A month ahead of Black Friday and the official start of the holiday season, buy now, pay later (BNPL) firm Zip saw a 130% year-over-year surge in sales and a 16% month-over-month boost as close to 250,000 shoppers shopped with the Zip app during the company’s four-day Zip Fest last week, according to a Thursday (Oct. 28) press release.
Zip, formerly known as Quadpay, said Zip Fest, which ran from Oct. 21-24, was among the company’s best weekends ever for total transaction value, behind only Black Friday and Cyber Monday weekend in 2020, according to the announcement.
Fashion, technology, electronics and sports apparel were among the most sought-after purchases during Zip Fest, according to the company.
The Zip app saw a 16% increase in new installs. In addition, the four-day shopping event netted a 12% boost in new customers. Zip retailers saw a 74% increase in new customers.
Mercari, a Japanese secondhand eCommerce site, was among the participating retailers in Zip Fest. Zip announced a partnership with the company last month to enable its customers easier access when shopping for secondhand goods, according to PYMNTS.
Pre-Black Friday shopping may be becoming the norm. According to a recent PYMNT study, nearly half of the 3,643 U.S. consumers polled said they planned to make a holiday purchase before Thanksgiving. In addition, 87% of those surveyed said they planned to buy at least some of their items online.
Holiday gifting options for the people on our lists who have everything often center around gift cards.
As part of a new collaborative effort with the Blackhawk Network, Zip’s 5 million-plus users will be able to purchase gift cards from more than 500 retailers within the Zip platform, according to PYMNTS.
Zip’s BNPL installment payments will be available at GiftCards.com, GiftCardMall.com and through the Blackhawk platform.