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What’s new?
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- Finance Solutions
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What’s new?
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What’s new?
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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.
Swyft 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.
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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Tell us about you
Omnichannel shopping: What is it, and where is it going in 2025?
Omnichannel shopping: it’s one of those buzzwords that’s been flying around retail for years. But what does it really mean, and more importantly, what does it mean for you as a UK merchant?
What is Panel Lending – and is it right for your business?
Panel lending lets you integrate multiple retail finance providers into your checkout experience. Instead of being tied to a single lender, you can give your customers the freedom to choose from a “panel” of lending options.
How to create tailored shopping bundles for customers
Want to know the best way to create tailored shopping bundles and offers your customer will love? Why not try conjoint analysis?
A/B testing: can it work for Retail Finance?
Want to learn how to use A/B testing to boost your credit sales? Here’s how our merchant partner Swyft made it work for them.
Interest free credit agreements provided by Zopa Bank Limited trading as DivideBuy that are 12 months or less in duration are not regulated by the Financial Conduct Authority and do not fall under the jurisdiction of the Financial Ombudsman Service. Zopa Bank Limited trading as DivideBuy is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, and entered on the Financial Services Register (800542). Zopa Bank Limited (10627575) is incorporated in England & Wales and has its registered office at: 1st Floor, Cottons Centre, Tooley Street, London, SE1 2QG. VAT Number 281765280. DivideBuy’s trading address is First Floor, Brunswick Court, Brunswick Street, Newcastle-under-Lyme, ST5 1HH. © Zopa Bank Limited 2024. All rights reserved.
Tuesday 31st December 2024
Our merchant partner Simba is giving one lucky winner a Hybrid® mattress, duvet, and pillow bundle worth up to £2,952. Choose from one of their Comfort, our high-tech Deluxe or their heavenly Earth mattress ranges.