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Although many retailers are currently focusing their efforts on increasing online sales, statistics show that a high percentage of Australians will research a product online but head to a bricks and mortar store to make their purchase.

The co-founder and CEO of RainCheck app, Cameron Wall, has built his business on this premise.

RainCheck is an app that lets consumers save items they find online and receive a notification if a nearby bricks and mortar store stocks the product.

It was launched in November 2014 with the aim of converting the 88 per cent of shoppers who research online but make their purchases offline.

While online sales are important, Wall said there is evidence that getting customers in-store is more beneficial.

 

“It’s surprising to many, but retail online sales in Australia are slow, showing a growth of only 2.3 per cent over the past five years,” he explained.

“Three out of four shopping carts are abandoned and 88 per cent of shoppers research online to make purchases offline.

“The evidence is there that, in Australia, retailers need to be utilising tools to get the customers through the door, rather than trying to execute the sale online.”

Joining forces to fight cart abandonment

With this in mind, Wall’s company RainCheck has announced a partnership with Australian ‘buy now, pay later’ company Openpay that he hopes will drive customers to make purchases in-store.

After meeting at the NRF Retail Conference in New York, Wall and Openpay CEO Simon Scalzo decided that, together, their businesses could help address the issue of three in four online shopping carts being abandoned.

The partnership will use Openpay’s beacon technology to drive interaction with customers in-store and RainCheck’s ability to let customers know that stock researched online is available as the customer walks past the store. Openpay’s ‘buy now, pay later’ service will also encourage purchases.

“When you start to look at the impact of building customer awareness of targeted product availability together with deferred payment options, before the customer reaches the checkout, it represents a very effective way to assist retailers in driving sales, reaching a highly diverse and dispersed audience,” said Wall.

“We chose to partner with Openpay because they understand the significance of bringing customers in-store to purchase and have an app that facilitates that journey.

“By integrating with the RainCheck app shoppers are reminded at a contextual and relevant time, when the purchase decision is being made.”

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Press

Openpay has partnered with retail platform RainCheck to bridge the gap between online and offline shopping.

Interest-free retail payments provider Openpay has today announced a new key partnership that aims to benefit the 88% of shoppers that buy in-store after researching online. RainCheck is a retail platform that allows consumers to save online items into a wish list that alerts them when a store nearby stocks any item on their list, while Openpay lets consumers purchase an item and pay it back in interest-free instalments.

By combining the two tech-driven platforms, Openpay and RainCheck are hoping to corner a lucrative retail segment.

Shoppers still prefer in-store purchases

“It is surprising to many, but retail online sales in Australia are slow, showing a growth of only 2.3% over the past five years,” says Cameron Wall, CEO of RainCheck.

“Three out of four shopping carts are abandoned and 88% of shoppers research online to make purchases offline. The evidence is there that, in Australia, retailers need to need to be utilising tools that get the customers through the door, rather than trying to execute the sale online.”

The combined technology between the two companies will allow customers using RainCheck to save items they find online, and they’ll then have the option to “buy now, pay later” with Openpay if they make their purchase in-store.

Openpay’s CEO Simon Scalzo believes the new combined technology is driving potential customers to purchase in-store.

“The whole purpose behind the technology is capturing online browsers who don’t go all the way to the checkout,” he said.

Tech first

While still a self-described fintech platform, Scalzo believes Openpay is very much tech-focused.

“I’d like to say we’re very much focused on the tech perspective, and continuing to evolve our product…A great example of this is what we’ve been able to do with beacons. When the consumer walks in-store regardless of them having downloaded our app or not, the beacon is going to make them aware that if they want they can utilise a “buy now, pay later” solution in-store, seamlessly.”

Other innovations include integration with the retailer. The background of the Openpay app will change to fit the store’s branding that the consumer is shopping in, and retailers can send push notifications and messages to consumers about information such as sales.

Marrying online and in-store

The partnership has everything to do with connecting the online and in-store experience.

“I like the technology around connecting the two worlds: online and offline. To me that was really the key,” said Scalzo.

