Zalando pioneers with save now pay later
Zalando has partnered with Savrr, a relatively unknown start-up until recently. Together, they offer German Zalando customers a new service: ‘save now buy later’, the counterpart of ‘buy now pay later’.
Founders Lukas Schmitt and Nico Gemkow recently presented Savrr at the K5 Future Retail Conference in Berlin. Their promise: ‘Loyal customers before the first purchase.’ The product was actually not even fully developed when the start-up presented itself in the German capital, as reported by Internet World. Nevertheless, shortly thereafter, they signed a deal with Zalando. The service is already live for German Zalando customers.
Savrr is available for German Zalando customers.
BNPL versus SNBL
Buy now pay later (BNPL), where customers receive a product first and pay later, has become highly popular among online shoppers in Europe in recent years. Klarna and Riverty have capitalized on this trend. PayPal, among others, also offers the service.
Save now buy later (SNBL) works the other way around: customers set a savings goal and put money aside monthly to achieve that goal. When the goal is reached, they receive not only their savings but also a ‘bonus’ to be spent on Zalando.de. If they no longer wish to make a purchase, they can withdraw their money without the bonus.
Volksbank Mittweida and mantro
Savrr was established by Volksbank Mittweida and mantro, claiming to be ‘Germany’s most experienced company builder’. They asked themselves how they could positively influence consumer financial behavior in times of increasing debts and short-term loans, as stated on their Zalando page: “The result is an equally ingenious and simple product: savrr.”
‘Savrr is as ingenious as it is simple.’
SNBL promises more responsible consumption: no debts and yet saved money, thanks to the mentioned bonus. Savrr aims to be available at a minimum of ten online retailers at the end of this year. It empowers them to position themselves as responsible online sellers, attract more shoppers, and eventually generate additional revenue, according to the initiators.