Simba Sleep, a leading technology brand, started in the mattress industry in 1979, supplying the thread that went on to be used in over 50 million mattresses in over 35 countries. In 2002, Simba diversified into mattress design and supply, setting out to create the ultimate mattress that would trump all others.
Consumers quickly jumped into bed with the Simba mattress, drawn in by the quality of the product. However, many could not afford to make a one-off payment, as mattresses ranged between £500 to £1000. To combat this issue, Simba was using an interest-free, instalment-based payment method but was not happy with the results being achieved. This is when DivideBuy entered the room.
Simba was using an interest-free, instalment-based, payment provider but it found the conversion rate of customers to be low. Many customers using this method were abandoning their payments in the checkout and Simba had no visibility on why this was happening. This is a problem Simba needed to fix but their interest-free credit provider at the time was not able provide the necessary data needed to fix the issue. This is when Simba was approached by LendTech company DivideBuy, who understood the problems it faced and presented them with an industry-best solution.
DivideBuy offered Simba a bespoke tool that not only provided the necessary interest-free credit payment option, at an increased speed, but could also track the customer journey across its eCommerce website and discourage cart abandonment by providing an intuitive user experience. Simba decided to trial DivideBuy alongside its current provider and the results were outstanding, with conversions increasing against its competition. What was originally a two-week trial lasted nine weeks, and after that DivideBuy was permanently on board.
DivideBuy achieved this increase by improving the customer conversion rate. Its quick and simple sign-up process worked to the customers benefit by retaining interest in the sale, and DivideBuy’s high rate of acceptance meant that more customers were able to take advantage of instalment-based payments. In addition, DivideBuy showed customers the various options for splitting up their payments earlier in the process before making their purchase, which made the final check-out significantly easier and faster.
“We were supported by a lead developer throughout the entire process, with DivideBuy’s technology integrated directly into the Simba platform. This made the checkout process much easier than with our previous provider,” Jon explained. “After nearly a year in partnership, Simba has tracked a noticeable improvement on both a product and a service level.”
Book your free 20 minute online demo
Tell us about you
Buying Retail Finance: Choosing your provider
Whether you’re new to finance, or looking for a change, this practical guide contains key questions to ask – and successfully choose the right provider for your business.
Financial promotions guidelines – How to advertise compliantly
If you’ve added retail finance options to checkout, it’s time to let customers know! Here’s how to do it safely and compliantly – while spread the good news.
A buyer’s guide to retail finance – How to choose the right provider for your business
Offering retail finance options to customers can help increase sales and market share. Following this step-by-step guidance will help you make an informed decision that will benefit your business.
Ends 31st of December 2023