to pay off their purchase over 6 weeks with no interest. Currently, there are over 14 million users and over 85,000 brands (big and small) that work with AfterPay.
Using real-time customer purchase data, AfterPay released their annual Spring-Summer Global Trend Report, which they hope will be helpful to retailers and brands to better understand their consumers' shopping habits.
For example, due to the increase in weddings and formal events this year after a 2-year covid-related hiatus, AfterPays consumer data showed a 45% increase in dress sales in the US and 56% in Canada. Quarterly sales for high heels were also up 18% in the US and 67% in Canada.
The data from AfterPay is also helpful in predicting trends in the fashion world by seeing what styles of clothing are being purchased the most. As office spaces are reopening, AfterPays data found consumers are shopping for new workwear options that combine the comfort of loungewear.
With information like the above, from one company's data results, major consumer behavior trends are able to be studied and predicted. I would have never thought a financial company would be able to gather such varying information, helpful to many groups of people. This makes me wonder, is data sharing through financial transactions less intrusive but more revealing, as compared to the data tracking on websites, email subscriptions, and Siri?