Like virtually all e-Commerce retailers, GlassesUSA.com has struggled to combat shopping cart abandonment — a particular problem given the often expensive prescription eyewear the retailer sells. The company teamed up with Splitit, an interest-free installment payments technology, to provide its customers with a better solution.
The implementation has helped GlassesUSA.com:
- Decrease cart abandonment by more than 10% for high-value orders;
- Boost high order value sales by 12%; and
- Streamline the checkout experience for customers.
“GlassesUSA.com was founded on the belief that buying glasses shouldn’t break the bank so we were looking for an innovative payment tool that would allow our customers a more convenient, affordable and overall positive payment experience,” said Daniel Rothman, Co-Founder and CEO of GlassesUSA.com in an interview with Retail TouchPoints. “Additionally, like all e-retailers today, we face the challenges of shopping cart abandonment, which we are always looking to curb.”
Splitit provides retailers with the ability to offer customers a monthly payment plan directly at checkout. The company works with the customer’s existing credit cards so they can still take advantage of their credit card perks, such as points, cash-back and mileage.
“When integrating new solutions, we look for collaborations that simplify the shopping experience for our customers,” said Rothman. “Shopping for glasses should be simple, easy and fun. So we were looking for a payment solution that would allow financial flexibility and cut down on the hassle of applications and credit approvals.”
Since first offering Splitit to customers a little over six months ago, GlassesUSA.com has seen a 12% increase in high order value sales. The retailer’s checkout abandonment rate also decreased by more than 10% for high order value baskets, which Rothman expects will continue.
For GlassesUSA.com, the implementation process with Splitit was completed in three days. The company’s IT team worked closely with Splitit to collect information, set up a payment gateway and onboard it into the merchant portal. Immediately after the process, Splitit was available to customers as a payment option on the site.
“Splitit is a great way for our customers to manage their payments with more flexibility and less hassle,” he concluded. “People who shop at GlassesUSA.com and have high order values can choose to pay with Splitit and enjoy the option of splitting their credit card payments into interest-free monthly installments. Since implementing Splitit, we have seen an increase in high-ticket item sales, which is a clear indicator to us that our customers are increasingly choosing this payment option and realizing the benefits it offers.”