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
“To describe Splitit in one word, I would say ‘simplicity’. It is impossible to drop your conversion rate because of Splitit. You can only increase it. It’s 3 clicks until purchase! Simple and frictionless.”
About PEMF Technology
PEMF technology, also known as Pulsed Electromagnetic Field Therapy, has a long history of beneficial medical and scientific use dating back into the 18th century. It has an extensive history of healing properties. Nikola Tesla discovered that cells respond positively to PEMF energy, and developed an electromagnetic device 1891, which he used on patients for immediate physical pain relief. NASA even incorporated PEMF technology into its spaceships to help mitigate bone loss and muscle degeneration. In 1979, the FDA approved this technology for healing nonunion fractures and, three years later, approved it again for bone growth stimulators. It has since been approved for use in cervical procedures, treating anxiety and depression, as well as treating brain cancer with successful results.
Today, Omnipemf has developed a wearable device that offers everyone access to medical grade technology to use at home for stress relief, pain management, relaxation and better sleep.
Founded in 2016 in Slovenia as a crowdfunded startup, Omnipemf develops a wellness product using PEMF technology that is scientifically validated and FDA approved to build mental health and improve lives. Everything is made in-house, selling worldwide to over 100 countries, and they are looking to expand even further.
Omnipemf is all about innovation and listening to their customers, implementing their needs into products that are very stylish and easy to use, which is how they came to partner with Splitit (but more on that later).
Omnipemf’s latest device, NeoRhythm, is the most optimized wearable device on the market. It is used to improve sleep, energy, focus and relaxation. It offers even more specific wave patterns that encourage meditation and even pain relief. Omnipemf’s products are meant for everyone willing to improve their lives and mental health. And people are loving it! NeoRhythm has seen a huge sales growth worldwide within its first year on the market.
Customers Push for Alternative Payments
Omnipemf stays innovative first and foremost by listening to their customers. One key request this year (during the pandemic) has been for an installment payment option. People are looking to improve their health, but they are also looking for ways to spread out the cost. Omnipemf chose to work with Splitit because their technology was not complicated and it was not a financial loan. It offered a simple way to split payments over several months without any issues.
From the beginning, when they first introduced Splitit as a payment option, Omnipemf began to see an immediate rise in revenue. Their customers loved being able to pay in installments and they felt that Splitit was easy and safe to use.
“To describe Splitit in one word, I would say ‘simplicity’. It is impossible to drop your conversion rate because of Splitit. You can only increase it. It’s 3 clicks until purchase! Simple and frictionless.” – Benjamin Kumalić, CMO
Benefits from Splitit
Since implementing Splitit in June, Omnipemf has seen a growth in Sales of 6%, Average Order Value (AOV) has increased by 8.4% and Conversion has increased by 5%. There has also been a steady increase in the number of purchases made in Splitit each month and a decrease of 17% in cart abandonment.
The real growth, however, began when the company started to actively advertise Splitit payment options, with a concentration on Facebook ads, which have led to continued growth. They have seen an equal response in both their remarketing as well as their prospecting efforts from these ads. Overall, there has been an 88% increase in revenue and they are working hard with Splitit to continue to grow their market.