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
“Working with Splitit has been hasslefree! Their customer service is absolutely amazing - they always get back to us within 24 hours and solve any issues we may have. Splitit has definitely increased our sales and our customers’ confidence when buying. I highly recommend them to any retailer, small or large.”
Rubeza Benefits from Reduced Cart Abandonment Rates and Overall Growth with Splitit
Q&A with Furkan Temel, CEO of Rubeza LTD
Q: Can you tell us about your company Rubeza?
A: Rubeza is a high quality furniture store located in the UK. Grounded with a sense of luxury, our sofas are the perfect solution for those looking to add a touch of sophistication to their living space. Whether it’s a practical solution our shoppers are looking for, or something extravagant, Rubeza has it covered! We are also capable of creating new designer items for people interested in custom pieces.
Q: What made you look for an installment payment solution and why did you choose Splitit?
A: Selling high ticket items, like we do here at Rubeza, comes with financing requests from customers. People want to buy our products because they are unique and beautiful, however the price tag can be a barrier. We need to help our customers be able to afford our products, otherwise they simply won’t buy.
A major point of frustration for us came from our cart abandonment rates. We searched endlessly for a solution – spending hours on sales calls, sending emails back and forth to interested shoppers, constantly changing and adjusting our sales approach, and targeting different audiences. It felt like no matter what we did, nothing brought our numbers down and people kept backing out at the last minute. We needed to find a solution that really worked.
We heard about Splitit through a friend who was successfully offering their solution in his own company. After reviewing all they had to offer, we decided to give Splitit a try. The results exceeded our expectations. Splitit seemed to do the work for us. Instead of customers paying the whole amount at checkout, they were now able to spread their payments over 12 months interest free. It seemed to relieve the pressure and allowed them to feel more confident in their purchase. All of a sudden our cart abandonment rate dropped and we saw an increase in sales, in particular with first time home owners, students and millennials. With 0% interest, no fees, no applications and overall simple checkout process, Splitit appealed to many of our customers, providing an easy and affordable way to purchase luxury items without breaking the bank.
Q: How has Splitit helped grow your business?
A: Once we had decided to offer Splitit to our own customers, we started to see success right away. Since September 2020, our conversion rate has increased 30%, our average order values are up 30%, and our order volume is up 10%. As mentioned before, we have seen a decrease of 6% in our cart abandonment rate, and we plan on incorporating Splitit into our email campaign to decrease this even further.
Another success point came after actively promoting Splitit installment plans on social media. We saw an uptick in the share of Splitit sales, which increased from 10% to 12%. Splitit improves our profitability and their installment plans will help make us a more prominent company. It is also important to note that the onboarding process was really simple, and we always hear positive feedback about Splitit from our team and customers.