Offering flexible finance options to customers could boost retailers' sales by almost a third, according to consumer finance specialists Duologi.
Duologi research shows that by providing finance options to customers, merchants can expect to achieve a 30% average uplift in sales, with 57% of shoppers saying they would have bought elsewhere if finance wasn't available.
Backed by global investment firm, Oaktree Capital, Duologi is launching a new platform to provide a range of bespoke finance solutions to the retail sector. This offers merchants the chance to increase their sales, boost customer satisfaction and grow profitability through the delivery of tailored point-of-sale finance options.
In the retail market which – in the past six months alone - has struggled with ongoing store closures and profit uncertainties, the question of consumer spending power is of particular importance. Duologi's platform allows retailers to offer flexible loans to their customers, from £150-£25,000 on 3-60 month terms; many at a 0% interest rate. Lending decisions are typically made within just four seconds, allowing shoppers to immediately purchase goods, either online or in-store.
Unlike many other similar businesses currently in the market, Duologi does not offer a 'one size fits all' model; aiming instead to work with each partner on an individual basis to ensure a bespoke service is created for each. The platform is powered by ground-breaking technology, built from scratch in London, allowing retailers to quickly and simply start offering finance to their customers.
Duologi is led by co-CEOs, John Taylor and Gary Little, who between them count more than 50 years' consumer lending experience at institutions such as Barclays and Close Brothers. Since launching in September 2017 as a two-man start-up, the business has already secured £100m in annual rolling commitments, with ambitions to have a seven-figure lending book within five years.
Gary Little, co-CEO of Duologi, said: "Retail is having a tough time at the moment, so it's more important than ever that brands set their business apart from competitors and keep up with today's savvy consumers. Innovative, user-friendly finance solutions can do just that; providing shoppers with the flexibility to purchase items from your store and pay back the cost in a way that suits them."
John Taylor, co-CEO added: "Our vast experience in this industry means that our finance products are backed by decades of expertise and specifically tailored to the way the retail sector works. We look at each business individually in order to create an approach that fits with that particular organisation's needs.
"There is a whole host of retail brands out there that we can support and add value to, and we are committed to building specialist solutions that will help these businesses deliver robust sales growth and customer loyalty. We are incredibly excited to be launching Duologi and look forward to working hard to create innovative solutions for our partners."