A brief history of Steven Stone
Established in 1937, Steven Stone is a legacy brand that has built a reputation providing high-quality jewellery for its customers. And it’s been able to achieve success through a highly personalised service while remaining competitive in the pricing market.More importantly, Steven Stone is one of the few brands with in-house workshops. That means customers receive a bespoke experience with custom-made designed and ethically-sourced diamonds when they’re either shopping online or visiting one of its physical stores.
The problem faced by Steven Stone
Even with a reputable brand history and high customer demand, Steven Stone kept facing the same issue: average basket size. Like all luxury goods, the average basket size of a purchase is significant, with items priced at the higher end of the scale leading to fewer purchases but higher price points.
Therefore, Steven Stone understood the need to ensure the level of borrowing for consumer finance suited the quality of the products on sale. This was vital to create synergy between stock and the customers buying it.
As a fine-goods jewellery seller, the brand was no stranger to retail finance. But relationships with previous partners restricted loan amounts, meaning customers didn’t have flexible finance options when they reached the checkout stage of the buyer’s journey.
As a result, the business saw how the low levels of finance on offer hindered sales and slowed growth. It needed another option if it was to get a larger number of customers transacting at the checkout and complete the buying process.
A solution with Deko
Deko is the UK’s only multi-lender, which means companies using our platform have more access to lenders than they would elsewhere. This appealed to Steven Stone, as it allowed the brand to go from a rigid offering for its customers to a flexible service.
Customers felt more empowered to make the right purchases choices as a result. Deko offered a multi-lender approach that was easily integrated into Steven Stone’s checkout process. This meant Steven Stone was up and running with Deko’s flexible payment options, which enabled the brand to increase conversion rates and lending volumes, equating to more revenue.
Everything was embedded into the checkout page for a seamless transaction. The result was a more flexible finance option that gave Steven Stone’s customers a broader range or lending to make their customer experience even better.
Results that speak for themself
Since using Deko to offer a greater range of finance options to its customers, Steven Stone has enjoyed a 30% increase in sales. This was driven by a far higher acceptance rate, which is a result of Deko’s financial flexible payment option.
If a customer is rejected for finance from the first lender, Deko automatically looks for the next option and then another one. It means customers are more likely to be accepted for credit that suits their budget while providing brands like Steven Stone with a higher conversion rate at checkout.
Using Deko’s platform was a smooth and frictionless onboarding process, too, and it allowed Steven Stone to implement new finance options quickly. Steven Stone has seen an increase in turnover since partnering with Deko, resulting in an overall smoother business operation.