Fast-growing Athletic Apparel Company Uses ViaBill to Boost Average Order Volume by More than 50%
NEW YORK — June 2020 — Changing economic conditions are setting the pace for modern retail. While e-commerce offers the streamlined experience shoppers crave, industry data reveals a more pressing need: greater flexibility at the point-of-sale. More than half of U.S. consumers (67%) say they primarily abandon their online shopping carts because they don’t have the money available at checkout, according to a 2018 survey conducted by fintech service provider, ViaBill. Customer financing options like extended credit lines allow customers to shop confidently while retailers see a direct impact to their bottom-line.
Such was the case with I AM BECOMING (IAB MFG), an e-commerce athletic apparel company that began partnering with ViaBill earlier this year. Since introducing the no-interest buy now pay later financing solution in March 2020, IAB MFG has already seen significant changes in consumer activity:
- 54% increase in Average Order Volume (AOV) – from $48 to $74 within two months
- 50% increase in the “Add to Cart” Rate for customers choosing ViaBill (15% percent of customers paying with ViaBill choose Add to Cart option versus 10% for other customers)
“Now more than ever, we recognize the need for more flexible payment options. We’ve been pleased to see consumer confidence translate to larger basket sizes and increased buying frequency with ViaBill’s help,” said Thomas Patterson, CEO, IAB MFG.
Founded in 2014, ViaBill equips more than 5,500 merchants to offer flexible financing options to shoppers across the globe. Customers in Denmark, Spain and the United States can opt to split payments into four equal installments with zero interest. Shoppers appreciate the convenience of incremental payment while merchants like IAB MFG note higher conversion rates, larger AOV, higher repeat purchases, and increased revenue.
“We pride ourselves on our ability to position merchants for incremental growth, and our track record to-date has been stellar,” said Kristian Niedoborski Thøgersen, North American President, ViaBill. “Our solution has paved the way for merchants to see conversion rates of more than 18% and increased basket sizes of up to 32.7%.”
These results are made possible by ViaBill’s signature service approach. Merchant partners can expect seamless integration with their existing e-commerce platform, along with personalized support and accountability in the form of assumed credit and fraud risk.
“We chose to partner with ViaBill based on a trusted recommendation, and they haven’t let us down,” said Patterson. “We worked with their team to easily integrate with Shopify, and we were up and running within 24 hours. With so many options, we’re glad we trusted ViaBill to help us remain competitive in the fitness apparel space.”
ViaBill’s data shows that 62% of U.S. consumers would prefer to use a “Buy Now, Pay Later” solution – and, retail forecasts predict that this preference is here to stay. To learn about how ViaBill helps brands like IAB MFG embrace the future of e-commerce with ROI in mind, visit www.viabill.com
Bob Spoerl, for ViaBill