E-Commerce Giants Klarna and Lyst Partner to Advance Seamless Mobile Shopping
Today, international e-commerce payments provider Klarna, announces a partnership with Lyst, the largest online fashion site. On the Lyst platform, users will now be able to use Klarna’s mobile checkout solutions to easily purchase products from hundreds of US brands, creating the most seamless shopping experience for consumers.
When checking out online, Lyst shoppers can now use Klarna’s unique technology to easily buy products by entering simply their email and shipping address, instead of having to enter complicated log-in information, credit card or debit card details. Users can also choose to enter credit card information later when it’s convenient for them, and will now have the option to use Klarna’s “pay after delivery” solution to pay for the product after it has already been shipped to them, letting them try on their item before purchasing.
After a period of A/B testing, Lyst has seen a 5.1% increase in conversion that has led to a 6.8% increase in the total merchandise sales on the platform. Klarna has also enabled an additional level of 3-D security for retailers, improving the overall checkout.
On the Lyst platform, shoppers can currently browse products from over 12,000 of the world’s greatest fashion designers, stores, boutiques and e-tailers all of which are aggregated into one universal shopping cart. The addition of Klarna to the universal shopping cart signifies the future of online shopping: a fast mobile experience and easy checkout combined with the variety of diverse styles offered by Lyst.
Klarna offers safe and easy to use payment solutions to e-stores in Europe and North America. At the core of Klarna’s services is the concept of after delivery payment, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes the credit and fraud risk for e-retailers so that sellers can rest assured that they will always receive their money. Klarna Group has more than 1,200 employees and is active on 18 markets. It works with more than 50,000 merchants.
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 4.5million 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.
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