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Petco Health and Wellness Company and Klarna, a leading global retail bank, payments and shopping service, are partnering to offer Klarna's Pay in 4 solution on petco.com, across Petco's nearly 1,500 pet care centers nationwide, and the Klarna app. The new payment option makes caring for the whole health of pets more accessible and flexible, giving pet parents the option to split their purchase into four interest-free payments spread over the course of six weeks.
"Through the first quarter of this year, Petco generated strong double-digit growth and continued momentum by making complete pet care as easy, seamless, and accessible as possible – including helping pet parents support their pets' wellness without stressing about cost," said Petco Chief Digital and Innovation Officer Darren MacDonald. "With Klarna, we're creating another avenue for pet parents to do just that, whether they're welcoming a new family member, caring for a pet's unique health needs, or restocking on the basics."
The $119 billion pet category is poised to grow at an 8% CAGR over the next five years according to recent industry forecasts with higher growth projections in key areas like premium nutrition, services, vet, and digital where Petco is uniquely positioned. Millennials and Gen Zers, who have been spending more on their furry family members, not only represent the majority of recent growth, but 65% of 18- to 34-year-olds indicate they plan to acquire or add a pet in the next five years.
With seamless integration into the digital and physical shopping experience, Klarna provides another convenient payment method that removes financial barriers for pet parents prioritizing their pet's health and wellness. The new Klarna payment option will be available starting later this year and can be applied to all purchases, including merchandise and services.* Pet parents utilizing Klarna's flexible payment options will also still be eligible to earn rewards through their Pals Rewards account like any other purchase.
"We're excited to offer Petco to Klarna's 18.5 million customers in North America, and to bring added payment flexibility to Petco's existing ecommerce and brick and mortar customers," said Klarna Head of North America David Sykes. "Consumers—especially Millennials and Gen Zers, many of whom are becoming pet parents for the first time—are turning away from traditional credit and demanding more flexible payment options. Klarna's interest-free solutions increase consumers' purchasing power, granting them the freedom to shop for and buy what they need, when they need it. At the same time, our brand partners benefit as average order values increase by 20-80% and conversions can climb by 20% or more."
Klarna's flexible payment options join a suite of shopping innovations Petco has introduced over the past eighteen months, including nationwide curbside pickup, same-day delivery, Vital Care, the revolutionary Petco Pay credit card program, and more.
For more information on Petco, visit petco.com. For more information on Klarna, visit klarna.com.
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