Splitit Unique Buy Now Pay Platform Appeals To E-Commerce Brands, Especially Across Sporting Goods and Houseware Verticals
Splitit, the only global payment platform that enables shoppers to pay installments via their credit cards, announced record Q2 growth as the company continues to drive conversion and increase Average Order Value (AOV) for e-commerce merchants. With the global ecommerce market continuing to skyrocket, even as physical stores start to re-open amidst the COVID-19 pandemic, Splitit is empowering shoppers to maximize the credit they’ve earned through responsible cash flow management. During this time, Splitit processed over $65 million in merchant sales volume, growing 176 percent quarter over quarter and 260 percent year over year. As a proof point of Splitit’s accelerating adoption and brand recognition for its differentiated value proposition in the Buy Now Pay Later space, e-commerce merchants using Splitit grew by 104 percent to over 1000 and total shoppers using Splitit grew 85 percent to over 309,000.
“Splitit shoppers are savvy consumers who don’t want or need to incur new debt. We are glad to fill this important space in the market.”
As shoppers continue to adapt their spending patterns to the current environment, Splitit’s growth in Q2 has been concentrated across a number of high demand verticals, including sporting goods, housewares, home furnishings and electronics, as compared to the same time period last year. Based on the overwhelming consumer demand in these areas, Splitit continues to attract larger merchants wanting to provide installment solutions to their credit card customers who are interested in making higher price point purchases. For example, in the last quarter, the Average Order Value (AOV) of Splitit shoppers rose by 21% to US $893 over the first quarter of 2020, with more than 90% of all transactions being e-commerce or mobile payments. The company’s Merchant Sales Volume (MSV) increased by 261 percent in North America and 240 percent in Europe in the second quarter.
“While the pandemic has significantly accelerated e-commerce transformation for a variety of brands, the payments industry must support ecommerce merchants to better meet the cash management needs of shoppers,” said Brad Paterson, CEO of Splitit. “Our continued business growth and momentum signals that consumers are increasingly more open to and adept at maximizing their existing credit to preserve cash flow, especially when it comes to brands that help them stay in shape, support work and communications needs and improve their home environments.”