SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
“It’s been great working with the Splitit team and the platform itself was really easy to integrate and use, especially compared to competitors we’ve worked with who required a lot of hoops to jump through. Splitit was pretty much plug and play, and the dashboard is really intuitive, so we get really good data from there.”
Growing Spaces® is Growing their Business with Splitit
Q&A with Growing Spaces Chief Growing Officer, Lem Tingley
Q. Can you tell us about your company Growing Spaces?
A. Growing Spaces builds award-winning geodesic dome greenhouse kits for controllable and sustainable year-round gardening. Our kits can be self-assembled or we can assemble them for you. What it allows you to do, compared to traditional greenhouses, is grow all year in even more extreme climates without requiring any additional heat or electricity, based on passive solar energy. The round shape of the dome helps track the sun throughout the day as well as the year to get optimal exposure for your plants. Our product has been moving even faster with a developing interest in people looking for a source of fresh organic food who are opting to grow their own, as well as people who are looking for a new hobby, especially since so many are working from home during COVID-19.
Q. Why did you decide to partner with Splitit?
A. Our greenhouse kits are expensive, ranging from $8,000 to $40,000. It is a long term investment, like a house or a car, and many customers are interested in going straight for our bigger domes right from the start. At the beginning, a lot of people were looking into bank options to help finance their purchase with a loan, but we wanted to find an easier option. Finding the right solution was a long process. A lot of different payment providers did not support products that cost as much as ours did. Others charged really high merchant fees, which was very challenging for us because of our low profit margins.
When we found Splitit, it really was perfect. Our first search criteria focused on having a low APR (because we did not believe it was possible to have 0% interest) and low merchant fees. Splitit offered 0% APR, no fees for customers, low fees for us, and protection, which was important for us as well. In addition, there is no credit limit on how much a customer can spend, which is obviously important for our product’s high price point. Splitit checked all our boxes, and then some.
Q. How do your customers feel about paying with Splitit?
A. Our customers often use the word “convenient” to describe Splitit. They like that they have a very easy solution to help divide their purchase into installments, rather than paying one lump sum. Also, because customers consider our greenhouse domes an investment, having a pay over time option is important to them. Our customers can use their greenhouses for 20+ years to grow fruits and vegetables, typically getting a return on investment (ROI) somewhere between 3-5 years. Splitit gave us the ability to have an effective, low-cost installment payment option for our product, so our customers are not only able to pay over time, but they are also getting value from their investment over time.
One of our customers wrote: “Paying with Splitit was convenient, and made it much easier to purchase the Growing Dome®. We are in the process of building our own house, and it was really nice not to have to fork over all that cash at once.”
Q. How is Splitit helping you grow your business?
A. Splitit has helped our company grow since partnering in March of 2020. We have seen a 10% increase in our average order values (AOV), and our average lead time to convert improved by 20% for Splitit customers. Almost 40% of our customers who paid with Splitit stated they would not have been able to make this purchase without this option. Splitit, along with other factors, also helped contribute to the growth of our overall conversion rate, which increased from 6.4% to 9.5% year-over-year. Splitit is definitely an added value to our checkout process.