The Retailer Winter edition_2020

“BNPL providers must market their offers in a way that is compliant with UK law and advertising regulation.”

Economist view Richard Lim, CEO, Retail Economics comments that:

“A new retail paradigm has emerged where consumers expect to seamlessly transition from physical to digital channels, often at the same time, in a frictionless path to purchase. Technology giants such as Amazon, Netflix and Uber have raised expectations when it comes to ease, speed and payment options. As consumers embrace new and emerging technologies, the customer journey has become infinitely more complex with BNPL options emerging as an effective proposition for retailers keen to differentiate against their competitors. This shift in purchasing behaviour has been most disruptive within fast-fashion and for brands targeting Gen Z consumers. The crave for newness and online social approval has dovetailed harmoniously with shoppers eager to try online purchases before they buy, removing a key barrier in online fashion shopping. With online now accounting for almost a third of all fashion sales, but industry return rates bouncing between 30-40%, BNPL payment options will further cement this behaviour providing a competitive advantage for retailers with the most efficient supply chains and logistics capabilities.” About us Squire Patton Boggs has a team of experts in consumer law, data-privacy law and financial services regulatory law which specialises on advice to the retail sector, and deals widely with fintech businesses. iptechblog.com squirepattonboggs.com/en/services/industries/ retail?explore=insights

CARLTON DANIEL //T +44 20 7655 1026 //carlton.daniel@squirepb.com PAUL ANDERSON //T +44 113 284 7086 //paul.anderson@squirepb.com

the retailer | winter 2020 | 47

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