US
Sep 1, 2015

US: Klarna Launches in U.S. with Overstock.com as First Major Retail Partner

Klarna, Europe’s leading payment solutions providers, today announced the official launch of commercial operations in the U.S. with Overstock.com as its first major retail partner. According to Overstock.com, this partnership will bring a simplified buying experience on mobile devices, enabling Overstock.com shoppers the ease of buying from their smartphone or tablet with just one tap.

“We’re incredibly excited to launch Klarna in the US. To do so together with a partner of such a massive scale as Overstock gives us a huge boost into the market”, said Brian Billingsley, CEO of Klarna North America. “U.S. consumers are looking for a simpler and safer way to buy and retailers are looking for better ways to engage their consumers and increase their checkout conversion. The early success we’ve had with Overstock show the massive opportunity to turn more browsers into buyers.”

“Klarna removes the friction from the checkout process. During testing, Overstock’s mobile customers responded with increased conversion rates, thanks to Klarna’s sophisticated technology”, said Overstock.com CEO Patrick M. Byrne. “We look forward to our partnership with Klarna.”

Beginning today, Overstock.com will use Klarna Checkout for mobile web guest purchases. Returning users that have shopped with Klarna can complete a purchase with just one tap. All that is required for a new mobile web guest user to complete the transaction is information like an email address and delivery address – a credit card number or additional registration information may not even be necessary to checkout. If approved, the consumer has two weeks from the shipping date to pay, once the order is processed. This gives ample time for customers to receive the product before paying with their chosen payment method. Byrne said this will improve the customer experience and drive loyalty.

Klarna is the only company worldwide to achieve the same conversion rates on mobile as retailers typically see on desktop, while assuming both fraud and chargeback risk for merchants. Its unique integrated payments model enables Klarna to streamline the checkout process on desktop and mobile to eliminate friction and customize real-time dynamic credit offerings for consumers.

Data from the thousands of merchants that use Klarna:

  • 98 percent of Klarna’s merchants see higher or the same conversion rate with Klarna Checkout compared to their previous solution
  • More than 67 percent see conversion increases between 10 and 50 percent when changing to Klarna
  • Klarna continuously optimizes the checkout and as a result, conversion increases over time. Klarna’s largest 20 merchants in 2014 have increased their conversion by 5.5 percent during 2015
  • Klarna Checkout has equally high conversion rate on mobile as on desktop
  • According to 48 percent of Klarna’s merchants, Klarna significantly improved average order value

 

For more information, please contact:

Klarna: Erik Engellau-Nilsson, press@klarna.com

Overstock.com: Kirstie Burden, pr@overstock.com