Some info from last month’s data…
Website Traffic (Similarweb)
Traffic to checkout.splitit.com decreased significantly by 26% when compared to prior month of April.
This doesn’t instil a lot of confidence however when looking further it seems that Splitit’s share of the checkout at Purple decreased significantly from ~26% to only 5%.
It looks like Splitit is still available to select on their website, so perhaps Purple moved onto the Splitit Plus gateway in early May? This is purely a guess, but am hoping that the back end somehow bypasses the checkout portal page I’m looking at on Similarweb. Splitit Plus went live on April 22 and it was mentioned on the investor call that some merchants had asked Splitit to develop this type of payment gateway solution.
Also, as Splitit is more of a white label solution for Google Japan and Quickfee (and probably others) I’d say that their data isn’t included in this ‘checkout.splitit.com’ data either, so hopefully we can look forward to a nice surprise when the quarterly arrives.
Upcoming Quarterly Results
Unfortunately the honeymoon reporting periods are over (post Q2 CY20) where they could highlight huge growth when compared with the PCP.
Splitit had huge growth in Q2 CY20 so this will be the first quarterly that needs to compare to the ‘inflection point’ quarter.
Along with an expected increase in revenue from Splitit Plus, Google Japan is the wildcard as this quarter will have a full 3 months of sales. Based on Brad’s investor call in late April they were very encouraged with the results so far and that it had exceeded their expectations. Fingers crossed it goes well and Google will look to deploy it to other countries.
New merchants
They seem to be slowly trickling through on the website store directory.
Other than Faberge going live in early June, I noticed that Bear Mattresses has been added. Not a big get by any means but another mattress supplier ticked off the list in the US, we now have:
Purple, Nectar, DreamCloud, Puffy, Simba, Chili Sleep, REST, Bear etc.
Now just need Casper (3m website hits), Sleepnumber (2.65m), Tuft & Needle (1.62m) & Helix Sleep (1.27m).
Trust Pilot Reviews
These have almost come to a stand still after a large spike in March and April. A lot of recent negative reviews (all the same thing re the hold placed on the card).
Advertising & Social Media
There was a recent ‘win your basket’ promotion thanks to Splitit on the My Protein Instagram page (730k followers).
The Splitit Instagram page has tumbleweeds blowing through though.
The followers are up due to the recent US Memorial Day & My Protein advertising, but not sure why they aren’t at least featuring some new merchants that recently went live (ie Faberge).
