H&M has teamed up with payments provider Klarna on a global partnership that aims to give the fashion giant’s customers in its digital and physical stores “a seamless, personalised and engaging shopping experience no matter where, when and how they shop”.
Klarna’s payment technology will be used to power the H&M Club digital loyalty programme, provide an enhanced omni-channel customer payment offering, a streamlined post-purchase service in the H&M app and a number of other services.
The platform will offer “frictionless” instore, mobile and online payments, simplified deliveries and returns and the flexibility for customers to decide how and when to pay including the popular “try before you buy” Pay later service, which has been adopted by British retailers Moss Bros and ASOS among others.
All of these services will be integrated into the next generation of the H&M app and H&M Club with the first phase going live in 2019 in the UK and Swedish markets. The deal has also resulted in H&M taking an equity stake in Klarna, and it is reported to have invested $20m.
“We will work together to elevate the modern shopping experience.”
H&M CEO Karl-Johan Persson
“We are impressed with what Klarna has achieved to date and now we will work together to elevate the modern shopping experience. This strategic partnership between H&M group and Klarna is based on a joint relentless focus on creating great customer experiences,” said H&M CEO Karl-Johan Persson.
Sebastian Siemiatkowski, CEO and co-founder of Klarna, added: “Retail is changing, and the future of fashion retail is high tech powering high touch experiences for customers. Regardless of how and when customers want to shop, we need to be there for them.
“Customers will no longer be forgiving of unnecessary complexity or when their retail experience does not leverage the insight available to make their engagement smart, personal and easy. This partnership is rooted in a shared obsession about just how good that shopping experience should be. Together we have worked hard on developing a unique solution for instore and online that will delight customers, drive economic value and build loyalty.”