Solutions in a Box – How Swyft increased revenue by 65% with DivideBuy

Modular sofa brand Swyft started out with the belief that there was a better way to make a sofa. The business specialises in great design that’s thoughtful, comfortable and that will last a lifetime. The ultimate ‘sofa in a box’ with 24 hour delivery, Swyft’s innovative model is taking the UK by storm. The business made the decision to offer finance to customers, both to ease the burden of spending over a thousand pounds on a debit or credit card, as well as to attract new customers and help them afford quality products.  

 

Benefits of DivideBuy’s approach:
  • 65% YoY growth 
  • High conversion rates 
  • Dedicated insights and reporting 
“We were running a 12-month unregulated finance offer for customers with DivideBuy. However, due to our higher order values, this meant they were still paying a minimum of £300 a month, and we wanted to get that down to around £50 to give our customers a better deal. We were very excited when DivideBuy launched their regulated longer term offers and were one of the first merchants to get on board. We wanted to keep interest free credit long term as our principle offer, but this meant we needed an uplift in revenue to offset the additional costs that came with this and make it profitable. In our first month of launching longer-term interest free credit, we had a 65% YoY growth in revenue through DivideBuy, which has had a considerable impact. DivideBuy’s regulated finance journey is actually converting higher than the unregulated journey, which is exceptional. Their account management also provided us a significant amount of data, with a quick turnaround, to work out incrementality, which helped us move forward with regulated finance success.”
Geoff Bull
CMO, Swyft

The challenge:

wyft looked for a finance provider who could offer their customers a quality experience that aligned with its own. It also had several requirements which needed to be fulfilled by any potential provider who wanted to partner with Swyft to offer retail finance. 

Approval rates:
Swyft wanted to offer finance on its full range of products, including high-ticket items. This meant it needed a provider who could safely approve as many customers as possible.  

 

Lending capability
Many finance providers – especially those only offering interest free options – have limited spend amounts for credit. Swyft needed a lender who could support high average order values, while also offering longer term interest free lending to make it more affordable. 

 

Insights and reporting
Understanding how customers were using finance, including preferred term lengths, interest free versus interest bearing options and more, was key for Swyft. It needed a retail finance partner who could provide data and insights quickly and efficiently. 

The Solution

Swyft partnered with DivideBuy to offer its original 3-12 month interest free finance option. Customers responded positively and uptake grew rapidly – with 87% of finance customers opting for DivideBuy’s 12 month offer.  

When DivideBuy introduced its regulated longer term interest free and interest bearing credit options, Swyft became the first merchant to trial the new offers – with great success.  

 

Increase in sales
DivideBuy’s 24 and 36 month interest free credit options delivered a year on year uplift in revenue of 65% for Swyft in its first month alone. 54% of customers choosing finance at checkout opted for DivideBuy’s regulated 24 and 36 month offers. 

  

Insight for growth
Thanks to DivideBuy’s dedicated account management team who provided regular reporting, Swyft was able to track incrementality to confirm the profitability of longer term interest free finance.  

 

Approvals and conversions
DivideBuy’s robust credit engine delivered high approval rates for Swyft, while its seamless credit journey of less than two minutes helped increase conversion rates.  

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Please note, a minimum turnover of £2.5M and minimum trading period of 24 months is required to offer DivideBuy finance solutions.

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Ends 31st of December 2023

Our merchant partner Swyft is giving one lucky winner a Model 01 or Model 02 armchair worth up to £895. These bestselling armchairs sit on a solid wood plinth and come in a variety of fabrics and colours.

Throw your name in the hat to win and sign up now! 

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