Quadpay, a Zip Company (ASX:Z1P), the fastest growing Buy Now, Pay Later company in the U.S. and ranked number two among the top five BNPL apps, today released results and shopping trends¹ from its inaugural ‘Quadpay Fest’ sale - a four-day omnichannel shopping experience featuring over hundreds of deals and giveaways -- online, in retail stores and on the Quadpay app.
Overall transaction volume at Quadpay grew 20 percent during the sale compared to the same time frame over the past month, with increased traffic to Quadpay’s brand partners led by net-new customers. On average 40 percent of purchases were made by first-time customers to Quadpay brand partners, rivaling new customer conversions from Black Friday. Of those that purchased electronics, 55 percent were new customers to using BNPL for electronics, further demonstrating dominance in the category. ² Also, of those that shopped for food (groceries and on-demand food delivery apps), 33 percent were first time customers.
Nearly 60 percent of Quadpay Fest purchases were made using mobile devices via Quadpay’s industry-first virtual card which enables BNPL in physical retail locations and in the Quadpay app everywhere Visa is accepted. During the sales event, consumers were also able to take advantage of Quadpay’s Webby-nominated Chrome Extension which gives online shoppers the same convenience on desktop with their favorite merchant websites not offered by any other BNPL provider. Categories with the most purchases during Quadpay Fest included fashion, beauty, technology, home, kids, groceries, food delivery, travel, footwear and jewelry.
“The results from Quadpay Fest exceeded our expectations and we are thrilled to support our merchant partners with added referrals and revenue as they continue to rebound from the pandemic,” said Brad Lindenberg, Co-CEO of Quadpay, A Zip Company. “This past year has accelerated BNPL adoption among consumers and continues to skyrocket. With Quadpay, we provide merchants the opportunity to offer customers a seamless BNPL experience, and Quadpay Fest was a great way to attract new customers, drive revenue and increase overall order value both online and in physical store locations.”
Quadpay Fest deals, secret promotions, cash back and giveaways were available across fashion, beauty, technology, electronics, home, travel, and lifestyle, from the most sought-after brands that rarely go on sale. Featured brands included Fashion Nova, Apple, Famous Footwear, Zara, Sunglass Hut, Target, Fanatics, Walmart, NewEgg, Nike, Gamestop, Victoria’s Secret, TickPick, among others, with sales up to 70 percent off full-priced items.
Quadpay is part of ASX-listed Zip Co. Limited global operations which recently topped more than 7.6 million download, nearly 50 thousand merchant partners and 6.4 million customers globally.³
¹Quadpay Fest data sourced from Quadpay transactions online, in physical retail stores and the Quadpay App for the period of April 29, 2021 through May 2, 2021.
² According to Quadpay’s Brand Tracker which collects data on a daily basis.
³According to Zip’s Q3 FY21 results here (period ending 31 March 2021).
About Quadpay, A Zip Company
Quadpay, A Zip Company (ASX: Z1P), is a leading U.S.-based installment payment platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit. Quadpay is reinventing the payments landscape with its focus on innovation and customer-centricity, enabling more than millions of customers to pay in four interest-free installments over six weeks. Quadpay is part of ASX-listed Zip Co. Limited global operations across Australia, New Zealand, South Africa, the United Kingdom and the US. The company’s market-leading app enables seamless integration for merchants and the ability for customers to shop online and in-store interest-free, not just with Quadpay’s thousands of integrated merchants, but with leading global retailers. For more information, visit: www.quadpay.com.