Klarna Discusses Shifting Winds of Retail, Emerging Customer Trends

“An overarching shift in how consumers shop” perhaps best describes the retail revolution of 2020 — and looking ahead, companies such as Klarna, a global bank and shopping and payments service, believe that the future lies in flexibility, digital innovation and “customer obsession.” The company adopts a data-driven approach to determining customers’ evolving needs and wants. Sebastian Siemiatkowski, chief executive officer and cofounder of Klarna, told WWD, “The pandemic effect is multifold. Over the last year, we’ve seen a rise in ‘smarter’ shoppers, who are more mindful of budgets and are increasingly looking for innovative spending and shopping options.” And unsurprisingly, that includes customers seizing the opportunity to address debts. “Many people are now paying down debt — Experian reported that credit card balances in the U.S. saw a record drop in Q3 2020 after almost a decade of growth from a record high of $829 billion in 2019 to $756 billion, the lowest point since 2017.” Here, Siemiatkowski talks to WWD about Klarna’s growth, emerging customer trends and significant shifts in retail stemming from the coronavirus pandemic. WWD: How has Klarna evolved in the past year? Sebastian Siemiatkowski: The pandemic has led to an overarching shift in how consumers shop, which is propelling the

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