Splitit Launches Innovative White-Label Installment Solution for Shopify Merchants.

Table of Contents

1. Key Highlights
2. Introduction
3. Elevating the Checkout Experience
4. The White-Label Advantage
5. Catering to a Global Audience
6. Implications for Merchants
7. Real-World Examples
8. Conclusion
9. FAQ

Key Highlights

• Splitit introduces a new fully embedded white-label app for Shopify, allowing one-click payment installments at checkout.
• The app aims to reduce cart abandonment through streamlined payment processes.
• With support for consumers in over 100 countries, merchants can cater to an international audience and enhance customer retention.

Introduction

As the global landscape of e-commerce continues to evolve, consumer preferences shift towards flexibility in payment options. A significant trend emerging in online retail is the integration of installment payment solutions, allowing shoppers to spread the cost of their purchases over time. A recent study indicated that approximately 42% of online shoppers are likely to choose an installment payment option if available. In this context, Splitit, a leading provider of credit card-linked installment payments, recently unveiled its new fully embedded Shopify App—Splitit Card Installments. This innovation marks a transformative step for Shopify merchants, enabling them to enhance the checkout experience and improve customer retention without the complications often associated with traditional payment processing.

Elevating the Checkout Experience

The crux of Splitit’s new application lies in its seamless integration into the existing Shopify checkout system. This embedded app allows merchants to provide a one-click installment payment option, removing the common pain points that lead to cart abandonment. Notably, studies have shown that 22% of online shoppers abandon their carts due to lengthy or complicated checkout processes. By allowing consumers to choose to pay in full or in installments without any redirects or additional applications, Splitit significantly reduces friction during the transaction.

Why Cart Abandonment Matters

Cart abandonment is a critical issue for e-commerce businesses. According to a recent report by the Baymard Institute, the average cart abandonment rate across different industries hovers around 69%. This represents a staggering loss of potential revenue. Factors contributing to this phenomenon range from high extra costs (such as shipping and taxes) to the complexity of checkout procedures. The advent of Splitit's embedded payment solution specifically addresses these challenges by simplifying the customer journey, thereby increasing the likelihood of successful transactions.

The White-Label Advantage

One of the standout features of Splitit’s solution is its white-label nature. This means that merchants can present installment payment options framed entirely under their own brand without third-party interruptions. This control over branding not only enhances customer trust but also fosters a consistent shopping experience.

Key Benefits of White-Labeling:

• Brand Identity: Merchants can maintain a strong, consistent brand image throughout the checkout process.
• Customer Data Security: All first-party customer data remains with the merchant, allowing for better customer relationship management and insights.
• Customization: Merchants can tailor the payment experience to align with their overall brand strategy.

According to Ran Landau, CTO of Splitit, “Our Embedded Shopify App marks a transformative leap in the installment payment landscape. By seamlessly integrating into the Shopify checkout, we've eliminated the friction typically associated with pay-over-time solutions.”

Catering to a Global Audience

With an international customer base in over 100 countries, the Splitit app not only targets the growing demand for flexible payment options but also opens avenues for businesses to tap into new markets. This capability allows merchants to provide localized payment solutions that cater to diverse shopping preferences and cultural differences in spending behavior.

Expanding Market Reach

Utilizing localized payment solutions is particularly significant as e-commerce expands globally. As internet penetration rates continue to rise in developing regions, merchants who can adapt their services to suit local preferences will likely see enhanced conversion rates. Splitit enables Shopify merchants the ability to do just that, effectively positioning them to compete in an increasingly crowded global market.

Implications for Merchants

The introduction of the Splitit app provides notable advantages extending beyond customer satisfaction. Enhanced payment options have been shown to correlate with higher average order values. With more shoppers favoring payment flexibility, merchants can expect increased sales volume and improved conversion rates.

Expert Insights

E-commerce experts suggest that businesses implementing flexible payment solutions similar to Splitit's see improved customer loyalty and satisfaction. Research conducted by ShopPay found that merchants offering installment payment options can see up to a 20% increase in sales. As the digital landscape continues to shift, those who adapt by offering tailored payment solutions will thrive.

Real-World Examples

• Louvre Hotels Group: This hotel chain integrated installment payments through a similar platform, resulting in a 30% increase in bookings.
• Gymshark: A case study on Gymshark revealed that offering installment payment options led to a significant boost in customer acquisition and retention, with a noticeable increase in repeat purchases.

These examples highlight the tangible benefits of adopting modern payment solutions that prioritize customer experience.

Conclusion

As the demand for flexible payment solutions continues to grow, Splitit is placing Shopify merchants at the forefront of this wave with its innovative embedded app. By reducing friction in the checkout process and maintaining brand integrity through white-labeling, Splitit enhances not just the merchant’s operational capacity, but also enriches the overall consumer experience.

In an age where e-commerce is increasingly competitive, adopting accommodating payment options like Splitit’s can be a decisive factor for brands aiming to secure customer loyalty and drive sustained growth.

FAQ

What is Splitit’s new offering?

Splitit has launched a fully embedded white-label app for Shopify which allows merchants to provide one-click installment payment solutions at checkout.

How does the app enhance the checkout experience?

The app removes common friction points associated with traditional installment payments, allowing customers to choose between paying in full or in installments directly in the credit card section—without redirects or applications, reducing cart abandonment.

What benefits do merchants gain from white-label solutions?

Merchants can maintain full control over branding, keep customer data secure, and create a customized payment experience aligned with their overall sales strategy.

In how many countries is the Embedded Shopify App available?

The Splitit embedded Shopify app caters to shoppers in over 100 countries, allowing merchants to offer localized payment options.

What impact can payment flexibility have on sales?

Research indicates that the introduction of flexible payment options can lead to higher average order values and improved conversion rates, directly impacting overall sales and customer loyalty.

How can businesses implement the Splitit app?

The Splitit app is available for Shopify merchants globally. Interested businesses can visit the Splitit website or their Shopify App Store for further information on integration and setup.