Dapper Boi On Deploying BNPL To Help Customers Flexibly Meet Their Gender-Neutral Clothing Needs
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FEATURE STORY (8)
Dapper Boi On Deploying
BNPL To Help Customers
Flexibly Meet Their
Gender-Neutral
Clothing Needs
NEWS & TRENDS (11) DEEP DIVE (16)
64 percent of BNPL users How big-ticket sales and online
leverage such services more marketplaces are driving BNPL
frequently now than they did services’ expansion across retail
before March 2020 industries
J U LY 2 0 2 1
03 WHAT’S INSIDE
A look at the latest buy now, pay later
developments, including how more
consumers around the world are
leveraging the method and what this
trend means for the future of retail as
in-person shopping resumes in many
markets
08 FEATURE STORY
An interview with Charisse Pasche, co-
founder of gender-neutral clothing brand
Dapper Boi, on how the company offers
inclusive sizing to fit any body type and
flexible BNPL payment options to fit any
budget
11 NEWS AND TRENDS
Recent headlines from the space,
including how 90 percent of Afterpay
customers have begun using debit
for their BNPL purchases and why
merchants must keep digital and physical
accessibility in mind as they prepare for
the future of retail
16 DEEP DIVE
An in-depth analysis of installment
payment plans’ rising popularity in the
retail world and how their use for big-
ticket items and online marketplace
purchases has been particularly crucial to
driving growth
19 ABOUT
Information on PYMNTS.com and Afterpay
Acknowledgment
The Buy Now, Pay Later Tracker® was done in collaboration with Afterpay,
and PYMNTS is grateful for the company’s support and insight. PYMNTS.com
retains full editorial control over the following findings, methodology and
data analysis.
What’s Inside
WHAT'S
INSIDE
In-person shopping’s unofficial 16-month-
long hiatus is drawing to a close in many
markets as vaccine availability ramps up
into several low- or no-fee installments, are
experiencing a particularly meteoric rise in
popularity, and their retail reach now extends
and consumers grow more comfortable across channels. Millennial and Generation Z
trekking out into the physical world once consumers are driving much of this growth,
more. Customers’ retail preferences are not but the payment method has begun to catch
what they were before March 2020, howev- on with consumers of all ages.
er. Many took to purchasing both essential Part of the challenge for merchants is deter-
and luxury items digitally over the past year mining how best to implement installment
and a half, and there is good reason to be- payment plans to meet this increase in de-
lieve these behaviors will have long-term mand, especially as consumers begin to
staying power. break out of their digital bubbles. Key indica-
Consumers’ payment habits have arguably tors suggest that BNPL plans’ usage is on the
experienced some of the greatest chang- rise for brick-and-mortar retail, for exam-
es during this time, with many opting for ple, as installment payment service provider
digital solutions that allow them to flexi- Afterpay stated that nearly 4.5 million con-
bly purchase items without incurring excess sumers have set up the Afterpay Card to
debt or facing potentially exorbitant fees. shop in person since the solution went live in
Buy now, pay later (BNPL) payment methods, the fall of 2020. Signs also indicate that the
which allow consumers to purchase and ob- payment method will become more popular
tain products while breaking their payments
© 2021 PYMNTS.com All Rights Reserved 3
What’s Inside
in the travel, leisure and outdoor recreation Around the BNPL space
spaces as well. BNPL solutions’ growing popularity with
Consumers’ broad return to physical retail consumers extends across numerous indus-
has only just begun, and many are maintain- tries, and it is undeniable that the pandemic
ing at least some of their newly developed has influenced this trend. One recent survey
digital habits. This means retailers would found that BNPL usage among consum-
be wise to explore omnichannel approach- ers grew nearly 50 percent between July
es to offering installment payment plans, 2020 and March 2021. Almost two-thirds of
especially as the line between physical and respondents who had previously used in-
digital commerce continues to blur. stallment payment plans said they used
such solutions more often since March of
last year.
Installment payment services are gaining
momentum among consumers of all ages,
but research shows that younger consum-
ers are still the primary driving force behind
this expansion. A new study predicted that
45.1 million United States consumers were
expected to tap BNPL plans this year, rep-
resenting a year-over-year rise of 81 percent.
