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How humm Makes ‘Big Things’ Possible for Retailers
The BNPL platform, humm, has added several new retailers to its belt. From homeware brands to health and beauty, the platform has placed a core focus on home improvement and lifestyle goods.
In the wake of Buy Now Pay Later (BNPL), it seems that more platforms are popping up than ever before. humm is a repayment service that has not only won over the customers but also the retailers, thanks to the latest update.
humm, which is owned by flexigroup, announced that several ‘high profile’ retailers have been added to its platform, which pushes it further into the mainstream of BNPL. The payment solution has honed in focus on homewares, electrical, health and home improvement so its users can buy the ‘big things’ they’ve always wanted.
“Increasing retailer relationships and reinvigorating flexigroup brands are core elements of the business strategy for flexigroup. Key components of the plan also include the right-sizing of the group cost structure, simplifying and modernising IT systems and marketing – all areas in which increased investment is being made,” explained flexigroup’s CEO, Rebecca James.
“Our BNPL offering was the first of our suite of products to undergo simplification – merging two little known brands into one compelling proposition. humm’s differentiated offering – enabling transactions up to $30,000 completely interest-free – is not only resonating with both retailers and consumers but is also displacing competitors in key categories.”
Some of the retailers that join the humm platform include Temple & Webster, Sunboost, Pottery Barn, Bing Lee, Retravision, 1300 SMILES along with many others. “Retailers are favouring humm’s broader demographic and spending power, helping them drive higher value sales. And shoppers are embracing the ability to make larger lifestyle purchases more affordable by paying in interest-free instalments,” Ms James said.
humm offers a BNPL payment solution, and drives higher-value purchases, with the average sale sitting at $3,760 for its ‘big things’ category and more than $400 for its ‘little things’ category. This is nearly double that average for other BNPL platforms. Alongside these retailers joining the platform, humm has seen a total number of transactions increase by 22 per cent, and transaction volume grow by 16 per cent.
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