The Afterpay Ltd (ASX: APT) share price is going against the tide on Thursday, eking out a gain of 0.31% to $130.91 at the time of writing. This is despite the S&P/ASX 200 Index (ASX: XJO) sliding 0.49% to 7,465.100.
The resilient performance of Afterpay shares coincides with one of the biggest online shopping events in the country — Afterpay Day.
What is Afterpay Day?
Afterpay Day typically happens twice a year, providing Aussies with up to 70% off across hundreds of retailers. It started at 7am today and will run until midnight Sunday, August 22.
In addition to great sales, the company also launched a new augmented reality experience, ‘Invisible Drops’.
By scanning various QR codes found across the Afterpay site, app and social media outlets, shoppers can access exclusive product drops from participating merchants including Dyson, Sephora and Culture Kings.
Campaign Brief quotes Afterpay VP marketing ANZ Andrew Balint as saying:
This Afterpay Day, we’re excited to offer customers experiencing lockdown a fun and engaging augmented reality experience, which is the future of shopping. Not only are we giving shoppers the chance to see products in 3D before purchasing, but it means they can enjoy an immersive in-store experience from anywhere, particularly in the comfort of their own home.
With the ongoing economic impacts the nation is experiencing, half of the Aussie population have said they actively seek out ways to save, while 42% are more conscious than ever about only shopping during sales . So we’re excited to see our “Carte Diem” campaign for Afterpay Day encourage shoppers to seize huge deals responsibly, whilst supporting retailers.
What’s the big deal about Afterpay Day?
Afterpay hasn’t provided any specific commentary about the performance or impact of Afterpay Day since late 2019.
In this announcement, Afterpay said “during the last Afterpay Day sale in March 2019, the business saw over 400 US retail partners participate with an average increase in sales volume of more than 110% over a two-day period, with some retailers generating a 300%+ increase in sales volume.”
The Afterpay share price would rally 6.10% on the day of that announcement in August 2019.
Afterpay share price snapshot
The Afterpay share price has had a volatile year, with a year-to-date performance ranging from peaks of +30% to troughs of -28%.
The recent Square Inc (NYSE: SQ) takeover offer has helped Afterpay shares jump back into positive territory, up 9.84% for the year.
The post Afterpay (ASX:APT) share price edges higher as ‘Afterpay Day’ kicks off appeared first on The Motley Fool Australia.
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More reading
- The Afterpay (ASX:APT) share price is up 35% this month. Here’s why
- 7 traps to avoid right now when buying ASX shares
- One massive reason for keeping Afterpay (ASX:APT) shares
- Afterpay (ASX:APT) shares could still receive a rival bid: analysts
- With a dual listing, Square could boot CBA (ASX:CBA) from the ASX 200 top spot
Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and Square. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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