Millennials account for 43 percent of all in-
stallment payment plan users and Gen Z
consumers represent 30 percent.
A growing share of retailers and brands are
also coming to understand the draw of in-
stallment payment plans, leading some to
partner with solution providers to roll out
in-store and digital options. Afterpay recent-
ly announced that brands such as Amazon,
Nike, Nordstrom and Sephora can now en-
able customers to make payments using its
installment payment service, for example.
The company said that consumers with ac-
cess to its app could also browse and make
purchases from the new merchants and
brands on its Afterpay shop directory.
For more on these stories and other news
items from the BNPL space, read the
Tracker’s News and Trends section (p. 11).
4 © 2021 PYMNTS.com All Rights Reserved
What’s Inside
Dapper Boi on offering flexible
clothing options, BNPL plans to meet
consumers’ needs
Finding the perfect clothing fit can be a
struggle for consumers with gender-neutral
fashion preferences, especially those who
need sizes or fits that can be unavailable in
specific styles. Offering inclusive options for
all body types is key to meeting consum-
ers’ needs, according to Charisse Pasche,
co-founder of gender-neutral clothing label
Dapper Boi. In this month’s Feature Story (p.
8), Pasche explains how providing flexible
sizing and style options — and supporting
BNPL plans that can break purchases into
more manageable installments — can help
consumers find clothes that fit themselves
and payment methods that fit their budgets.
Deep Dive: How digital marketplaces, big-
ticket purchases are leading BNPL’s retail
charge
The past 18 months pushed consumers out
of their digital comfort zones. Many sought
out new ways to pay that allowed them to
shop remotely while delivering much-needed
financial flexibility during a period of ex-
treme uncertainty. BNPL services have come
to the fore over the past several years, and
consumers taking to digital marketplaces or
making big-ticket purchases seem particu-
larly fond of them. More and more shoppers
are coming to expect these payment op-
tions as they make their ways back into
storefronts. This month’s Deep Dive (p. 16)
examines the retail shifts driving consumers’
usage of BNPL plans and details what mer-
chants must do to meet their needs.
© 2021 PYMNTS.com All Rights Reserved 5
FIVE 48%
FAST Share of BNPL users who
FACTS
will abandon a purchase
with a merchant
that does not offer
installment payment
plans at checkout
14% 40%
Portion of U.S. Share of millennials
eCommerce shoppers who would be very
who used BNPL interested in tapping
solutions to finance their BNPL solutions if they
most recent purchases were offered
$1T 27%
Projected global volume Portion of business
of installment payment owners who say the
plan transactions demand for BNPL
by 2025 solutions is increasing*
*This data is based on a census-balanced survey of 2,977 respondents that PYMNTS conducted in
January. The survey gauged consumers' financial lifestyles, interest in using BNPL plans and pay-
ments preferences for online and in-store shopping.
CUSTOMER
JOURNEY
Shop and Shop and
buy online buy in stores
Checkout
Select BNPL Use BNPL
as payment mobile app
Scan barcode
Pay in installments
Purchase complete
FEATURE
STORY
8 © 2021 PYMNTS.com All Rights ReservedFeature Story
Dapper Boi On Deploying to customers, and Dapper Boi thus turned
to BNPL provider Afterpay’s solution to
BNPL To Help Customers make installment payment plans a part of
Flexibly Meet Their its effort to streamline consumers’ shopping
experiences.
Gender-Neutral Clothing “We offer an Afterpay payment option that
Needs breaks up order payments into four equal
amounts,” Pasche explained. “About 10
Charisse Pasche started Dapper Boi, a
percent of our customers currently use
gender-neutral apparel and accessories
Afterpay.”
label, with her wife in 2015 with a crowd-
funding campaign on Kickstarter. Six years BNPL’s growing appeal for small fashion
and $1 million in revenue later, Dapper Boi retailers
represents a growing breed of small, inde- Dapper Boi observed that customers
pendent retailers that use flexible online stepped up their BNPL usage last year, with
payments to reach audiences. consumers across all demographics showing
Pasche told PYMNTS that Dapper Boi’s goal interest. Research shows that many consum-
is to be inclusive in the fashion items it sells ers, especially millennials, view BNPL as a
as well as in the payment options it pro- way to more affordably make purchases from
vides. The company caters to consumers their preferred clothing brands. Customers
who shop for gender-neutral clothing but are becoming more interested in payment
who may need a fit that traditional mascu- methods that can limit credit card fees and
line clothing styles do not offer. promote more budget-conscious spending.
