Klarna is introducing a suite of new features, including an AI-powered image-search tool called Shopping lens, the company announced on Wednesday. The company is also launching shoppable videos in Europe, in-store product scanning, a new cashback program, express refunds and more.
The new Shopping lens allows users to take a picture of items and styles that they see in order to quickly find out where to buy them. The feature can visually identify more than 10 million items, such as clothing and electronics, and match these with more than 50 million store offers in the app’s search and compare tool. From there, you can compare prices, retailers and reviews. Users will also be shown items that are similar to the product that they took a picture of. Shopping lens is available in the United States, the United Kingdom, Germany, Sweden, Denmark and Norway.
Shoppable video, which launched in the United States back in October 2022, is now available in the United Kingdom, Germany and Sweden. With the launch of shoppable video, Klarna wanted to branch out beyond simply being a payments app to becoming a place where consumers discover items and influencers promote products. The app’s recommendation engine gives users a personalized video experience. Klarna notes that average viewer time in the United States has increased by 60% and click-through rates have increased by 25% with the launch of shoppable video.
In addition, Klarna is introducing a feature that gives users access to product information when they’re in a physical store by scanning the item’s barcode for customer reviews, to see whether there could be different colors or variants available online, or if they can find it for a cheaper price elsewhere. In-store scanning is available in the U.K., U.S., Sweden, Germany, Denmark and Norway.
As for the new cashback program, shoppers in the U.K. can now earn up to 10% of their purchase amount back when they choose Pay Now, Pay in 3 or Pay Later at the checkout of retailers with active offers. Users can apply this for a discount on their next purchase when checking out with Klarna, either online or in the app. Klarna plans to roll out the cashback program to more markets in the future.
Klarna has also started to roll out a single sign-in solution that will allow for a smoother sign-in and checkout experience at participating retailers, which means users will no longer have to create and remember multiple usernames and passwords. Retailers around the globe can now integrate the experience, the company says.
The new suite of features includes a gift card store in the Klarna app that will include a selection of gift card options from retailers that users can purchase using Klarna. Plus, the company is launching express refunds on eligible returns when purchases are made using Klarna’s interest-free Pay in 3 in the U.K. or Klarna’s interest-free Pay in 4 in the U.S. With this launch, Klarna will pre-issue a refund when customers provide a valid tracking number.
Last, Klarna is launching sustainability filters to help shoppers shop more consciously, along with a conscious shopping dashboard that offers customers access to sustainability-oriented products.
Klarna’s Q2 results include profitable month as GMV continues growth streak
Comment