Follow Klarna

Klarna Launches in U.S. with Overstock.com as First Major Retail Partner

Press release   •   Sep 01, 2015 13:15 BST

Overstock.com Now Offers Simplified Mobile Buying Experience with Klarna

NEW YORK, NY Sept. 1, 2015 – Klarna, Europe’s leading payment solutions providers, today announced the official launch of commercial operations in the U.S. with Overstock.com as its first major retail partner. According to Overstock.com, this partnership will bring a simplified buying experience on mobile devices, enabling Overstock.com shoppers the ease of buying from their smartphone or tablet with just one tap.

“We’re incredibly excited to launch Klarna in the US. To do so together with a partner of such a massive scale as Overstock gives us a huge boost into the market”, said Brian Billingsley, CEO of Klarna North America. “U.S. consumers are looking for a simpler and safer way to buy and retailers are looking for better ways to engage their consumers and increase their checkout conversion. The early success we’ve had with Overstock show the massive opportunity to turn more browsers into buyers.”

“Klarna removes the friction from the checkout process. During testing, Overstock’s mobile customers responded with increased conversion rates, thanks to Klarna’s sophisticated technology”, said Overstock.com CEO Patrick M. Byrne. “We look forward to our partnership with Klarna.”

Beginning today, Overstock.com will use Klarna Checkout for mobile web guest purchases. Returning users that have shopped with Klarna can complete a purchase with just one tap. All that is required for a new mobile web guest user to complete the transaction is information like an email address and delivery address – a credit card number or additional registration information may not even be necessary to checkout. If approved, the consumer has two weeks from the shipping date to pay, once the order is processed. This gives ample time for customers to receive the product before paying with their chosen payment method. Byrne said this will improve the customer experience and drive loyalty.

Klarna is the only company worldwide to achieve the same conversion rates on mobile as retailers typically see on desktop, while assuming both fraud and chargeback risk for merchants. Its unique integrated payments model enables Klarna to streamline the checkout process on desktop and mobile to eliminate friction and customize real-time dynamic credit offerings for consumers.

Data from the thousands of merchants that use Klarna:

98 percent of Klarna’s merchants see higher or the same conversion rate with Klarna Checkout compared to their previous solution

  • More than 67 percent see conversion increases between 10 and 50 percent when changing to Klarna
  • Klarna continuously optimizes the checkout and as a result, conversion increases over time. Klarna’s largest 20 merchants in 2014 have increased their conversion by 5.5 percent during 2015
  • Klarna Checkout has equally high conversion rate on mobile as on desktop
  • According to 48 percent of Klarna’s merchants, Klarna significantly improved average order value
  • For more information, please contact:

    Klarna: Erik Engellau-Nilsson, press@klarna.com

    Overstock.com: Kirstie Burden, pr@overstock.com

    Klarna is one of Europe’s fastest growing companies, and 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.

    Overstock.com, Inc. (NASDAQ:OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, rugs, bedding, electronics, clothing, and jewelry. Worldstock.com is dedicated to selling artisan-crafted products from around the world whereas Main Street Revolution supports small businesses across the U.S. by providing them a national customer base. Overstock.com has additional community-focused initiatives such as a Farmers Market and pet adoptions. Forbes ranked Overstock.com in its list of the Top 100 Most Trustworthy Companies in 2014. Overstock.com sells internationally under the name O.co. Overstock.com (http://www.overstock.com and http://www.o.co) regularly posts information about the company and other related matters under Investor Relations on its website.