“Our primary customers at this time are PYMNTS’ research also reveals that BNPL
women who prefer to present in attire is experiencing a surge in popularity among
that is traditionally considered masculine,” growing businesses in larger cities and urban
Pasche explained. “Our clothes have a clas- areas, where a broader range of demograph-
sic masculine look, but they are designed ic groups typically reside. Small to mid-sized
to fit the curves of anyone’s body. Most of businesses (SMBs) such as Dapper Boi some-
our collection has sizes designed to fit ... all times face stiff competition for customer
body types.” interest in these crowded urban markets,
and being able to leverage BNPL can give
The couple launched Dapper Boi after
these companies a boost against larger,
Pasche’s wife faced challenges in finding the
more established firms.
clothing styles that she wanted and the siz-
es she needed, Pasche said. They realized Growing SMBs have also reported nota-
that there was a need for clothing and oth- ble increases in the number of consumers
er accessories that would apeal to others using BNPL when shopping with them over
with similar tastes and figures. Meeting con- the past 15 months, most likely caused by
sumers’ varied needs also required providing the numerous financial challenges of 2020.
flexibility in pricing and payment, she noted. Many retail locations closed due to pub-
lic health requirements, and consumers had
Offering simplified payments is another crit-
ical way to make products more accessible
© 2021 PYMNTS.com All Rights Reserved 9Feature Story
less disposable income due to economic
uncertainties.
Pasche believes that many of BNPL’s benefits
will keep Dapper Boi’s customers engaged in
the long run even as the pandemic wanes.
The payment option takes at least some of
the budgeting guesswork out of shopping,
she said.
“The BNPL approach expands our reach, and,
more importantly, allows our customers to
purchase more products, like a snappy hen-
ley [or] polo shirt to complement their new
Dapper Boi jeans,” she explained. “We ex-
pect usage of a BNPL option to grow along
with the growth of our product offerings.”
BNPL is poised to continue rising in popu-
larity even as the pandemic becomes less
threatening in certain markets. Retailers
that leverage the method are likely to draw
in new customers eager to more flexibly af-
ford higher-end retail products and fashion
items that fit their bodies — and their bud-
gets — to a T.
10 © 2021 PYMNTS.com All Rights ReservedNEWS
News & Trends
& TRENDS
BNPL and the future of
retail
with debit. Installment payment solutions
provider Afterpay found that 90 percent of
its customers have tapped debit to make
purchases.
How customers’ changing retail habits are
driving BNPL adoption online and in stores Recent research also suggests that cus-
Consumers’ retail habits are vastly dif- tomers are increasingly turning to BNPL for
ferent than they were 16 months ago, and in-store shopping as well as online purchas-
many have changed everything from how es. Afterpay also found that consumers who
they shop to how they pay. This has been use the payment method in stores and on-
particularly evident in the use of BNPL solu- line tend to spend roughly 15 percent to
tions both online and in stores. Installment 20 percent more than those who do not.
payment plans have typically been favored Customers are taking their penchant for
by debt-averse millennial and Generation BNPL solutions into new industries as well.
Z consumers, but shoppers from all gen- Afterpay, for example, recently announced
erations have been utilizing the payment a partnership with storage solution retailer
method in recent months. They have also be- The Container Store. The latter began offer-
gun more frequently pairing BNPL solutions ing the BNPL option both in store and online
last month.
© 2021 PYMNTS.com All Rights Reserved 11News & Trends
also revealed that 64 percent of BNPL users
have tapped the method more frequently
since the health crisis began. The top three
reasons customers listed for using BNPL
solutions over the past 18 months included
conserving cash in the event of an emergen-
cy (cited by 41 percent), shopping more (30
percent) and making more purchases de-
Consumers’ use of
spite losing income (25 percent).
