In the ever-evolving landscape of retail finance, staying ahead of the competition is a must for merchants seeking sustainable growth. But are all solutions created equal?
As a B2B retail finance provider, we understand the challenges that can come with offering credit to customers, including:
1. Low approval rates
Your retail finance provider might have a great value proposition. But if they’re not approving enough of your customers who are applying for finance, there’s not much point.
2. Low conversion rates
Your customers might be excited to apply but drop out before they even get a decision due to clunky application processes. If they need to hunt around for their passport or last 5 addresses, for example, chances are they’ll just abandon ship (and the purchase).
3. Integration issues
If your retail finance solution isn’t working seamlessly with your website, it’s going to cost you sales. Online shopping experiences need to be as frictionless as possible, so a solution that times out, crashes or glitches can make a big dent in your retail finance profits.
How to measure your retail finance results
You might wonder whether your retail finance solution is working as hard for you as it should be. This is difficult to gauge without knowing what similar merchants in your sector are achieving with their own retail finance solutions. And let’s be honest: the competition aren’t just going to tell you because you asked them nicely.
The good news is that we’ve created a tool that gives you a benchmark to work with. Our Approval Calculator uses key business metrics to give merchants insights into your financial potential. So, how do we achieve this?
Our calculator collects data including your sector, average order value, website traffic, checkout share of finance and more. Next, we’ll compare your data with other merchants with similar metrics who use our retail finance solutions.
Finally, you’ll receive an estimate based on this information showing whether you could increase sales by partnering with us.
To access our Approval Calculator, just click here.
Why would I be better off with Zopa’s retail finance solution?
If you were pleasantly surprised by your calculator results, you might be wondering what Zopa are doing so differently to achieve these metrics.
Here are some of the reasons that we’re delivering greater results for UK merchants than other providers on the market:
– Seamless, sub-2-minute credit journey
– Approval rates up to 89%
– Account management and support for lower marketing costs