According to my guest today, Paul Paradis, the 20-35-year-old age group will have the most purchasing power in the U.S. by 2020. So yep, the Millennial generation’s purchasing journey remains crucial. But are you ready for this? In that same age group, only one in three have a credit card.
This is where Sezzle, for which Paul is chief revenue officer, comes in. Sezzle is taking aim at the traditional banking system and credit cards by offering interest-free, installment payments. This disruption is something that we need to keep our eyes on as specialty brands and retailers. In under two years, Sezzle already has 250,000+ users 3,500 e-commerce merchant accounts. Eighty percent of those customers are in that 20-35-year-old age bracket.
In this episode, Paul and I discuss Sezzle as a new payment option for specialty brands intended to ease the friction of “buy now” and minimize levels of cart abandonment. Sezzle is purportedly a tool that could close the digital divide that we, as specialty businesses, are facing with today’s Amazon-trained consumer.