The study also offered insights into the
installment payment
types of purchases consumers are mak-
ing when they use installment payment
plans. Rather than reaching for BNPL tools
plans grew by almost to strictly purchase necessities, custom-
ers appeared to be growing more inclined
50 percent between to tap them for several types of retail
purchases. Forty-eight percent used install-
July 2020 and ment payment plans to buy electronics, for
example, while 41 percent used them to pur-
March 2021
chase clothing and fashion products and 39
percent tapped them for furniture and appli-
ances. This suggests that BNPL has become
a staple payment method for a growing
number of consumers, even as they begin to
more comfortably return to making nones-
sential retail purchases in stores and online.
Why merchants must reimagine digital and
physical retail with accessibility in mind
Offering flexible payment tools such as
BNPL solutions that can help customers
better afford their purchases only scratches
Consumers tapping BNPL to conserve the surface for merchants positioning them-
funds, shop more across broad range of selves for the future of retail. Many retailers
retail areas are reopening their brick-and-mortar loca-
BNPL services have been gaining popular- tions and are eager to drive in-store traffic,
ity across a wide range of retail industries and this reboot gives them a fresh oppor-
for some time, but research reaffirms that tunity to reexamine their store layouts and
the pandemic increased customers’ adop- point-of-sale systems to better accommo-
tion of the payment method. One survey date customers who have disabilities. Doing
found that consumers’ use of installment so is crucial to serving a sizable share of
payment plans grew by almost 50 percent consumers, as roughly 61 million Americans
between July 2020 and March 2021, and it live with a disability. Reexamining various
12 © 2021 PYMNTS.com All Rights ReservedNews & Trends
facets of the in-store customer experience, they begin returning to stores and continue
such as display heights, accessibility func- to make more purchases online.
tions on digital displays and whether there is
a need for features to assist those with vi-
sual or hearing impairments, will go a long BNPL growth worldwide
way toward making stores safer, healthier
BNPL usage expected to grow 81 percent
and more convenient for all customers. this year, largely driven by younger
consumers
Merchants must also take care to foster
more accessible online retail experiences, BNPL solutions are becoming more popular
especially as many consumers plan to main- among all consumers, but research shows
tain the digital shopping habits they have that much of this growth is still coming from
picked up over the past 16 months. Some of younger consumers. A recent survey found
the biggest digital accessibility issues that that 45.1 million U.S. consumers are expect-
mobility-impaired customers face involve ed to use installment payment options this
the navigability of merchants’ websites and year, representing a year-over-year increase
their ease of use. Retailers that manage to of 81 percent. This would account for more
implement the necessary accessibility in- than one-fifth of digital buyers in the U.S.,
novations across multiple channels will be and this portion is expected to swell to more
better positioned to serve all consumers as than one-third of all digital buyers by 2025.
© 2021 PYMNTS.com All Rights Reserved 13News & Trends
The report noted that millennials and Markets differ in their adoption of in-
Generation Z consumers were particularly stallment payment plans, but usage is up
prolific adopters of BNPL plans. The former almost universally. BNPL is currently the
group accounts for 43 percent of all install- fastest-growing digital payment method in
ment payment plan users, for example, while Australia, Brazil, Japan, the United Kingdom
the latter represents 30 percent. This cor- and the U.S., and a report forecasts the
responds with recent research suggesting adoption of such solutions to expand at a
that younger consumers are fond of BNPL compound annual growth rate of 28 percent
solutions because they can help consum- globally over the next five years. It also not-
ers avoid the high fees and debts associated ed that the Europe, Middle East and Africa
with typical credit cards. region is currently in the lead for adoption,
representing 5.8 percent of total eCom-
BNPL use anticipated to outpace
eCommerce growth worldwide over next merce purchases.
several years
It is difficult to overstate the significance of
BNPL solutions’ global growth in recent years.
