Nectar Sleep Ltd is a hugely successful online mattress retailer and is part of the Resident LLC group.
Since launching in the UK in 2018, Nectar has already achieved impressive growth as UK customers welcome their unique 365-night mattress trial and forever warranty. British made and produced, Nectar is also the UK’s only 100% climate-neutral ‘bed in a box’ mattress. Extending the Resident house of brands DreamCloud launched in 2019 and a third brand Resident Home launched in Jan 2021.
Nectar’s typical average order value is over £600 and with the competition within the marketplace, they were looking to offer their customers the chance to spread the cost over 12 months for their higher-value purchases.
They started to research lenders and platform options and were introduced to Duologi via a mutual partner. They quickly realised that the offer of 0% finance over 6, 10 and 12 months would be the best for their business model and would help attract customers browsing the online mattress marketplace.
Before working with Duologi, Nectar’sbiggest challenge was their conversion rate of customers. With such fierce competition and having just launched the brand, it was something they needed to address. They were also worried that they would need an FCA licence and that this may be a lengthy and troublesome process.
Through partnering with Duologi, Nectar’s product became much more affordable to their customers as they could use the Interest-Free retail finance to spread the cost over up to 12 months. This opened up their product to a much larger range of customers and in turn, increased their conversion rate.
“In the first quarter after going live we saw a marked lift in conversion rate of 20% and an increase in our average order value.”
Angela Crouch, Managing Director of Nectar added ” Results have been very positive. We’ll always be looking at ways to improve the acceptance rate. In the first quarter after going live we saw a marked lift in conversion rate of 20% and an increase in our average order value. It’s been nearly 2 years since Duologi has been live and they have supported around 10% of Nectar customers.
By allowing us to utilize their FCA licence, we were able to offer safe, secure and validated payments for our products across a time frame selected by the customer. ”
Partnering with such a fast-growing and vibrant business like Nectar has been a great privilege for Duologi and we’re glad we’ve been able to prove our retail finance can really transform a business and not only increase sales but average order values too.