Abercrombie is betting heavily on PayPal’s subsidiary brand Venmo, in a bid to tap the younger generation of shoppers. Recently, the global luxury fashion retailer announced that it has introduced a new feature on its Abercrombie and Hollister apps which will allow the shoppers to pay for their purchase using their Venmo account.
A survey conducted last year by US Bank showed that 49 per cent of younger generation of shoppers prefer to pay digitally as compared to paying with cash.
Joanne Crevoiserat, COO, Abercrombie & Fitch cited in a press statement issued that, Venmo is a progressively popular payment option among the current and upcoming next generation of customer base. “As a company, our objective is to provide involving, seamless brand experiences to our customers,” Joanne added.
The American fashion retailer claimed that the company’s mobile apps are its fastest growing digital channels across its brands, and its mobile app has doubled the number of visits from its customers who shop online.
The Venmo introduction also makes the brand, the first specialty retailer to accept direct payment from a shopper’s Venmo account. Whereas, other specialty chains like Forever 21, Lululemon, Postmark, and Jane have the option, but users have to first log into their respective PayPal accounts to get to the Venmo payment option.
Earlier this year, during the company’s investor day, Fran Horowitz, CEO, Abercrombie & Fitch, marked out that the brand had changed from what it was previously and it plans to grow into a US $ 5 billion business in coming time.