Cravings by Chrissy Teigen Selects PayPal as Exclusive Buy Now, Pay Later Partner to Build Lifestyle Brand
SAN JOSE, Calif., Apr. 27, 2021: Today, PayPal Holdings, Inc (NASDAQ: PYPL) and Cravings by Chrissy Teigen announced a multi-year partnership that introduces PayPal as the exclusive Buy Now, Pay Later provider for the lifestyle brand’s online store. Pay in 41from PayPal gives Cravings a way to tap into the consumer demand for flexible payments as they shop online.
As digital-first commerce has become the norm, Cravings is addressing a consumer desire to buy now, pay later by offering Pay in 4 from PayPal. Since making Pay in 4 available, Cravings has seen a 34% lift in average order volume compared to standard PayPal transactions2. Additionally, 34% of all Cravings purchases has been completed with PayPal – highlighting the value PayPal brings with a trusted checkout experience. Pay later options have seen incredible growth as over 50% of consumers 18-34 saying they use Buy Now Pay Later at least half the time they make purchases3.
“PayPal prides itself on bringing a variety of commerce experiences to businesses of all sizes, providing small businesses with tools that used to be exclusively available for large enterprises,” said Greg Lisiewski, Vice President of Global Pay Later. “Chrissy Teigen is a renowned creator and entrepreneur, and we are excited PayPal’s innovative payment technology will support the vision and growth of her Cravings brand as we enter a new digital-first paradigm where customer engagement is fast changing.”
“We knew immediately when launching an e-commerce platform, as an extension to Cravings, a trusted payment partner would be critical. After exploring early data points showing our consumer preference aligned with PayPal, the decision was clear: PayPal should be the preferred payment solution,” said Kimberly Kreuzberger, GM of Cravings. “Having a seamless checkout experience, along with Pay in 4, we can provide the Cravings shopper with greater choice, ease and flexibility as they engage with our lifestyle brand.”
PayPal launched its pay later offering – Pay in 4 - in 2020 to help merchants drive conversion, revenue and customer loyalty without taking on additional risk or paying any additional fees. Pay in 4, which is part of PayPal's growing range of Pay Later solutions, enables merchants and partners to get paid upfront while offering customers a way to pay for purchases between $30 and $600 over a six-week period. With a network of over 375M PayPal active accounts to attract new shoppers and drive incremental sales, PayPal provides merchants like Cravings by Chrissy Teigen with the most trusted digital wallet4. Businesses with Pay Later messaging on their site saw Pay in 4 average order volume 39% higher than standard PayPal transactions5, as consumer demand for this product continues to rise.
PayPal and Cravings will also collaborate on a series of marketing campaigns throughout the partnership to drive awareness for Pay in 4 from PayPal. Today, Cravings by Chrissy Teigen unveiled its first Mother’s Day gift guide with PayPal enabling shoppers to use Pay in 4 on eligible purchases. The campaign features items including cookware, bathrobes and pet accessories timed to this key gift-giving holiday where flexible payments are top of mind.
1Pay in 4 is available upon approval for purchases of $30 - $600. Late fee amount and eligibility vary by state. Loans to California residents are made or arranged pursuant to a California Finance Lenders Law License. PayPal, Inc. is a Georgia Installment Lender Licensee, NMLS #910457. Learn more at paypal.com/payin4
2Analysis of PayPal and Cravings by Chrissy Teigen data February 2021 – April 2021
3Ad Age's data was based on an online study commissioned by The Harris Poll on behalf of Ad Age during March 5-8, 2021, among 1,068 U.S. adults ages 18 and older.
4PYMNTS.com “The Holiday Retrospective Report: Merchant Insights For 2021 And Beyond,” https://www.pymnts.com/study/holiday-shopping-merchant-insights-digital-payments-paypal/
5Analysis of PayPal internal data October 2020 through February 2021
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