Chinese fast-fashion giant Shein has launched its first branded credit card in partnership with Mexican fintech Stori. This initiative aims to enhance access to credit for Mexicans while driving traffic to Shein's online platform, capitalizing on the growing e-commerce market in Mexico.
Key Takeaways
- Shein's credit card is a Mastercard that rewards users with purchase points.
- Double points are earned on clothing purchases made through Shein's website.
- The card is exclusively available to new Stori clients, expanding Stori's customer base.
- Shein is exploring further investments in Mexico, including a potential manufacturing plant.
Shein's Expansion in Latin America
Shein has seen remarkable growth in Latin America, particularly in Mexico, where the e-commerce market is booming. According to the Mexican Online Sales Association, Mexico's online retail sector was the fastest-growing globally last year, with clothing accounting for over 40% of all online purchases.
The partnership with Stori is expected to attract more consumers to the credit market, where many Mexicans currently face barriers to access. Shein offering a credit card that rewards purchases, Shein aims to enhance customer loyalty and increase sales.
The Shein Credit Card
The Shein credit card will function as a Mastercard, providing users with a points-based rewards system. Key features include:
- Points System: Users earn points for every purchase, with double points for clothing bought on Shein's website.
- Exclusive Access: The card will only be available to new clients of Stori, which has already attracted 3 million customers in Mexico since its inception.
- Financial Inclusion: This initiative aims to improve access to credit for Mexicans, who have historically lagged in this area.
Stori's Role in the Partnership
Stori is a fintech company that has made significant strides in the Mexican market by offering accessible financial products. With services like high-yield savings accounts and credit cards with near-total approval rates, Stori has positioned itself as a leader in financial inclusion. The collaboration with Shein is expected to further enhance its reach and customer base.
Future Prospects
As Shein continues to expand its footprint in Latin America, the launch of the credit card is just one of many initiatives aimed at solidifying its market presence. The company is also considering establishing a manufacturing plant in Mexico, which would not only streamline its supply chain but also create jobs in the region.
The partnership between Shein and Stori marks a significant step in enhancing financial accessibility for consumers in Mexico while simultaneously driving growth for both companies in a rapidly evolving e-commerce landscape.