“Consumers want a consistent experience right? They don’t just want to have one experience when they’re shopping online and a different experience when they’re shopping in-store.”

Scalzo says the partnership with RainCheck, which focuses on connecting online and offline shopping, lines up with Openpay’s own goal to be “leading edge from an in-store perspective.”

“For both RainCheck and for us we saw it as a great partnership, as the focus of our business is really about that in-store journey, and RainCheck really wanted to partner with the provider that had in-store right and had a really significant presence in physical bricks and mortar stores.”

Consumer habits

While this recent partnership is innovating the way consumers think about retail payments, Scalzo admits the innovations are responding to consumer habits rather than shaping them.

“Technology is fundamentally important,” he said.

“I think “buy now, pay later” is really the evolution of layby, to a certain extent, in-store, but with more benefits; there is no paperwork, you can get the goods then and there and the retailers gets the funds the same day.”

“It’s just really digitising that process to be completely seamless.”

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Press

Openpay has teamed up with Raincheck to create a new app developed to increase conversion rates. Consumers can now save items online into a “wishlist”, and be notified when passing a bricks and mortar store location.

FinTech payments company Openpay has announced a partnership with RainCheck, to enhance the online shopping experience further. A new Australian platform has been developed to enhance the online shopping experience by creating a social “wishlist” of relevant products, and providing multiple payment options.

Cameron Wall, CEO and co-founder of RainCheck, has seen the significant impact ‘buy now, pay later’ is having in retail. Following a meeting with Simon Scalzo, CEO of Openpay at the NRF’s Big Show in New York last month, the pair brainstormed over their foundations, and decided to integrate their technologies to build a new omnichannel platform via an app.

“By integrating with the RainCheck app, shoppers are able to buy from multiple retailers and brands in the one checkout with Openpay. It represents is an effective way to assist retailers in driving sales, reaching a highly diverse and dispersed audience,” says Scalzo.

Combining both companies’ ability to link traditional and online retail, the integration of the two omnichannel platforms could simplify the challenge of helping customers shop smarter and seamlessly, from browsing right through to purchase.

“While RainCheck initially existed to transcend the digital and physical worlds, we’re now supporting pureplays by taking their product feed into the RainCheck platform to sell directly through the app,” says Wall.

When you consider three out of four shopping carts are abandoned in Australia, retailers need to need to utilise tools that get the customers’ conversion online.

“By adding our RainCheck star button, so users can RainCheck items off our retailers websites, we help capture the three in four abandoned online shopping carts to convert the sale at a later date.”

RainCheck is an online to offline retail platform that bridges the gap between online browsing into offline shopping and purchase. Consumers now have the ability to save items online into a “wishlist”, and be notified when passing a bricks and mortar store location.

Technology and data are central for both Openpay and RainCheck, providing retailers with access to never before seen retail analytics through its integrated apps, including the ability to understand customer behaviour.

“With plug-in platforms like these, online retailers are able to flex and react at speed when interventions are required, with a tailored solution based on what customers are responding to,”  Scalzo.

This partnership continues to build on the groups significant in-store abilities to drive a new level of interaction with the customer in-store via Openpay’s unique beacon technology and RainCheck’s ability to build customer awareness of stock researched online and available in-store as the customer walks past the store.

“We chose to partner with Openpay because they understand the significance of bringing technology to the retail landscape and have an app that facilitates that journey.”

“In-store is still a major priority, and using mobile technologies is central to modernising our in-store solution to seamlessly implement purchase opportunities into our users’ everyday activities, when inspiration, intention and proximity collide,” says Scalzo.

Openpay is the only ‘buy now, pay later’ app born in-store. Openpay’s technology has evolved over four years to deliver a seamless in-store and online payment solution across many lifestyle industries, with a significant retail footprint in thousands of stores nationally.

About Openpay

Openpay is an online, in-store and in-home payments solution that allows consumers to buy now and pay later, interest free. The technology framework has been developed over four years and has proven to be successful under the Jam Payments, Evoke AutoPay and other white label brands. This year, led by its newly formed board and advisory committee, it has been consolidated into one group and a one single brand and new app platform – Openpay.

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