Afterpay Data Verifies The Four-Day Work Week Is Catching On
The four-day workweek has been a hot topic since the beginning of the WFH era. Many Canadians are wondering if and when it might become a reality for their career and workplace. While we don’t have the answers to this, we do have an interview with Ryann Carruthers, General Manager of Afterpay. Afterpay, a financial technology company best known for its buy now, pay later service, has noticed a growing trend amongst workers, who are already reimagining what their Fridays might look like as more companies adopt flexible work schedules.
Friday mornings have proven to be the most popular time frame to shop over the past six months according to Afterpay. More consumers are self-shifting towards a four-day workweek, and in Ontario, the provincial government just established The Four-Day Work Week Commission, a pilot project involving a four-day workweek for a set number of Ontario workers. As the General Manager of Afterpay, Ryann has 20 years of sales and account management experience. Before Afterpay, Ryann led Canada’s first national field sales team at Amazon and held a variety of sales and leadership roles at Samsung.
Emma Whiten, Editor of Marketing News Canada, had the opportunity to ask Ryann a few questions about Afterpay's recent data discovery. See the interview below:
The pandemic has highlighted the need for greater work-life balance, prioritizing family and personal time. How are we seeing this play out amongst Canadian consumers?
Canadians are reevaluating their work-life balance since the pandemic started, and many feel that their usual 9-5 isn’t realistic anymore. The concept of a four-day workweek is on the rise, including Ontario where a pilot project is underway. With this extra day, people are spending their Fridays focused on more relaxing activities — retail therapy being one of them.
What businesses can learn from new shopping habit data?
Friday mornings have become the most popular time to shop, according to Afterpay’s recent data report so businesses should take advantage of these peak times to engage with their customers, as this coincides with the increasingly popular four-day work week emerging. Consider dropping new products, doing promotional email outreach or setting up activations as part of what your business can do to capitalize on this moment.
What products are trending in Canada on Afterpay right now?
Afterpay just released its Spring Summer '22 Trend Report, which analyzes the purchasing behaviours of Gen Z and Millennial cohorts in Canada and the US. With lockdown coming to an end in Canada, shoppers are updating their office wear and getting ready for the wedding season’s return.
In Canada, bag sales grew by 48 percent year-over-year and totes top the list as the most popular bag type, indicating the mini bag has had its moment and workers are preparing for office-ready bags.
Consumers are also seeking to boost their mood and confidence by wearing statement-making colours and unconventional prints. Strawberry print, for instance, is having a resurgence in Canada, with sales up 95 percent year-over-year.
When should marketers aim to send promotional newsletters and materials?
While conventional marketing wisdom warns against announcing campaigns or doing outreach on a Friday, Afterpay data shows our users are actively shopping at this time. We’ve been watching the genesis of this trend since the fall/winter of 2020 when the most popular time to shop was later in the day, and then shifted to pre-work hours during the pandemic. Now, this has evolved to Friday mornings as consumers shift towards taking year-round summer Fridays.
What is your advice to Canadian marketers that are skeptical of this new recommended time?
Every user demographic is different, so we would say to beta test this within customer segments best aligning with Afterpay’s user base. Our customers are primarily made up of Gen Z and Millennials, the world’s highest value and most powerful demographic. They frequent fashion, beauty and lifestyle shopping and are also repeat, loyal Afterpay customers.
Written by Ryann Carruthers, General Manager of Afterpay
Ryann Carruthers: Ryann Carruthers is the General Manager of Afterpay Canada, the leading retail payments innovator and one of the fastest growing global fintech companies. She oversees Afterpay’s growth in the Canadian market by driving key business functions, including sales, client relationships and partnerships. She also sits on the Board of Directors for Afterpay Canada Limited.