Characterized by welcoming spaces and an attractive design, each Coin store is carefully crafted to offer customers an engaging and inspiring shopping experience. The fashion and beauty sections feature a wide selection of high-quality brands that combine research, innovation, and accessible luxury, catering to a sophisticated and trend-conscious clientele. In addition to clothing and beauty products, Coin also offers a variety of home goods under the Coin Casa brand.
The challenges
The challenges that retail and e-commerce brands like Coin face today are complex, especially in the post-pandemic landscape. One of the most significant challenges for Coin has been the need to adapt to a market environment shaped by five generations of consumers, each with different needs and preferences.
From Baby Boomers to Generations X, Y, Z, and Alpha, our target audience is more diverse than ever. This has required a complete reassessment of our business model. Companies can no longer rely solely on digital marketing and advertising techniques in the hope of reaching and converting younger consumers. Instead, they must adapt and innovate their commercial strategies across all aspects of the business, staying up to date with the latest technological developments—including the world of payments.
Another key insight highlighted by Giovanni Pace is that today’s consumers seek a comprehensive shopping experience that goes beyond mere product ownership. They want to immerse themselves in a holistic experience with a brand that is recognized for its reputation, reliability, and credibility in the market. Customers are increasingly attentive, informed, and conscious compared to the past.
This trend has pushed retailers to seek synergies and partnerships with other companies that share similar values and have a strong reputation in the retail sector. This is where partners like Scalapay come into play, offering solutions that align with the needs and expectations of an increasingly sophisticated consumer base.
Scalapay's Solution
Coin implemented our Buy Now, Pay Later solution in December 2021, allowing customers to split their purchases into three installments. Over the course of the partnership, Coin also chose to adopt Scalapay’s in-store solution to ensure an outstanding shopping experience in physical stores as well.
The entire onboarding and integration process was smooth and fast, thanks to Scalapay’s ability to fully understand our needs and technological structure. From the user’s perspective, Scalapay’s user experience is highly effective and helps us attract younger generations, who are the most demanding when it comes to shopping experiences—both online and in-store.
The results
Thanks to this partnership, Coin has achieved the following key commercial results:
- Revenue from payments with Scalapay has doubled in a single year
- The average order value has more than doubled compared to other payment methods accepted by Coin.
- 68% of orders on Scalapay come from users within the Scalapay network (who have previously used Scalapay with other merchants before purchasing with Scalapay at Coin).
With Scalapay, we are achieving outstanding results. Our revenue has doubled in just one year, and most importantly, we see how customer trust in this type of partnership also leads to an increase in the average order value, which has grown more than twice as much as the average purchase value at Coin.
Conclusions
Today's shoppers take an increasingly selective approach, asking themselves key questions: Which brands offer faster shopping journeys that enhance the overall experience? Who truly recognizes consumers as individuals with unique desires and preferences?
In 2024, businesses must realign their strategies with ever-evolving consumer preferences and place people at the heart of their business model. The partnership between Scalapay and Coin highlights that the most successful and growing brands in today's economic landscape are those that prioritize the consumer and embrace strategic partnerships to enhance the customer experience, meeting the expectations of their audience.
The biggest mistake retailers and e-commerce businesses can make is believing that technology alone can replace the human touch. Technology should serve the human experience. The success of the partnership between Coin and Scalapay is precisely due to its ability to combine technological innovation with the experiential aspect that is so important to us at Coin.
If you’re interested in experiencing firsthand the benefits of Scalapay’s BNPL solution and discovering how it can maximize conversions and increase your average order value, contact us here.
