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The results

By leveraging our tech-first finance options at checkout for customers, Tech Sofa benefitted from:

Increased AOV

By offering our higher credit limits, Tech Sofa boosted its order value.

High approval rates

Customers benefitted from 63% approval rates, due to our smarter decisioning engine.

Increased conversion

Zopa boosted Tech Sofa’s conversion rates to 71% with retail finance.

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When choosing a retail finance provider, we were looking for a provider who could give our customers the experience they deserve – while delivering strong results for our business. DivideBuy has delivered excellent outcomes of 71% conversion rates and 63% approval rates. We’re happy to move forward with them as our trusted finance partner.

Ted Glass, CEO and Co-founder, Tech Sofa

Who is Tech Sofa?

From marketplace beginnings in 1989, Tech Sofa became a supplier of recliner sofas to major UK retailers before developing its own smart sofa in 2017.

 

With a delivery fleet of 15 vehicles and eight product ranges, Tech Sofa is now one of the UK’s leading sofa and chair manufacturers. Tech Sofa’s belief that comfort should be a given, not a luxury, was a key reason the company decided to offer retail finance to its customers. 

The challenge

Tech Sofa partnered with two retail finance providers. However, it experienced some issues with their performance.

 

The business parted ways with one of its retail finance providers and kept the other active while looking for a solution to meet its needs. Finding a retail provider with a track record of high approval rates, conversion rates and stellar customer feedback was the ultimate objective.

Low approval rates

Despite having two finance providers, many customers were being turned away for credit – with the highest approval rate averaging 26%.

Low conversion rates

Due to the high volume of customers who were being declined, Tech Sofa wasn’t seeing the conversion rates it was looking for.

Poor customer UX

The clunky finance process, low borrowing power and low approvals meant customers weren’t getting the experience they expected.

The solution

Tech Sofa settled on DivideBuy to offer retail finance alongside its other provider – and the results after just 3 months were incredible.

 

DivideBuy’s agile lending engine and soft credit check tools meant it approved 63% of Tech Sofa’s customers. With approval rates dramatically improving, conversion rates also rose to a new high of 71%. DivideBuy’s credit journey also takes less than two minutes from application to approval, delivering a quality experience for Tech Sofa’s customers.

Book a Demo

Our credit engine is so seamless, we can demo our solution in minutes. Experience our transformative customer journey in real-time and book a slot with our experts now.

Please note, a minimum turnover of £5M and minimum trading period of 24 months is required to offer Zopa’s finance solutions.

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