New use cases and
A new report has found that the payment developments
method’s transaction value skyrocketed 292
Afterpay announces BNPL service for
percent from 2018 to 2020. Some install-
Amazon, Nike, Nordstrom and other
ment payment plan providers experienced retailers
new sales highs during that time. Afterpay BNPL solution provider Afterpay recent-
saw its sales double from 2019 to reach $11.1 ly announced that several top global retail
billion last year, for example. The firm also brands have adopted its installment pay-
experienced a 77 percent increase in mer- ment solution. The company announced
chant adoption during the same time frame. that brands including Amazon, CVS, Nike,
Nordstrom, Sephora and Target will now al-
low customers to make purchases using its
BNPL offering. Afterpay said those using its
app would also be able to select and make
purchases from brands or retailers listed on
the Afterpay shop directory.
The move is a further testament to BNPL
solutions’ explosive growth in the eCom-
merce sector. Afterpay said that merchants
now accepting its solution accounted for
nearly half of the total eCommerce volume
in the U.S. It also stated that eCommerce
growth in the American market essential-
ly increased threefold in the first three
months of 2021 compared to the same pe-
riod last year.
14 © 2021 PYMNTS.com All Rights ReservedNews & Trends
New BNPL offering geared toward
Americans purchasing airline tickets
American consumers are beginning to re-
turn to some of the leisure activities they
put on hold during the pandemic as vacci-
nations continue and restrictions steadily
ease across much of the United States. A
fair share are looking to travel after spend-
ing the past 16 months cooped up at home,
and some financial services providers are
rolling out BNPL solutions geared toward
travelers. American Express is allowing U.S.
cardholders who purchase flights costing
more than $100 to split them up into sever-
al installments, for example. The company
said its latest move comes after it found
that more than one-third of Americans are
keeping an eye out for flexible payment op-
tions — including BNPL solutions — to pay
for their trips.
More travelers from Asia-Pacific tapping
BNPL solutions to pay for trips
Installment payment plans are also picking
up steam in one of the world’s largest un-
tapped consumer finance markets: the
Asia-Pacific region. Recent data shows that
21 percent of travelers from the region used
BNPL payment options to pay for their trips
last year, with those from China making up
44 percent of that total. Southeast Asia in
particular represents a huge potential mar-
ket for installment payment plans. Roughly
438 million potential consumers in the re-
gion do not have access to traditional credit,
even though 40 million new consumers
began shopping or banking online just last
year. This means that there are numerous
opportunities for BNPL providers to enter a
burgeoning market with solutions that allow
customers to avoid the frictions that typi-
cally come with credit access.
© 2021 PYMNTS.com All Rights Reserved 15DEEP
Deep Dive
DIVE
How Online Marketplaces,
Big-Ticket Sales Are Driving
BNPL’s Business Impacts
Relatively new flexible payment plans such their customers had come to expect BNPL
as BNPL options have gained traction over offerings during the past 15 months, yet
the past year as struggling consumers have BNPL came in third on their list of the most
sought ways to better manage their finan- impactful trends in business — nearly tied
cial lives. The method has been hailed for for second with customers’ expectations for
how it appeals to younger shoppers who more digital capabilities within their stores.
may be debt-wary or lack credit access, PYMNTS interviewed 304 business owners,
and PYMNTS’ research from late last year founders and solo entrepreneurs in May and
revealed that consumers who use BNPL typ- June of this year about the latest trends in
ically make greater numbers of and higher their businesses. The following Deep Dive
value purchases than those who pay in other analyzes the results with respect to cur-
ways. BNPL’s growing popularity for in-store rent BNPL demand and explores the factors
as well as online shopping also bodes well that appear to be driving that demand and
for its continued adoption as the econo- boosting the method’s influence.
my reopens.
BNPL services’ big impact
One of the most intriguing takeaways
from PYMNTS’ latest research on business Merchants’ opinions on customers’ demand
trends also comes from the BNPL space. for BNPL services seem mixed, as 38 per-
Businesses believe that BNPL demand is still cent of business owners say that their
limited, but the method is nevertheless hav- customers were more likely to want these
ing a big impact on their decisions. Less than services over the past 16 months and an al-
one-quarter of surveyed businesses felt that most equal share — 36 percent — disagreed
with that statement. Twenty-four percent
16 © 2021 PYMNTS.com All Rights ReservedDeep Dive
neither agreed nor disagreed. This clashes FIGURE 1:
with recent data highlighting BNPL solutions’ Capabilities consumers expected over the last 16
growing popularity worldwide, however, months
suggesting the presence of a gap between
Contactless payment acceptance
merchants’ perceptions of consumers’ ea-
42.8% 00000000
gerness for installment payment plans
compared to their actual heightening desire Product descriptions
for these payment options. About one-third 32.4% 00000000
of the merchants that believed BNPL was
Accepting digital wallets
important to customers — 10 percent of the
32.4% 00000000
total sample — ranked BNPL as the most
impactful new trends in businesses, while Online ordering with in-store pickup
another third placed it second. BNPL ranked 31.0% 00000000
third as the trend packing the biggest punch
Mobile apps
in commerce across all businesses surveyed.
