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
“From start to finish, it has been a seamless partnership with strong communication and great user experience. Splitit’s solution is clean, it’s simple, and it works. Their customer journey is smooth, and the ease of the functionality on the backend of the website is great.”
Splitit helps Sofa Club make a “Designer Look” Accessible
Q&A with Sofa Club Marketing Manager, Olivia Smith
Q: Can you tell us about your company Sofa Club?
A: Sofa Club offers a wide range of high quality fashionable sofas at affordable prices. We have everything from U-shaped sofas to corner sofas, sofa beds to sofa sets, and everything in between. Our goal is to create accessibility to our products no matter the shoppers’ budget. We started in 2012 as a predominantly online company, and today we have an offline presence with sofa lounges all across the UK.
Q: Why did you decide to partner with Splitit?
A: Purchasing a sofa is a big ticket item. Our customers come to us because we offer that “designer look” for less. In our mission to keep our products accessible, it was very important to offer opportunities to help our customers pay for their sofas with an installment plan. We went through quite a few financing companies when we first started, but could not find something suitable. One of the most important things to us at Sofa Club is synergetic branding with our payment provider, from the way they conduct business down to the look and feel of their logo.
When one of our providers was having issues with their acceptance rates, we started searching again for another solution. During this search at the beginning of last year, we found Splitit, whose branding felt very in line with ours right from the start. The integration process was seamless, there has been continued great communication between their team and ours, and they are the first ever to offer us a marketing budget to help promote the pay over time offering for our sofas.
Q: How is Splitit helping your business grow?
A: The marketing budget Splitit offered is a great example of how they are actively helping grow our business. It shows us that they are in tune with retailers and proactively want to work with us to help us succeed. Our conversion rate, and business in general, has been steadily increasing since integrating Splitit back in May of 2020. During a co-branded ad campaign we saw a 6% increase in average order value (AOV) and a clear increase in overall Splitit sales. Overall, we have been really happy with Splitit, and decided to increase our installment offering from 3 to 6 months, which led to a 2.6% increase in conversions on our website. Also, Sofa Club is currently looking into more co-branded opportunities with Splitit to see how we can continue to grow together.
Q: What do your customers say about Splitit?
A: Splitit has been an excellent pay over time solution for our customers, providing a seamless and smooth customer journey. We have heard from many customers that it has been a great option allowing them to purchase their dream sofa, and that it was easy to use.