Shopping

Buy now, pay whenever? Lockdown lift for online shopping loans

By Nikhil Nainan

(Reuters) – Browsing online during lockdown, Jessica Friend spotted a pair of Ray-Ban sunglasses she liked, but the price tag made the 30-year-old Ohio resident think twice.

What persuaded her to click ‘buy’, Friend said, was the short-term credit offered by Afterpay, which split the $260 payment into four interest-free instalments.

Afterpay is among a handful of alternative credit firms which offer small loans, mostly to online shoppers, and make their money by charging merchants a 4%-6% commission.

These buy-now-pay-later (BNPL) firms have benefited from a shift to online shopping during the coronavirus crisis in countries including the United States, where state aid has also boosted retail sales.

“I’m more inclined to use them because they make it easier to afford to get the things I want all at once … and when I want to splurge on something,” Friend said of the loans.

Some investors are

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Yoox Net-a-Porter CEO Federico Marchetti, E-Commerce Pioneer, on the State of Shopping

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One business’s loss is another’s gain. When Covid-19 forced brick-and-mortar shops to close their doors this spring, a boom in online sales ensued. As a pioneer of online shopping, Federico Marchetti, CEO and chairman of Yoox Net-a-Porter Group, was well-equipped to navigate the sea change. In 2000, Marchetti founded Yoox, one of the first online-only shopping destinations, and in 2015, he drove a merger with Net-a-Porter to create the e-commerce titan that he leads today.

Marchetti is credited with introducing a number of e-tail practices that are now industry standards—from creating digital flagships for marquee brands to selling high jewelry and watches online. YNAP group—which comprises Yoox, Net-a-Porter, Mr Porter and The Outnet and was acquired by Richemont in 2018—is the e-commerce market leader, with more than 4.3 million customers in 180 countries and one billion visits to its websites annually.

More from

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Soren Bjorn says online grocery shopping is here to stay

It took a global pandemic and stay-at-home orders for 1.5 billion people worldwide, but something is finally occurring to us: The future we thought we expected may not be the one we get.

We know that things will change; how they’ll change is a mystery. To envision a future altered by coronavirus, Quartz asked dozens of experts for their best predictions on how the world will be different in five years.

Below is an answer from Soren Bjorn, the president of Driscoll’s. Before coming to Driscoll’s in 2006, Bjorn worked as a vice president at Del Monte Foods.

Sorting through all the stuff that has changed in the short term, and figuring out what is more permanent, is the million-dollar question. One of the things that we very clearly believe has changed once and for all is online grocery shopping. If you think about online shopping when it comes to

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When Is Tax-Free Shopping Happening in Your State?

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Believe it or not, back-to-school season is quickly approaching. While it’s most likely going to look a lot different this year, especially if you’ll be continuing remote learning, there are some things that are here to stay. One of those things you’ve been wondering about? Tax-free shopping. The good news: It’s happening, but it looks different in every state. According to the Federation of Tax Administrators, 16 states are participating this year. In addition, Alaska, Delaware, Montana, New Hampshire, and Oregon never charge sales tax. So, if you live in these states, maybe you can shop for the rest of us year round?

Tax-free holidays generally start toward the end of July and go through August and range from a couple days to about a week. You can expect to save on clothing, shoes, school supplies, and even big-ticket items like a computer

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Underage teens use Klarna to fund ‘free money’ shopping sprees online

Teen shopping online cartoon
Teen shopping online cartoon

Teenagers have exploited a credit loophole to go on “free” shopping sprees, it has emerged. Klarna, Britain’s biggest “buy now, pay later” lender, has been forced to over­haul its security system after a 16-year-old girl was able to open an ­account on the website and rack up debts of more than £500 through buying clothes ­online.

As disclosed this week by The Tele­graph’s consumer champion, Katie Morley, the minor was able to set up a Klarna profile by opening an account using her own name but her mother’s date of birth. This fooled the credit check system into thinking the girl and her mother were the same person, even though no one of that name, age and address existed on the electoral roll. It has exposed an alarming security flaw at the increasingly popular ­service, which is strictly for adults.

Klarna, which has seven million British

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Shopping from black-owned businesses is a vote for equality with our wallets

Getty
Getty

The murder of black American George Floyd in May has been a catalyst for demanding racial equality across the world. Conversations have swiftly moved beyond police brutality to interrogate the wider racist context it sits in. Workplace discrimination, institutionalised racism and Britain’s colonial hangover are all issues demanding change and accountability – and it’s about time.

