- As a result of the Black Friday shopping week, Splitit Payments (SPT) has reported a 216 per cent increase in merchant sales volume (MSV) compared to last year
- Total sales came to a record US$15.3 million (roughly A$20.6 million) and contributed to an exceptional MSV growth of 255 per cent for November
- The buy now, pay later company has also seen total shoppers surpassing 410,000 after 48,000 new shoppers were added in October and November
- Further, total merchants have grown by 20 per cent, which Splitit partly credits to a new self-onboarding platform allowing merchants to start using the Splitit platform in just a few minutes
- Splitit’s shares are down 1.52 per cent and are trading at $1.30
Splitit Payments (SPT) has reported a record merchant sales volume (MSV) of US$15.3 million (roughly A$20.6 million) across the Black Friday shopping week.
The MSV represents a 216 per cent increase from the holiday shopping week last year.
This outstanding growth contributed to an exceptional November performance with a year-on-year MSV growth of 255 per cent for the month of November.
Like other fintech players in the industry, Splitit’s payment solution allows merchants to offer their customers an easy way to pay for purchases in monthly instalments with instant approval.
The buy now, pay later company has also reported total shoppers have now surpassed more than 410,000 with 48,000 new shoppers added over October and November. Splitit attributes the increase in shoppers using its payment method to a recent marketing campaign that targeted U.S. consumers.
Further, total merchants offering the solution has grown by 20 per cent to more than 1600 over the same two-month period. This merchant growth is partly due to a recently-launched self-onboarding platform which allows merchants to start
using the Splitit platform in just a few minutes.
Splitit CEO, Brad Paterson, said he is pleased with the outcome of the Black Friday and Cyber Monday sales.
“This speaks to the significant need in the market for merchants to offer flexible
payment solutions to shoppers. Never has it been more important in retail that shoppers can manage their cash flow without incurring new debt, and we’re proud to partner with so many forward looking eCommerce businesses,” Brad said.
Splitit also noted the average order value (AOV) remains above $1000 as consumers took advantage of the holiday shopping period to invest in their home and health.
“We’ve also observed, both through the exceptional November period and via a recent shopper survey, that this holiday shopping event is expanding into a shopping season. Our survey told us 48% of US shoppers who purchased an item made their purchase in the week leading up to Black Friday,” he added.
Splitit’s shares are down 1.52 per cent and are trading at $1.30 at 11:36 am AEDT.