Retail instalment specialist Splitit has reported record growth and an expansion of the sporting good category as shoppers chose the company’s cash management tool.
In the fourth quarter of 2020, Splitit saw merchant sales volume and gross revenue for the quarter on par with the total achieved in 2019. The company also added 70,000 new shoppers following a shopper engagement campaign. This highlighted the company’s key point of differentiation – ‘helping consumers manage their earned credit.’
Some of Splitit’s merchant partners in the outdoor/sports category include Boardriders, Echelon Fitness, Bicycle Warehouse, Canyon Bikes, Epic, and more.
“The fourth quarter was an exceptionally strong period, kicked-off by a record Black Friday and Cyber Monday in November,” said Brad Paterson, CEO at Splitit.
“Our focus on innovation to deliver the best shopper experience is paying dividends for merchants who enjoyed improved cart conversion, further supported by our new Flex Fields technology.
“It is clear that as the Buy Now Pay Later space continues to heat up globally, Splitit is offering a unique and differentiated solution. The simplicity of our product continues to solve the number one biggest problem for companies selling through ecommerce, which is cart abandonment before check-out.
“Added to that is the overwhelming desire for shoppers to take more control of their finances, which Splitit empowers consumers to do. Because of this, we are already seeing a strong start to 2021 as we continue our global expansion to become Google Japan’s first partner for instalment payment solutions.”
In early January 2021, Splitit partnered with Google Japan to support instalment payments on the Google Store in Japan for the purchase of the new Pixel 5 mobile phone, Nest products and Chromecast streaming devices.
As 2021 kicks off, Splitit is reporting strong week-over-week merchant sales volume growth, driven by sales in the homewares and sports & outdoors categories.
“We believe we are offering the right solution at the right time, and we will continue our mission of helping shoppers make empowered decisions about the purchases that matter the most,” added Brad Paterson.
Splitit instead helps shoppers manage their own cash flow, by letting them split up payments into instalment amounts they choose.
‘As Splitit uses a consumer’s existing credit, there are no additional fees, interest, loans or applications; and shoppers don’t need to worry about adding new lines of credit that may impact their credit score. Merchants that offer Splitit have reportedly seen increased cart conversions, a 20% increase in average order value and 10% decrease in cart abandonment.’
