Klarna Boosts Shopping Experience with Advanced Features

Unveiling a host of innovative features this Wednesday, Klarna introduced Shopping Lens, an AI-powered search mechanism based on images. The financial technology company is also introducing shoppable videos in Europe, along with in-store product scanning, an innovative cashback program, expedited refunds, and other offerings.

With the new Shopping Lens, users can photograph desired items to quickly locate retailer information. The feature boasts the capability to visually decipher upwards of 10 million products across categories like apparel and electronics and offer matches from over 50 million in-app retailer offers. Consequently, users can compare prices and reviews and get recommendations for similar commodities. Shopping Lens is launching in the United States, United Kingdom, Germany, Sweden, Denmark and Norway.

After its initial U.S. launch in October 2022, shoppable videos have recently become available in the United Kingdom, Germany, and Sweden. Klarna aims to extend beyond a payment app through these shoppable videos, aiming to cultivate a marketplace for promoting and discovering products. Klarna notes user engagement is rising, with average viewer time up by 60% and click-through rates improving by 25% post-launch in the U.S.

Additional features include in-store product scanning for customer reviews, online options, and price comparisons in the U.K., U.S., Sweden, Germany, Denmark, and Norway. A novel cashback program in the U.K. offers users up to 10% cashback for choosing Pay Now, Pay in 3, or Pay Later options at checkout, redeemable on their next Klarna purchase. Expansion of the program to additional markets is in the pipeline.

Klarna is also launching a single sign-in solution for a seamless shopping experience at participating retailers, eliminating the need for multiple usernames and passwords.

The updated service suite includes an in-app gift card store with a plethora of retail options that can be purchased via Klarna. Additionally, express refunds will be available on eligible returns made using Klarna’s interest-free Pay in 3 in the U.K. and Pay in 4 in the U.S. systems, where Klarna pre-issues refunds given a valid tracking number.

Finally, Klarna is also introducing sustainability filters and a conscious shopping dashboard, giving users easy access to sustainable products.