Klarna Releases New Price-Tracking Widget

Need to Know

• Payments app Klarna has launched a new widget that tracks prices for saved items.
• The new widget will provide real-time updates to a user’s saved items so shoppers won’t miss the opportunity to get the best price for their holiday shopping.
• Klarna is fast-growing, recently becoming the first buy now, pay later (BNPL) app to be used by a department store (Macy’s) and partnering with Etsy as their BNPL app of choice.
• The payments company is now estimated to be worth over $10 billion.

Analysis

Payments app Klarna has launched a useful new tool prior to the holidays: a widget that tracks prices during the peak shopping season. 

Earlier this year, the popular buy now, pay later app (BNPL) also launched shoppable Wish Lists, allowing users to shop and share Wish Lists of their favorite retailers and influencers, as well as create their own. The platform has since released curated holiday Wish Lists in keeping with the season. 

With the new widget, users will receive real-time updates on price changes of their saved items, which appear on their app’s home screen. The widget rotates through the user’s saved items to make sure they don’t miss an opportunity to get it for a great price. The new feature is a permanent addition to the Klarna app and can be used after the holiday season as well. 

“With online shopping becoming the new norm and as people prepare for the upcoming holiday season, the Klarna app can play an integral role in simplifying this busy shopping period. With these new features, we want shoppers to feel in control while getting access to all of the best products and brands in a simple and tailored way, all from the comfort of home,” says Daniel Lange, Senior Product Director at Klarna. 

BNPL apps, of which Klarna is a leader, are booming in the online space and also making their way to traditional brick-and-mortar stores. The payments app entered a five-year partnership with Macy’s earlier this year—just in time for the holiday season—making Macy’s the first department store to use Klarna’s BNPL technology.  

Etsy, another popular online source for holiday shopping, announced a partnership with Klarna last month. Now, shoppers using the DIY e-commerce shop can finance purchases between $50 and $10,00. 

Klarna’s new price-tracking widget is reminiscent of the service provided by Honey: a browser extension that automatically searches for coupons and discount codes while you shop online. PayPal recently acquired the company for $4 billion. 

Honey currently has over 17 million monthly active users. Fast-growing Klarna currently has about 12 million monthly active users and is valued at $10.65 billion. 

Users can start tracking prices by updating their app to the latest version, creating a Klarna Wish List, and adding the new widget to their app.