30.3% 00000000
Its footprint may be limited, but BNPL ap-
pears to be making quite an impression on Loyalty programs
the businesses using it. 29.7% 00000000
Demand for BNPL varied by sales channel Customized offers and discounts based
and was strongest for online marketplac- on purchase histories
es and aggregators (53 percent), followed by 29.0% 00000000
merchant websites (45 percent), phone pur-
Saving customer payment credentials
chases (43 percent) and in-person purchases 28.3% 00000000
(38 percent). These results are consistent
with BNPL’s digital-native roots, yet its po- Online ordering with delivery to
tential as a contactless method for in-store customers’ homes
27.6% 00000000
purchases also positions it as a prime choice
for adoption by the majority of shoppers who Online ordering with curbside pickup
pivoted online this past year and are now re- 26.9% 00000000
turning to the physical retail world. In-store
adoption has been on the rise, with BNPL Installment credit payment options
24.1% 00000000
provider Afterpay reporting that nearly 4.5
million consumers have set up the Afterpay Product reviews and recommendations
Card to shop in person since the solution 22.8% 00000000
went live in the fall of 2020. Another inter-
esting development: Brick-and-mortar usage Product ratings
19.3% 00000000
has been found to increase BNPL use across
digital channels. Customers’ growing affinity Online ordering and same-day delivery
for touchless methods since the pandemic with an aggregator
began is predicted to last, so this trend is 18.6% 00000000
likely to remain a driver of demand for BNPL
Other
use over time. 1.4% 0000
Source: PYMNTS.com
© 2021 PYMNTS.com All Rights Reserved 17Deep Dive
The products consumers are buyin6 with FIGURE 2:
BNPL support the idea that a strong selling The most impactful trend for business over the
point for the method is making purchas- last 16 months
es affordable. The product categories that
A greater share of customers are members
registered the highest installment demand of the local community
were sporting goods (86 percent), automo- 41.3% 00000000
bile parts (67 percent), musical instruments
(67 percent), health and beauty products (67 Customers expect more digital capabilities
while in store
percent), clothing and accessories (58 per-
27.7% 00000000
cent) and building supplies (50 percent).
Construction or contracting was the leading Customers are more likely to want to use
sector for installment credit sales (55 per- installment credit
26.5% 00000000
cent), followed by insurance brokerages (50
percent), professional services (37 percent) Customers are more likely to buy online
and retail trade (35 percent). These find- 25.9% 00000000
ings harmonize with trends PYMNTS noted
in February, when consumers were turning Customers’ average age has decreased
25.3% 00000000
to BNPL to finance higher-priced purchases,
such as electronics and appliances, as they Customers are more interested in customized
outfitted their home environments while offers based on their purchase histories
hunkering down. These latest results may 10.7% 00000000
also signal that BNPL has ample potential
Customers are more likely to use touchless
current and future use in the leisure, travel payment options when they pay in store
and outdoor activities arena as physical ac- 8.6% 00000000
tivities regain primacy, suggesting that there
will be continued growth in demand as well. Customers are increasingly interested in
loyalty programs
The pandemic placed installment payment 7.5% 00000000
options on a powerful positive trajectory,
with digital, contactless and economic ben- Customers are more interested in using
mobile apps
efits for consumers all appearing to have 7.1% 00000000
left a lasting impression on businesses as Source: PYMNTS.com
well. Time will tell whether this mark is per-
manent, but BNPL’s ascent seems poised
to continue.
18 © 2021 PYMNTS.com All Rights ReservedAbout
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