Poshmark Extends Partnership With BNPL Fintech Affirm
Poshmark and Affirm announced a two-year extension and expansion of their partnership to deliver increased payment flexibility to shoppers.
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Poshmark was one of the first companies to pilot Affirm’s Adaptive Checkout, which provides shoppers with more flexibility and choice at checkout.
Today, eligible shoppers from Poshmark’s community of more than 80 million users can choose between monthly payments or four interest-free payments every other week for all items over $50.
Adding these payment options through Adaptive Checkout has led to an increase in average order value and the number of orders at these price points for Poshmark.
This expanded partnership comes after Affirm’s Consumer Spend Report revealed more than 1 in 2 consumers are interested in using a pay-over-time solution this year.
McKinsey predicts annual growth of 10-15% in the luxury resale market over the next decade, and by 2025 will comprise a third of the total market.
Affirm Provides Flexible Payment Option for Poshmark Buyers
By selecting Affirm at checkout, approved Poshmark customers can split the total cost of their purchase into biweekly or monthly payments, for as low as 0% APR.
They are shown the total cost of their purchase and will never pay more than they agree to upfront. Affirm never charges customers any late or hidden fees.
“As consumers embrace secondhand and turn to Poshmark for one-of-a-kind styles, great deals and readily available inventory, we’re giving them more flexibility and choice than ever through our expanded partnership with Affirm.”John McDonald, Chief Operating Officer at Poshmark
“More than half of our available inventory is now eligible for Affirm’s payment solutions, and we’re seeing strong uptake of these options, demonstrating just how valuable this offering is to our loyal community of buyers and sellers,” added McDonald.
“Consumers increasingly demand flexible payment options, and our latest Consumer Spend Report revealed that nearly half of consumers will only complete a purchase if a retailer offers a pay-over-time at checkout,” said Silvija Martincevic, Affirm’s Chief Commercial Officer.
“Our partnership with Poshmark now delivers increased flexibility through a wider range of payment terms, giving consumers more choice to shop their favorite secondhand styles on a budget-friendly schedule,” Martincevic added.
Poshmark is one of over 168,000 Affirm retail partners, including Walmart, Target, Williams Sonoma, American Airlines, and more.
Earlier this week, Affirm’s stock rose briefly after it was reported as a possible target for a buyout. The company declined to comment on this rumor.
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Editorial Note: This post is from a Company Press Release and may have been modified for clarity.