Ozsale has entered the consumer payments market with the development of its own, proprietary, interest-free, ‘buy-now, pay-later’ platform, Ourpay, taking on companies like Afterypay and Zipmoney.
The payment solutions space is changing rapidly and customers are demanding more flexible choices today. As such, OzSale has successfully delivered on its ambition to develop an exclusive, intuitive payment platform, Ourpay, for its OzSale.com.au website that will ultimately be made available to its other retail partners, with plans to eventually offer it as a standalone product to businesses. The new platform rivals current payment platforms including Afterpay and Zipmoney.
The launch of Ourpay enhances MySale Group-owned OzSale’s value proposition, with its experience thus far suggesting it is popular with its customers. “We anticipate we will see further take-up within our own customer base and also have the potential strategic option to leverage Ourpay, as a standalone product, with others. We shall shortly launch a subscription-delivery model for customers which will be fully integrated to the Ourpay platform, says Carl Jackson, CEO of MySale Group.
Ourpay was launched on the group’s flagship OZSALE.com.au website in February this year and has since generated 50,000 customer sign-ups in Australia alone and is on track to double its monthly revenues every four months.
“Ourpay offers customers a seamless and secure ‘buy-now, pay-later’ payment option similar to Afterpay and Zipmoney,”says Jackson. Customers of Ourpay benefit from a payment plan over six weeks as the payment system automatically deducts four 25% instalments from the time of checkout and every two weeks thereafter.
The Ourpay payment platform was developed by the Group’s in-house technology team and now has a dedicated team of product, security and data professionals focused on expanding the platform internationally.
Ourpay is now available on OzSale.com.au, DealsDirect.com.au, OO.com.au and Buyinvite.com.au as well as the group’s international websites in New Zealand, Singapore and the UK.
‘’After reviewing available products in the payment solutions market we decided that to fully address the needs of customers and our business we needed to create our own, proprietary solution,” says Jackson.
‘’Our in-house platform is highly efficient allowing us to keep costs down and continue to provide our 25 million customers with exceptional value-for-money. In addition, by keeping the customer on our own website, we can ensure a seamless experience to them and allow us greater insights to their needs.”
Jackson says that apart from an improved customer experience, the insights the company is gaining from the new product enables it to provide a more personalised service to customers and provide them with the most appropriate deals and products.
‘’The development of our own payment platform was possible due to the strength of the group’s core technology platform and our strong, well-capitalised, financial position.”
The announcement of Ourpay comes off the back of MySale Group’s financial results release for the year ended 30th June 2017, reporting strong growth and increased profitability. Gross profit was up 14% from the previous year to $76 million, while online revenue grew by 10% to $238 million, driven by its growing active customer base.
“We are very pleased with the group’s progress during the year and the improved financial performance, which delivered significantly increased underlying EBITDA (up by 59%),” says Jackson.
The Group did, however, report a $1.5 million loss, which is up from its $200,000 loss last year.
The past year has seen the company invest heavily in its proprietary technology which has accelerated, including the launch of a brand new platform which will support its activities, including marketplace, in the future. “This enhanced, data-driven, platform transforms our opportunities with brands and customers,” says Jackson.
“We have a fully customisable, integrated proposition for brands to seamlessly support all their needs. We have even greater data insights to our customers’ needs and now they have access to our ‘endless aisle’ with an even greater choice of products at compelling discounted prices. The endless aisle combines our increasingly long tail of inventory, now over 300,000 SKU, with our new, single live view of that global inventory, to which all our websites are linked, providing increased customer choice and merchandising opportunities.”
Earlier this month OzSale opened its first bricks and mortar store on the Northern Beaches of Sydney, following the success it has seen in its physical stores in New Zealand. In April this year, the company also expanded into the vertical category of personalised products by acquiring Identity Direct. The announcement of its new buy-now, pay-later payment platform system sees it further diversify its customer offering and strengthen its position in the retail marketplace.
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