With Afterpay Day fast approaching (17 to 20 August 2023), Afterpay has released a new Afterpay Unlocked Report designed to provide insights for businesses on how they can smash sales and boost their bottom line.

Afterpay Day claims to offer the highest conversion rate of any sale event – including Black Friday – with 81% of customers who are aware of Afterpay Day planning to shop this August. In addition, 84% of customers agree that retailers should accept Afterpay as a payment option.

Close to three-quarters (72%) have spent up to $500 in previous Afterpay Day sales events and more than one-third (36%) of shoppers plan to spend more than ever.

The report also found that most shoppers (70%) love Afterpay Day for taking advantage of discounts, getting value for money (54%) and to save money (50%). This was followed by the ability to treat one’s self (43%), buy items usually out of the budget (39%) and treat friends and family (16%).

Just over half (51%) of customers plan to split their shopping between online and in-store and 7% will shop only in-store, so it’s important retailers think about an omnichannel strategy.

In 2023, the top trending categories with the highest year-on-year growth were health and wellbeing (35%) and travel and experiences (23%).

Eight in 10 (80%) shoppers say their preferred offer is a fixed discount – and the sweet spot is 20% to 30% off, followed by spend & save promotions (66%), free gift with purchase (64%), buy one, get one at a discounted price (63%) and loyalty points (49%).