Splitit and Fenton leave couples wanting more
increase in average order value
Fenton’s primarily serves its customers online but also has a showroom in London. Through its virtual jewelry-making experience, Fenton invites online shoppers to choose every aspect of their ring, making it a detailed process.
Whether in-store or online, Fenton offers a personal concierge to help them through the process from beginning to end.
“It’s a matter of trust,” says Fenton COO Jerome Brustlein of the relationships the business forms with its customers. “It’s a matter of credibility. It’s a matter of ensuring a certain level of service.”
These luxury pieces are high-dollar, high-emotion purchases commonly made by those engaged to be married or seeking a ring or other jewelry as a symbol of celebration or commitment. The average price of a ring is roughly £2,300 ($3,166), and about 25% of shoppers will at some point ask about financing options when speaking with Fenton’s concierge staff.
Brustlein knew the importance of securing a payment solution aligned with Fenton’s commitment to offering a transparent, trustworthy and personalized shopping experience. It had to be the right match.
“Unless they bought a car or a house, this will probably be the biggest ticket item they purchase in their lifetime,” says Brustlein about buying their unique bespoke rings. “So, financing ease is paramount to a lot of customers.”
Fenton answered that need sustainably—a way that keeps customers from going into debt just to realize the dream of having heirloom jewelry.
After much research, they chose Splitit as a buy now pay later service provider going live in January 2020. It is one of three financing options offered to provide flexibility of choice for shoppers.
Initially, they chose Splitit for several reasons:
- The hands-on, customer-centered approach of Splitit
- The ease of front-end integration with Fenton online
- It didn’t require Fenton to become a credit broker
- It provides a turnkey, global solution
- The simple, straightforward checkout process for shoppers
- How it leverages a shopper’s existing credit
- The elimination of credit checks and an application/approval process
- The flexibility for customers to choose how they pay over time
Fenton also uses Splitit InStore in its London shop, but even with the right solution in place, it took some work to help people understand how to use it and why it was beneficial.
Fenton chose to do a co-marketing campaign with Splitit in Q2 of 2020 to evangelize the benefits: frictionless checkout, flexibility to pay over time, no fees and no credit checks or applications.
They targeted ideal online customer hangouts: Facebook, Instagram, Pinterest and Google. They used joint ads to paint the picture of how Splitit could help their shoppers buy more intelligently while exercising choice.
“The campaign was a rushing success,” says Brustlein.
Immediately, shoppers began to use Splitit more. In fact, they began using it four times more than in previous quarters.
Before the campaign, 3% of customers used Splitit at checkout. Now, they average 8 to 9%, and this is in the context of realizing a 50% quarter-on-quarter jump of absolute sales growth for the business.
The total MSV (merchant sales volume) from Splitit-processed sales shot up quickly and has increased over time. Fenton matched the total MSV of 2020 in under six months in 2021—a 210% increase over the previous year with six months still to go.
The AOV (average order value) had increased 28% over last year when launching Splitit on the site, and cart abandonment is down 16%.
But the numbers only tell half the story. Fenton is impressed with the culture of Splitit and how responsive the team has been.
“As a retailer, the fact that you have a dedicated account manager. You have someone to bounce off [ideas]…it’s different,” says Brustlein. Splitit offers a white-glove approach to serving its clients, just like Fenton. As a result, both sides are getting to know each other on a level that drives better business and better experiences.
As Fenton begins to dip its toes into international expansion, Splitit is already set up to sell to customers outside the UK. Other BNPL options they researched were limited to the UK or required a bank account in the country where their customers reside.
For example, a recent purchase for a £10,000 ruby from a customer in Australia might not have happened without Splitit.
“As we think about international expansion, it gives us a turnkey financing solution,” says Brustlein of Splitit. “And that plays a big difference. That definitely plays a big role.”
Fenton and Splitit are partnering up for another campaign in the coming quarter focused on a new loyalty program.
The bottom line? Customers are coming back for more jewelry. They want matching earrings and necklaces for existing rings. They want new pieces to celebrate anniversaries and other milestones. The comfort level with this new luxury brand is growing. That’s all any retailer can ask for, and Splitit is helping answer the call.
Take time to browse Fenton’s process for making a bespoke ring.
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