Splitit Reports Record Black Friday, Cyber Monday Sales
After analyzing the data, Splitit said it experienced a rise in unique shoppers over the four-day Thanksgiving weekend this year, with particularly strong growth in the U.S. The payment provider said sales for its merchants grew 83 percent in the U.S. on a year-over-year basis for that weekend.
The company also announced new strategic partnerships.
Regarding sales on its platform, the company said average order value, or AOV, experienced an increase to $820. The company’s year-to-date AOV has been $644. Splitit predicts the AOV will continue to be higher than average as consumers keep shopping for the holidays and that it will normalize in January.
“Splitit performed very well over the important Black Friday and Cyber Monday holiday period, with record underlying sales, our first-ever day of underlying merchant sales of more than $1 million and strong growth in the U.S. in particular,” said Brad Paterson, chief executive officer of Splitit. “The higher average order value also shows consumers are increasingly using our service for higher-value purchases, a major differentiator for our business.”
Splitit announced two three-year partnerships with BlueSnap, the global payments technology company, and iPay88, the NTT data company and Malaysian online payment solution provider. Through these partnerships, the company hopes to see an acceleration of its merchant acquisition in 2020.
“Across our key markets, we continue to make excellent progress in executing on our growth plans, adding new partners and merchants,” said Paterson. “This demonstrates the strong demand we are seeing for our unique solution, and it is anticipated that it will further strengthen our position in the BNPL market as customers increasingly prefer to use the credit they already have.”
New merchant agreements for Splitit include ReST, Plus Shop, Slabway, Dick Smith, Reds Baby, BecexTech, Buckley London, iLife-Digital and Mobvoi.
The installment payment provider announced $3 million in underlying merchant sales on its platform over Thanksgiving weekend.