Advertisement
05/19/2021

Exclusive: ‘Buy now pay later’ comes to leading social platforms

Dan Berthiaume
Senior Editor, Technology
Dan Berthiaume profile picture

Retailers can now advertise and accept customizable payment options on four major social media networks.

Social advertising platform StitcherAds is introducing Flexible Payment Promotions, a solution that enables retailers to promote buy now, pay later (BNPL) installments across ad units on Facebook, Instagram, Pinterest, and Snapchat. BNPL enables shoppers to break a total purchase into smaller payments, often without interest, that can be billed to an account of their choosing. 

With the new solution, retailers can apply BNPL creative and pricing data directly to product images featured in ad campaigns on the select leading social platforms. Retailers can utilize major BNPL payment services, including Affirm, Afterpay, Klarna, Laybuy, PayPal Credit, and Zip. 

Flexible Payment Promotions also allows retailers to add customizable payment options to their entire product catalogs, build rules to calculate payment options for every product, and set up installment payments with a few clicks. According to StitcherAds, the end results can include increased conversion rates, basket size, click-throughs, and new customers for retailers’ social commerce initiatives. 

In addition, users can enable on-brand designs for BNPL image overlays, know which products are eligible for BNPL, calculate exact installments for each product, detect and use sales price (if on sale) to calculate installments, and apply different designs for different product categories. Images can be updated every hour to make sure price and availability are accurate.

Freebird by Steven, a brand of the Steve Madden Company, used Flexible Payment Promotions in Facebook and Instagram campaigns and reported a 57% increase in click-through rate and 36% growth in return on advertising spend. Macy’s has also deployed the solution.

“In recent months we have seen a rise in demand for Buy Now, Pay Later options, particularly among younger consumers," said Tim Stalker, VP, media strategy at Macy's. "With Klarna, we offer a seamless alternative payment solution, which we’re able to integrate within our marketing strategy through StitcherAds. Using their creative suite and BNPL creative for social media channels, StitcherAds enables us to promote options that provide customers with more flexibility and greater financial control.”

“In this challenging economic climate, shoppers are tightening their purse strings, and brands need to consider ways they can lower the barrier to purchase,” said Declan Kennedy, co-Founder and CEO of StitcherAds. “Flexible payment options have proven themselves a great way to drive continued consumer spending. With our new Flexible Payment Promotions, retailers can push BNPL options that will help them to close more sales, while helping consumers make their shopping economically easier.”