Affirm is a Buy Now, Pay Later (BNPL) service in the US, and it is rapidly snagging the top-tier spot as the preferred method of payment in the country. According to data by Research and Markets, the BNPL landscape in the country is expected to grow by a staggering 66.5%.
Affirm reported a strategic partnership with Amazon in 2021, facilitating consumers to buy now and pay later for items that cost over $50. This payment method has since revolutionized the eCommerce space in the US.
Let us look at a few companies that leverage Affirm’s BNPL model to serve consumers with simplified and effective payment systems.
Founder: George Dayton
Founding Year: 1902; rebranded as Target in 2000
Location: Minneapolis, Minnesota, US
Target's Monthly Unique Visitors: 8,963,428
Target's Web Sales: >$5B
Target's Order Volume: >50,000
Target originally went by the Dayton-Hudson Corporation—the outfit that owned it; it officially became Target in 2000.
The company has a net worth of $109.69B and stands 12th on the list of Fortune 500 companies, quite unsurprisingly so.
For a store that offers general merchandise to its consumers, facilitating payments through Affirm is a major convenience for Target's customers.
Founder: Nick Woodman
Founding Year: 2002
Location: San Mateo, California, US
GoPro's Monthly Unique Visitors: 1,614,713
GoPro's Web Sales: $100M - $250M
GoPro's Order Volume: 10,000 to 50,000
The Founder and CEO of GoPro, Nick Woodman, envisioned this tech-focused lifestyle brand as nonpartisan as he considered himself.
With a net worth of $1.37B as the latest reported figure, the company is riding a slingshot to exponential growth with its unique, niche photography and videography offerings, with a lot of new-age social media influencers utilizing its consumer electronics.
Trends show that the company's year-on-year growth rose starting in 2020 and is still increasing. Today, the world knows what GoPro is—Instagram practically runs on it.
Founder: Michael J Dupey
Founding Year: 2002
Location: Irving, Texas, US
Michaels' Monthly Unique Visitors: 2,521,224
Michaels' Web Sales: $500M - $1B
Michaels' Order Volume: >50,000
Michaels was bought by Apollo Global Management (a private equity firm that bought Michaels for $3.3B) last year.
On the list of Fortune 500 Companies, Michaels ranks 506. According to the same source, the market value of this brand is $3.1B, and it has a revenue of $5.2B.
Michaels also facilitates its buyers with the Buy Now, Pay Later convenience through deploying Affirm across its online stores.
Founder: Patrick Lo
Founding Year: 1996
Location: San Jose, California, US
NetGear's Monthly Unique Visitors: 1,836,633
NetGear's Web Sales: $500M - $1B
A niche company that provides hardware for connecting to the network, NetGear was founded with a vision to make the internet accessible for everyone. Although some revenue loss was reported in the preceding years, NetGear is steadily bouncing back.
Using Affirm, customers can buy networking hardware from NetGear stores online without having to worry about paying in full.
Founder: Owned by General Electric; acquired by Haier in 2016
Founding Year: 1905
Location: Rapid City, South Dakota, US
GE Appliances' Monthly Unique Visitors: 319,650
GE Appliances' Web Sales: $100M - $250M
GE Appliances' Order Volume: 10,000 to 50,000
GE Appliances is a home appliance manufacturing company that sells energy-efficient appliances for kitchen, air and water solutions, laundry, and much more.
It was owned by General Electric, but in the year 2016, it was acquired by Haier for a value of $5.4B. Its parent company, GE, ranked 33rd on the list of Fortune 500 companies by revenue in 2020.
GE Appliances is on board with offering its consumers the convenience of Buy Now, Pay Later by incorporating payments through Affirm across its online stores.
Founder: Trina Spear
Founding Year: 2013
Location: Los Angeles, California, US
Figs' Monthly Unique Visitors: 427,895
Figs' Web Sales: $250M - $500M
Figs' Order Volume: >50,000
Figs is a niche product brand that sells special scrubs that are high performance, heavy duty, and meant for wear and tear. This digitally native brand was created with a view to facilitating healthcare professionals through comfortable scrubs. Today, the company stands at a net worth of $3.3B, which is quite a respectable figure, considering it came into being just ten years ago.
Like most digitally native brands, Figs also welcomes payments through Affirm, not requiring its customers to pay in full right away.
Founder: Gavin Wheeldon
Founding Year: 2012
Location: Lehi, Utah, US
Purple's Monthly Unique Visitors: 270,757
Purple's Web Sales: $250M - $500M
Purple's Order Volume: >50,000
Purple, a company catering sleep solutions such as pillows, mattresses, seating, and other items to its consumers, touts itself as the world's first comfort technology brand.
In such a short span of time, the company has managed to garner a reputation for itself in its niche by selling comfort-engineered sleeping solutions.
Purple has a net worth of $0.4B today. Being an eCommerce brand that is experiencing a steep growth trajectory, they are providing more conveniences to their consumers by accepting NPL payments through Affirm.
Founder: Philip Krim, Luke Sherwin, Jeff Chapin, Gabe Flateman, and Neil Parikh
Founding Year: 2014
Location: New York, New York, US
Casper's Monthly Unique Visitors: 330,395
Casper's Web Sales: $250M - $500M
Casper's Order Volume: 10,000 to 50,000
Casper is an eCommerce company engaged in selling sleep products, including mattresses, pillows, sheets, and bundled packages, much in competition to Purple.
Casper’s revenues have been growing at 31% CAGR for the last four years, promising better days ahead for the company. Leveraging Affirm to make online shoppers’ experience more convenient and easier.
Founder: Louis Brandt
Founding Year: 1848
Location: New York, New York, US
Omega Watches' Monthly Unique Visitors: 330,395
Omega Watches' Web Sales: $250M - $500M
Omega Watches' Order Volume: 10,000 to 50,000
Omega Watches is over a full century old since it began its humble origins in a small shop run by a young watchmaker in Switzerland.
The ancient watches brand is perpetually in competition with Rolex (that leads the pack) and has achieved sales of almost $1.78B in 2020. Furthermore, this brand commands an 8.8% market share, second only to Rolex.
You can purchase Omega watches online using the BNPL functionality facilitated by Affirm.
Founder: Eddie Haan and Trafton Cole
Founding Year: 1928
Location: Greenland, New Hampshire, US
Cole Haan's Monthly Unique Visitors: 315,229
Cole Haan's Web Sales: $100M - $250M
Cole Haan's Order Volume: 10,000 to 50,000
A known brand that sells footwear and accessories (for men and women both), Cole Haan is a portmanteau that reflects the names of its founders, Eddie Haan and Trafton Cole.
Cole Haan supports Affirm on all its online channels to make checkouts easier for its customers.
The eCommerce companies listed above leverage the power of modern payment mechanisms and methods to make the shopping experience seamless and easier for their customers. This is the first step any online store can take to drive its bottom line.
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