Splitit is helping retailers, dentistry offices, surgery centers, and many other companies just like yours boost revenue and build customer loyalty. Let’s take a closer look at one example: Canadian furniture merchant IFN Modern.

Splitit is helping retailers, dentistry offices, surgery centers, and many other companies just like yours boost revenue and build customer loyalty. Let’s take a closer look at one example: Canadian furniture merchant IFN Modern.


Company

IFN Modern is a fast-growing Canadian furniture ecommerce company with head offices and showrooms located in Richmond, BC, just a short drive outside Vancouver. They were one of the first online retailers selling high-quality designer furniture to consumers through an ecommerce website. Since 2009, IFN Modern has offered premium contemporary items ranging from $150 designer lamps to high-end Italian leather sofas that sell for several thousand dollars.

Challenge

Although business is good — they have expanded from the Richmond home base to multiple distribution centers across North America — IFN Modern wanted to increase sales of high ticket pieces that deliver larger profit margins. The challenge was to help customers purchase the luxury items they really want at no interest while managing monthly payments comfortably.

Solution

IFN Modern chose Splitit over other payment options because of how easy it is to use and the lack of customer fees. The decision has made better business sense for IFN Modern, which is obvious from the customer feedback they’re receiving. This new monthly installment payment option has given IFN Modern a highly competitive advantage over other Canadian retailers within the furniture industry.

Company

IFN Modern is a fast-growing Canadian furniture ecommerce company with head offices and showrooms located in Richmond, BC, just a short drive outside Vancouver. They were one of the first online retailers selling high-quality designer furniture to consumers through an ecommerce website. Since 2009, IFN Modern has offered premium contemporary items ranging from $150 designer lamps to high-end Italian leather sofas that sell for several thousand dollars.

Challenge

Although business is good — they have expanded from the Richmond home base to multiple distribution centers across North America — IFN Modern wanted to increase sales of high ticket pieces that deliver larger profit margins. The challenge was to help customers purchase the luxury items they really want at no interest while managing monthly payments comfortably.

Solution

IFN Modern chose Splitit over other payment options because of how easy it is to use and the lack of customer fees. The decision has made better business sense for IFN Modern, which is obvious from the customer feedback they’re receiving. This new monthly installment payment option has given IFN Modern a highly competitive advantage over other Canadian retailers within the furniture industry.

Results

10% Increase in total sales | 12% increase in average order value

Since integrating Splitit into their website in May of 2015, IFN Modern has seen a 12 percent increase in ticket sales as well as an overall 10 percent increase in sales. Using Splitit allows IFN Modern to make its products more accessible to a wider base of customers. Another advantage is you can easily track customer payments through our convenient merchant online portal.

10% Increase in total sales | 12% increase in average order value

Since integrating Splitit into their website in May of 2015, IFN Modern has seen a 12 percent increase in ticket sales as well as an overall 10 percent increase in sales. Using Splitit allows IFN Modern to make its products more accessible to a wider base of customers. Another advantage is you can easily track customer payments through our convenient merchant online portal.

Advice

Jason Bradley, the CEO of IFN Modern, states that Splitit customers are now able to buy products that were once outside their financial means without having to incur heavy interest charges from deferring payments or making credit-card rollovers, also known as balance transfers.

Additionally, IFN Modern noted that our Splitit payment platform has allowed the company to:

  • Capture customers faster because customers make purchase decisions quicker.
  • Boost brand loyalty as customers became more likely to come back and purchase again.
  • Provide customers more financial flexibility,
  • Made it easier to upsell and cross-sell additional items that complement the customer’s original purchase, resulting in higher average sales numbers.

All of these benefits have led to a successful partnership between IFN Modern and our team at Splitit.

The online retailer allows shoppers to pay for eyewear in installments, which is boosting GlassesUSA’s average order value.

GlassesUSA.com has a new prescription to fight cart abandonment: payment installments.

The online eyeglass retailer, No. 362 in the Internet Retailer 2016 Top 500 Guide, installed an option six months ago on its checkout page that allows shoppers to pay the cost of their order in installments. In the half year the retailer has had the feature, GlassesUSA’s cart abandonment rate has fallen 10%, says GlassesUSA CEO and co-founder Daniel Rothman

The installment payment feature also increased the retailer’s average order value by 12% for consumers spending more than $120 in products, Rothman says without revealing specifics. Internet Retailer estimates GlassesUSA’s average ticket value at $128, according to Top500Guide.com.

The payment feature required a few days to integrate onto the retailer’s site, Rothman says. GlassesUSA also wants to expand Splitit so it will show up as an option before a shopper lands on the checkout page—for example, on the product page. This way, the shopper may be more inclined to put a more expensive pair of frames in her cart, Rothman says.

Start growing your business today!

To open an account with Splitit, please make sure you meet the following criteria: Your business has a monthly turnover of $10,000 or more. Applicable? Give our sales team a call on 1-844- Splitit

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