Today, international online payments provider, Klarna, has announced a partnership with Lyst, the world’s largest fashion store, following a successful pilot period.
On the Lyst platform, British consumers will be able to use Klarna’s mobile checkout solutions to easily purchase products from hundreds of international brands – from Needle & Thread to Valentino – creating a seamless shopping experience.
When checking out, Lyst shoppers can now use Klarna’s unique technology to easily buy products by simply entering their email and shipping address instead of complicated log-in information, credit card, or debit card details. With Klarna’s pay after delivery solution, eligible users can place their order at checkout but choose to enter payment information later when it’s convenient. This allows the users to pay for the product after delivery, letting them try on their item first.
After a period of testing, Klarna enabled a 5.1% increase in conversion that led to a 6.8% increase in the gross merchandise volume on the platform. Klarna has also enabled an additional level of 3-D security for all Lyst retailers.
“Consumers get frustrated by long and complex checkout processes, which is why our mission is to make the online payment process simple, swift and smooth for shoppers and our retail partners,” says Luke Griffiths, UK General Manager of Klarna. “We are excited to partner with Lyst and that we together can provide a universal cart and buy button for hundreds of brands.”
“Klarna helps us offer our 40 million shoppers a better purchase experience, especially when it comes to mobile, which is our fastest growing channel,” says Lyst CEO and cofounder Chris Morton. “At our core, we help people discover and purchase fashion in new, simpler and more engaging ways – technology is usually what enables us to deliver that experience and Klarna is now an important piece of that.”
The Lyst platform, founded in London, allows shoppers to browse products from over 12,000 of the world’s greatest fashion designers, stores, boutiques and e-tailers which are aggregated into one universal shopping cart. Over 40 million shoppers from 180 countries shop on Lyst each year.
Klarna works together with 65,000 merchants to offer safe and easy payment solutions to more than 45 million users in Europe and North America. Klarna has 1,500 employees and is active in 18 countries.
Launched in London in 2010, Lyst connects millions of shoppers globally with over 12,000 designers and stores, from Burberry, Valentino, Alexander McQueen and J.Crew to Lane Crawford, Saks Fifth Avenue, Harrods and Neiman Marcus. With an inventory of over 3 million fashion products and access to 4.5 million changing fashion data points every hour, Lyst is a definitive new source of global fashion intelligence. This level of service and insight comes from analysing product changes and user behaviour plus sales and active browsing. Lyst was the first to launch a universal cart in the fashion space, enabling shoppers to check out from multiple retailers in a single, unified checkout. The company has raised $60 million to date, and is backed by range of all-star investors including 14W (Moda Operandi, Reformation), Accel Partners (Facebook, Spotify), Balderton (Yoox Net-A-Porter Group), Draper Esprit, part of the Draper Venture Network (Hotmail, Skype), and the teams behind LVMH, Michael Kors, Oscar de la Renta, and Tory Burch.