The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
With a new private label credit card program that makes it simple to run finance promotions, jewelry retailer Ross-Simons has boosted its average order value by 75% across its three channels of web, store and catalog.
With a new private label credit card program that makes it simple to run finance promotions, jewelry retailer Ross-Simons Inc. has boosted its average order value by an average of 75% across its three channels of web, store and catalog, vice president of marketing Charles White says.
“We see a distinct difference in the terms of the customers that are active users of the card,” White tells Internet Retailer, noting that purchases made on the card climb as high as two or three times the retailer’s average order value of more than $200.
Ross-Simons, No. 105 in the Internet Retailer Top 400 Guide to Retail Web Sites, launched its private label card last fall under the Preferred Account program from I4 Commerce, which also provides the Bill Me Later customer invoicing payment system that Ross-Simons offers to customers of its web site and catalog. Ross-Simons is one of the first retailers to use the Preferred Account program, which I4 Commerce is offering to its Bill Me Later clients.
The Preferred Account program is outperforming in terms of number and size of transactions Ross-Simons’ pre-existing private label credit card, which was only available to the retailer’s store customers and is being phased out as customers’ accounts on those cards expire, White says. A major reason for the new card’s performance is the retailer’s ability under the Preferred Account program to launch within a week financing promotions, such as 90-day or year-long periods where customers don’t need to make payments. “It’s very helpful in planning promotions, because it lets us decide later in the decision-making process on what financing to offer,” he says.