What do you mean Zip had their first full quarter in UK? They launched in the UK in December 2020. They have had 2 full quarters in the UK. You could tell last quarter that UK was terrible. In their Dec2020 Qtr update they said they would provide stand alone figures for UK in Q3. Then in Q3 there were no UK stand alone figures and no mention of merchant figures.
In the Dec2020 Qtr they said they had 150 live and transacting merchants on the UK platform for launch and have 25 people in the UK. This quarter (6 months later...) the have... drum-roll... 150 "accredited merchants" (not necessarily live and transacting). What are those 25 people actually doing??
So in 6 months they have not added one single merchant whatsoever. That is absolutely terrible. People are blaming the lockdown... we have seen Laybuy report their figures for the UK for the Jun 2020 quarter... and they managed to sign up 743 merchants in the quarter.
With the huge brands they have on in the UK and they only manage to do GMV of £7.6m for the quarter? That is shocking.
It looks like Zip has lost out in the UK and most likely left it too late for that market. They are probably going to have to spend an absolute ton of money in the UK to get anywhere. They would be better off trying to buy Laybuy. That way they would pick up the leading position in NZ and at least have a chance in the UK.
Regards
Marv
What do you mean Zip had their first full quarter in UK? They...
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