UK technology retailer Currys has unveiled a revamped credit product to allow its customers to “pay for tech at their pace”.
Currys flexpay is designed to give customers extra flexibility when purchasing. Customers can choose to pay through fixed monthly payments or via the buy now, pay later feature, and gain exclusive access to a range of low rate and interest free promotional credit offers on selected products.
Currys flexpay has been built by the retailer and its partner BNP Paribas Personal Finance, working directly with customers to make credit even easier for colleagues to communicate, and for customers to understand.
Following research with colleagues and customers, Currys have aimed to make credit more personalised, ensuring it shows up when customers need it and making sure customers always know where they stand through a dedicated mobile app.
There are also more ways to flexpay in store, the ability to flexpay on additional hardware categories, a simpler and clearer application journey, and better visibility of existing customers’ credit balance across buying journeys.
It comes at a point where over 20% of eligible spend now goes through credit, which makes Currys’ credit offer the most used credit product at Currys, with spend now exceeding that made on credit cards.
Currys has grown its active credit customer count to over 2.3mn, and these customers are the retailer’s happiest, with NPS scores 22% higher than non-credit customers. They are also 20% more likely to purchase complete solutions and linked products, and over twice as likely to return and shop again at Currys within 12 months.
Joshua Fabian-Miller, consumer credit director, Currys plc, said: “We’re committed to helping customers access and enjoy the latest technology, that keeps them connected, healthy, productive and entertained – flexpay is a key part of that mission.
“Currys flexpay makes it even easier for customers to spread the cost of their tech, at the point of need. I’d like to thank the customers and colleagues who helped us shape flexpay, and the teams across Currys and our partner BNP Paribas Personal Finance, who develop our credit product and help our customers pay at their pace.”
Read more about Currys in an exclusive company profile in the first UK 360° report. The profile tracks Currys growth from a bicycle retailer to selling the latest consumer technology products.
The full report offers a briefing on the UK market as a whole, how shoppers buy and want to buy, the retailers, brands and marketplaces that are succeeding in this market, and the services that the most successful provide to their customers.
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