"Buy now, pay later" is indeed a unique and fascinating concept. Fortunately, it is no longer restricted to our fanciful imagination; it is a reality now. The idea is one of the fastest developing business models. Its popularity is growing each day.
Expectedly, It has become a subject of massive curiosity in universities, and you may find yourself amid heaps of assignments and projects. If you are anxious and anxiety is getting on your nerves, you should trust Afterpay Touch Business Modal academic assistance through online tutoring. Why don't you set a date with our tremendously talented and immensely experienced professionals? It will be worth your time to meet the professionals of your choice.
Based on the model, Afterpay Touch is an internet-based payment service group in Australia that facilitates online customers to pay the charges days after purchasing. The customers can pay in four instalments with two weeks. The group has attained exponential growth for its innovative customer-credit payment method and business model. The business model canvas analysis of Afterpay reveals that a considerable chunk of Millenials is tech-savvy and internet-driven. They are more into buying things online rather than visiting some physical stores. Thus, a business concept like Afterpay emerged on the horizon and quickly attracted the generation and made a new customer base. Afterpay made great strides towards growth.
Hang on for a second! Do not rush to compare the payment system of Afterpay Touch with the conventional credit card system of payment where the customers are offered to pay later but with a certain amount of interest. Whereas, Afterpay charges zero per cent interest rate and zero fees.
Now, the customers rely upon the digital wallet more than their conventional wallet.
Afterpay Touch Group offers consumers the option to buy and take the delivery by paying just one-fourth of the price. While the remaining amount is split into three equals instalments with zero interest. The instalments are payable within two weeks. The business model is nothing short of a gift for online shoppers.
Launched in 2014 in Australia, Afterpay Touch has instantly become a hot favourite among millennials. Its growth trajectory has been climbing upward since its advent. With its innovative and unique business model, Afterpay Touch leads the way in the 'buy now, pay later' space.
Over the years, it has successfully convinced thousands of retailers to begin accepting the unique payment model. Its growth rate is fast becoming a legend. It will expand your knowledge horizon if you seek case study help on the Afterpay Touch business model from professionals.
If you wonder how Afterpay Touch makes its money? Well, Afterpay Touch generates its money by charging retailers a small fee of four-to-six per cent for its services. Afterpay Touch takes all the risks involved in the credit system. In contrast, retailers receive all the benefits of the consumers increase their spending, which means more sales and more profits. Besides, it charges a late fee to customers if they fail to pay the due instalments on time. However, around eighty per cent of its money comes from the fee it charges to online business merchants. The remaining minuscule amount it receives from the late fee charged to the consumers.
In a volatile business environment, it becomes imperative for business entities to adopt a proper model for the sustainability of their business. An appropriate business model must be designed and followed to understand the value and priority a business organization should have towards its customers. The nine blocks of business are not a novel concept. These blocks are considered highly important factors to understand the business model of any organization. Deconstruction of these blocks helps to know how these are interconnected and facilitate a business organization in achieving growth.
It will be an interesting exercise to do a business model canvas analysis of Afterpay. Let's delve into this unique and innovative business model.
Customer segment: The unprecedented boom in information technology has catapulted online marketing demand to a whole new level. Online payment groups resorted to devising various marketing mechanisms/methods, also termed affiliate marketing methods, to stay relevant and ensure their success. They attract their consumer segment with certain rewards in the form of cashback and bonuses for visiting their sites. Afterpay Touch adopts the same rule like the other online payment groups to attract the consumer segment for its business and growth. The approach has enabled Afterpay Touch to retain and build a huge customer base, consisting of tech-savvy Millennials.
Value proportion: The price is the most important factor consumers are concerned about. They tend to attach a monetary value to what they intend to buy and evaluate whether it's worth their money. Hence, it becomes essential for organizations to understand the consumers' demand and their buying perspective, thus giving appropriate value to their demand. It is important to understand that the sustainability of a business is extremely dependent on innovation and the value appropriated to the brand. Likewise, Afterpay Touch must value its customer segment if it aspires to keep its growth trajectory upward.
Business channels: it is a method through which a company values loyal customers. Afterpay Touch delivers a hassle-free experience to the customers buying through its online portal.
Relationship with the consumers: this block explains how an organization communicates with its consumers. In turn, it helps to find out how the organization and the consumers are connected. Interest-free payment of the remaining three instalments constitutes a cornerstone of a consumer's relationship with Afterpay Touch.
Revenue stream: Afterpay Touch business model earns money from partners and online retailers. Besides, it makes money through late fees charged to the customers who missed the payment deadline.
Resources: in addition to the initial resources required to commence the operation, Afterpay Touch needs to maintain its working capital and human resources to run its business.
Key activity: The Afterpay Touch business model's key activity is to give its customers a smooth and hassle-free experience. The experience will determine whether the customer visits again, which will decide the growth of a company.
Key partners: The partnership with banks, mobile wallet service providers, retail chains has enabled the Afterpay Touch business model to succeed globally. To understand how Afterpay went on to make so many partners across the globe, you must seek our Afterpay Touch business model academic assistance through online tutoring.
Cost structure: cost structure consists of the cost Afterpay Touch is required to pay its partners on behalf of the consumers to give the salary to its employees. Afterpay Touch must have a steady capital reserve to maintain these operational costs.
You can also see our Afterpay Touch business model assignment sample online that deconstructs the nine building blocks of Afterpay Touch detail.
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