Klarna is introducing a set of new features, including an AI-powered image search tool called Shopping Lens. The company is also launching shopping videos in Europe, in-store product scanning, a new cash back program and express refunds among other new capabilities.
The new Shopping Lens allows users to take photos of the items and styles they see so they can quickly know where to buy them. The feature can visually identify more than 10 million items, such as clothing and electronics, and match them to more than 50 million store offers in the app's search and compare tool. From there, you can compare retailer prices and reviews. Users will also be shown items similar to the product they took the photo of. Shopping Lens is available in the United States, United Kingdom, Germany, Sweden, Denmark and Norway.
Shopping videos, launched in the United States in October 2022, are now available in the United Kingdom, Germany, and Sweden. With the launch of shopping videos, Klarna wanted to go beyond just being a payments app to become a place where consumers discover items and influencers promote products. The app's recommendation engine offers users a personalized video experience. Klarna notes that average viewing time in the United States has increased by 60% and click-through rates have increased by 25% with the launch of the videos.
Additionally, Klarna is introducing a feature that gives users access to product information when they are in a physical store by scanning the item's barcode for customer reviews, to see if there might be different colors or variants available online, or if they can find it for a cheaper price elsewhere. In-store scanning is available at United Kingdom, USA, Sweden, Germany, Denmark and Norway.
As for the new cashback program, shoppers in the UK can now get up to 10% back on their total purchase when they choose Pay Now, Pay in 3 or Pay Later at checkouts at retailers with active offers. Users can apply for a discount on their next purchase when checking out with Klarna, either in real-time or in-app. Klarna plans to roll out the cashback program in more markets in the future.
Klarna has also rolled out a single sign-on solution that will enable a more seamless login and checkout experience at participating retailers, meaning users will no longer have to create and remember multiple usernames and passwords. Retailers around the world can now integrate the experience, the company says.
The new feature set 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. Additionally, the company is launching express refunds on eligible returns when purchases are made using Klarna Interest-Free Pay in 3 in the UK or Klarna Interest-Free Pay in 4 in the US. With this launch, Klarna will pre-issue a Refund when customers provide a valid tracking number.
Finally, 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.