The Black Lives Matter demonstrations organised across Britain were met with shock and confusion by a lot of people: why were we risking Covid-19 to protest an event that happened thousands of miles away in another country, another society? But those most affected by Britain’s racism know that it’s everywhere, across time and space, and that the conditions that produced the shocking video of George Floyd’s death also exist here. As much as the protests were an act of solidarity, they were also a way to shine a light on the racial discrimination

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JD.com racks up $38B in sales in annual online shopping fest

HONG KONG (AP) — JD.com’s annual “618” online shopping extravaganza racked up a total of 269.2 billion yuan ($38 billion) worth of transactions, as consumers splurged during China’s first major e-commerce sale since the pandemic began.

This year’s tally was 33% higher than last year’s 201.5 billion yuan in sales. It reflects an increasing shift to online shopping as consumers shun brick-and-mortar stores.

The “618” shopping event, which typically spans from June 1 to June 18, was first conceived by JD.com to rival Alibaba’s November 11 Singles’ Day festival. It is being closely watched as a barometer of consumer appetites for spending given pressures from the pandemic. China’s economy contracted for the first time in nearly three decades during the first quarter of this year.

Imported goods remained popular among JD.com customers, who snapped up luxury products, electric shavers and coffee machines. Some of the most popular brands among customers

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Top tips to save when shopping online in a lockdown

Buying second-hand goods on Amazon, eBay or Gumtree could save you money during lockdown. (Christian Wiediger/Unsplash)
Buying second-hand goods on Amazon, eBay or Gumtree could save you money during lockdown. (Christian Wiediger/Unsplash)

From abandoning your basket to timing your spree right, a few insider hacks could save you up to £300 a year shopping online.

We all love getting a good deal, especially in lockdown when cashflow is uncertain.

With that in mind, personal finance experts Ocean Finance has compiled 23 insider tips that could help you save up to £300 every year.

Top 10 money-saving tips

1. Save your shopping for Wednesday, Thursday, and Friday

Retailers tend to offer discounts on Wednesday, Thursday, and Friday, so if you wait until the middle of the week, you could potentially save a lot of money on the items you are looking for.

2. Check store tags to see what is going to be put on sale

For those who like to look in-store before making a purchase

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Shopping for refurbished kitchen appliances is the smartest way to get more for your money

When you purchase a refurbished appliance from a trusted seller like eBay or Sears Outlet, you’re getting an item that has been used and then returned within the short return window. It’s then repaired and certified to ensure it’s functioning like new, and sold at a significant discount. (Photo: Getty Creative)
When you purchase a refurbished appliance from a trusted seller like eBay or Sears Outlet, you’re getting an item that has been used and then returned within the short return window. It’s then repaired and certified to ensure it’s functioning like new, and sold at a significant discount. (Photo: Getty Creative)

There are two ways to save money on big purchases like kitchen appliances and home improvement tools: you can wait and wait for the best sales, and then fight your way through the crowds to shop them; or you can buy certified refurbished merchandise for significant discounts. The best part? These refurbished products look, feel and function like they’re brand new.

In the same way that you can return clothes that doesn’t fit quite right when you get it home, you can return appliances and tools too. Those barely-used items go back to the store or manufacturer, but because

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Shopping for refurbished kitchen appliances and home improvement tools is the smartest way to get more for your money

When you purchase a refurbished appliance from a trusted seller like eBay or Sears Outlet, you’re getting an item that has been used and then returned within the short return window. It’s then repaired and certified to ensure it’s functioning like new, and sold at a significant discount. (Photo: Getty Creative)
When you purchase a refurbished appliance from a trusted seller like eBay or Sears Outlet, you’re getting an item that has been used and then returned within the short return window. It’s then repaired and certified to ensure it’s functioning like new, and sold at a significant discount. (Photo: Getty Creative)

There are two ways to save money on big purchases like kitchen appliances and home improvement tools: you can wait and wait for the best sales, and then fight your way through the crowds to shop them; or you can buy certified refurbished merchandise for significant discounts. The best part? These refurbished products look, feel and function like they’re brand new.

In the same way that you can return clothes that doesn’t fit quite right when you get it home, you can return appliances and tools too. Those barely-used items go back to the store or manufacturer, but because

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