This is said to to help accelerate the recovery and growth for physical retail stores.
Singapore-headquartered startup hoolah has launched a first-of-its-kind in-store Buy Now Pay Later solution to help accelerate the recovery and growth for physical retail stores, according to an announcement.
This solution is said to help merchants solve some of their biggest challenges around driving conversion and basket size as well as encouraging new customers to visit and return. This is achieved by reducing the impact of price for consumers by splitting the payment into three, at no added cost.
Observing a gap across Asia, hoolah was first launched in 2018 as a Buy Now Pay Later solution for online e-commerce platforms, offering consumers the option of completing their purchases in three separate 0% interest monthly payments.
As physical stores begin to operate in full force once again, hoolah’s latest in-store innovation acts as a push to kickstart the sector even further, in hopes of returning all retailers to pre-pandemic numbers and beyond.
Since the Buy Now Pay Later solution is fully digital, there is no installation required, and stores can implement it almost immediately after signing up. Onboarded businesses will simply receive a visit from hoolah's merchant operations team for a detailed training session to ensure staff members are well versed on the solution and how it positively impacts their store.
In addition, hoolah pays partner merchants upfront for any purchased product, and takes on all risk so that merchants are not liable and their cash flow is not impacted.
Through the app, users can also have a full overview of all types of orders and payments made, including the merchants they have purchased from, whilst also browsing and discovering more of hoolah’s partner merchants.
Since August, hoolah’s in-store solution has been implemented at over 150 retail outlets
islandwide including all BHG and 6IXTY8IGHT stores, serving a plethora of customers with a variety of needs.
Currently, hoolah has almost 1,000 retail store partners, and is rapidly expanding to hundreds of retail store outlets, delivering between 20-40% increase in conversion and basket size. Over the past 6 months, website visitors have increased by 500%, with a sevenfold increase in total transactions made via the platform.
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