back Back

Shoplazza partners with Klarna to speed up merchants’ globalisation

By Joy Dumasia

August 24, 2022

  • BNPL
  • Buy Now Pay Later
  • Ecommerce
Share

Shoplazza, a global SaaS platform and Klarna have reached a strategic partnership to provide various online payment options to Shoplazza’s 360,000+ merchants. This collaboration gives international customers more diverse and convenient payment options and better conversion rates for merchants to achieve business growth.

According to Baymard Institute, an independent web usability research institute, the average online shopping cart abandonment rate is 69.57%. Mobile users have an even higher abandonment rate of 85.65%, and alternative payment options such as Buy Now, Pay Later (BNPL) or interest-free instalments can lower the payment threshold for consumers, thereby reducing the abandonment rate at checkout.

Data shows that among young people aged 18-24, 25% choose BNPL, and only 3% go with credit cards, showing a shift away from high-cost credit card usage towards more flexible and interest-free options. It is foreseeable that the flexible payments represented by BNPL are leading the trend in the consumer world. As the leading SaaS platform, Shoplazza techs business and sales further from a single place and is a space that stays open to more tech, scalability, and eCommerce growth.

Established in Sweden in 2005, Klarna is the global leader in the generational shift away from credit cards, helping consumers save time and money, be informed, and control their finances. As a critical component, payment options link different parts of eCommerce, including purchasing, decision-making, order tracking, and more. A smooth and user-friendly payment experience improves the conversion rate and allows the entire brand and e-commerce ecosystem to get into a positive cycle.

Alyson Zhang, COO of Shoplazza, said: “With the development of cross-border eCommerce, the partnership between Shoplazza and Klarna will bring new opportunities for DTC brands going global. This joint effort by Shoplazza and Klarna will benefit the merchants, offer more appealing user-friendly options for consumers, and improve per customer transaction and repurchase rate, achieving global business success at a more stable and faster pace.” 

IBS Intelligence reported that Klarna announced closing a new $800m financing at a $6.7b post valuation. The financing attracted strong support from existing and new investors and will primarily be used to expand Klarna’s market position in the United States.

Previous Article

August 24, 2022

Highline secures $13m in Series A funding

Read More
Next Article

August 24, 2022

Davy selects Torstone Technology to enhance its post-trade capabilities

Read More






IBSi Daily News Analysis

cybersecurity,

June 20, 2024

BNPL

Why predictive AI is a critical necessity in the field of cybersecurity

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

Ageras to acquire French FinTech Shine from Societe Generale

Read More

Today

SumUp & Adyen partner to bring faster payouts to SMEs globally

Read More

Today

Curlec & Seedflex strengthen businesses in Malaysia with PAYS Advance

Read More

Related Reports

Sales League Table Report 2024
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023