Afterpay Limited (ASX:APT) today introduced its new merchant analytics platform, Afterpay iQ. With this powerful new tool, brands gain access to valuable customer-centric analytics to help optimize investment and drive growth.
The Afterpay iQ platform provides:
- Easy Data: AI-powered insights, visualizations, and real-time data are delivered in one, highly accessible self-service user interface.
- Single Source of Truth: Brands can evaluate marketing performance, omnichannel shopping volumes, and demographic summaries down to the store level.
- “Next Best Actions”: A recommendation engine offers insightful actions to optimize business performance based on analytics.
Also today, Afterpay introduced the Next Gen Index, its latest quarterly report on global Gen Z and Millennials’ consumer spending behaviors and preferences. The report reveals that Millennial and Gen Z share of spending will increase to 48% by 2030 – demonstrating their continued strong influence on the economy as these cohorts reach peak earning years. The report also showed that this generation has an increasing preference for BNPL. In the U.S., BNPL spending has grown by 230%, compared to a 43% increase for debit and an increase of only 8% for credit cards.
Afterpay’s Next Gen Index also found that spending by Gen Z and Millennials has recovered faster than older generations, up an average of 13% from pre-pandemic levels. Small business spending is also increasing among this generation – up an average of 220% since early 2020 and making up roughly two-thirds (67%) of all Afterpay spend on small businesses.
While the majority of young consumers are still spending on fashion and beauty, home and recreation categories are growing fast – up 150% year-over-year.