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 percent2increase 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 withZip+last+monthto 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.
1YOY Growth
2Compared 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.
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(20min delay)