Affirm fundamentally transforms traditional shopping experiences by providing consumers with upfront, flexible payment plans, thereby streamlining the purchasing process for businesses and driving sustainable growth.
Tempo, aSan Francisco-based company specializing in strength and cardio workouts with virtual training, faced intense competition in the high-tech home fitness market. The company aimed to expand its customer base and make its high-end Studio product more accessible and affordable. To achieve these goals, Tempo partnered with Affirm to offer extended repayment terms.
2.
Task
Launch extended repayment terms
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Introduce 48-month payment plan
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Increase conversion rates and accessibility
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Improve customer experience with affordable payments
Tempo's main task was to introduce a48-month, zero-interest payment plan for its high-end Studio product alongside existing 12- and 24-month options. The intention was to increase conversion rates, provide agood customer experience, and make the product financially accessible to abroader audience by offering lower monthly payments.
3.
Action
Implemented Affirm payment plan
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Partnered with Affirm for financing
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Rolled out 48-month, zero-interest payment plan
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Focused on affordability and customer base expansion
Tempo partnered with Affirm to offer anew 48-month, zero-interest repayment plan for the Studio product. This new financial option was aimed at making the product more affordable, thereby boosting sales and expanding Tempo’s customer base. This initiative was driven by astrategic goal to see lower payments as aviable budget option for abroader demographic.
4.
Result
Rapid growth in sales and customers
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39% increase in average daily checkouts
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11% lift in conversion rates
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Significant growth in younger customer base
Within six weeks of launching the 48-month payment option, Tempo saw a39% increase in average daily checkouts with Affirm and an 11% lift in conversion rates. Additionally, the financing option led to asignificant 16% growth in customers under 40 and a64% increase among those under 25, positioning Tempo well among younger, trend-setting demographics.
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