NEW YORK--(BUSINESS WIRE)--BNPL shoppers are eager to get a jump on holiday shopping with pre-holiday deals according to results from Zip Fest, the four-day pre-holiday omnichannel shopping event held last weekend by Zip Co Limited (ASX: Z1P), formerly operating in the U.S. as Quadpay. Zip Fest recorded a massive 130 percent YOY and 16 percent MoM increase in sales with nearly a quarter million consumers shopping with Zip for the duration of the sale. Zip Fest ranked among Zip’s best weekends ever for total transaction value, behind only Black Friday and Cyber Monday weekend last year.
Overall, Zip’s app was a key draw to the sales event, with a 16 percent 2 increase in new app installs. There was also a 12 percent increase in net new customers. Zip’s integrated merchants attracted 74 percent of new customers coming to Zip over this timeframe. Fashion, technology, electronics, and sports apparel ranked among the most popular purchases during the sales weekend.
Zip U.S. CMO Jinal Shah commented on the sales results, “The sales results clearly demonstrate Zip Fest not only attracted new customers to our merchant partners but also increased average order value and conversion rates online and in retail locations.” She continued, “Consumers are eager to take advantage of pre-holiday deals and Zip’s flexible payment options give them the opportunity to get the best holiday shopping deals now and pay over the course of six weeks, maximizing their spending power.”
Mercari played a major role in the success of Zip Fest. The online marketplace partnered with Zip last month to provide flexible payments at checkout for its customers and offered an exclusive cashback promotion during Zip Fest. Of the new customers that checked out with Mercari using Zip, more than 35 percent were existing Zip customers.
“Many consumers are turning to secondhand marketplaces to find in-demand items that may be sold out at traditional retail outlets,” said Roxane Duka, Head of Marketing at Mercari US. “Our success at Zip Fest showcases this growing trend, and we are thrilled that secondhand shopping has become even more accessible this holiday season through our partnership with Zip.”
Zip Fest featured deals on hundreds of items across home, fashion, beauty and travel, from top companies like Newegg, Mercari, TickPick, Alternative Airlines and more big box retailers, exclusively by using Zip as the payment method. The shopping event also rewarded shoppers with cash back and exclusive giveaways just by checking out with Zip at select retailers.
1 YOY Growth
2 Compared to four weeks prior
Methodology
Zip Fest data sourced Zip transactions online, in physical retail stores and the Zip app from October 21 - 25, 2021.
About Zip
Zip Co Limited (Z1P: ASX) or (“Zip”) is a leading global financial services company, offering innovative, people-centred products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants.
One of the fastest-growing BNPL companies globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the United Kingdom, and the USA. Zip provides fair, flexible and transparent payments options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses. Zip is committed to responsible lending and also owns Pocketbook, a leading financial management tool. Founded in Australia in 2013, Zip now employs over 1,000 Zipsters worldwide.
For more information, visit: www.zip.co/us
