Abercrombie app adds millennial-friendly Venmo payment option
[NEW YORK] Abercrombie & Fitch Co is hoping millennials and Generation Z shoppers like purchasing hoodies and jeans with their Venmo accounts as much as they like buying pizza.
Starting Tuesday, shoppers using the retailer's namesake and Hollister apps will be able to select the popular payment platform as an option when checking out. The company's mobile apps are its fastest-growing digital channel, making them key to a revival at the youth clothing store, which saw sales rise last fiscal year after four annual declines.
Abercrombie joins a wave of retailers adding a Venmo option since the payments app opened its doors to merchants last year. Venmo has been a hot trend among young people who carry less cash and prefer quick online payments. The person-to-person money-transferring app, owned by PayPal Holdings Inc, processed more than US$46 billion dollars in total payment volume in the 12 months through June 30.
BLOOMBERG
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Consumer & Healthcare
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Live Nation’s revenue beats estimates as boom in concerts drive ticket sales
Jim Beam owner bets on canned vodka cocktails to double revenue
Cutting the cord?: Events leading up to Cordlife’s MOH suspension and arrests of its directors, ex-group CEO
Cordlife served letter of demand, notice of claim from customers
IndoAgri appoints former EDB chairman Philip Yeo as chairman and lead independent director