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H&M invests in Klarna to modernise shopping experience for consumers

The global retail demographic is changing, and so does the ways of operating fashion retail businesses in future through high-tech retail shopping experiences to customers. It is being said that customers will no longer be merciful of redundant complications or when their retail experience does not power the insight obtainable to make their engagement custom and easy.

To integrate its online and offline stores and provide customers with a seamless, custom-made and engaging shopping experience, Swedish fashion retailer H&M (Hennes & Mauritz) is buying stakes worth US $ 20 million in Klarna, a Swedish bank that provides online financial services such as payment solutions for online storefronts, debt collection, credit payments and more.

The Klarna platform will enable an outstanding end-to-end customer journey across all H&M channels, including frictionless in-store, mobile and online payments, easier deliveries and returns.

As per the press statement issued by the fashion retail brand, the partnership will power the H&M Club (a loyalty programme), provide an improved omni-channel customer payment solution, a smooth post-purchase service in the H&M app and many other services.

“We at H&M want to make it possible for customers to move freely between the various channels and choose how they want to shop and experience our offering online and in-store. This partnership will bring tailormade payment solutions to our customers and accommodate evolving shopping patterns and needs, Daniel Claesson, Head of Business Development H&M said.

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