Unlocking Success: GSN’s Seamless Jewelry Shopping Revolution
In evaluating emerging payment options, particularly at the time of our assessment, we found that many were integrated exclusively online, lacking the capability to facilitate transactions over the phone. Our commitment to consistency led us to Splitit, ensuring that, as a customer, you enjoy uniform payment options across all platforms.
Meet Gem Shopping Network (GSN)
Gem Shopping Network (GSN) is a distinguished home shopping company with an exclusive focus on fine jewelry. Eduardo Hauser, the visionary CEO of Gem Shopping Network (GSN), unveiled the distinctive approach that sets GSN apart in the world of jewelry home shopping. While competitors like HSN or QVC dabble in jewelry part-time, GSN stands out as a 24/7 purveyor of fine jewelry. GSN’s focus on this niche has cultivated a dedicated customer base, primarily aged 40 and older, drawn to the network for its unparalleled blend of education and entertainment.
Over 9,000 transactions
processed using SplitIt
Over $30 million
in total sales
The Challenge:
As GSN continues to expand across media channels and touchpoints, Hauser emphasizes the paramount goal of seamlessly integrating the purchasing experience into the content. This pursuit led GSN to search for a payment solution that removed friction and provided customers with flexibility at the time of transaction.
With a minimum average order value of $3,000, GSN faced a challenge in the fine jewelry market. While credit card payments suffice for lower-priced items, the high-ticket nature of GSN’s offerings required a solution that allowed customers to make substantial purchases without the constraints of a single transaction.
Partnering with Splitit: Omnichannel Integration for Scalability
In 2021, GSN strategically partnered with Splitit to integrate their installment payment solution seamlessly into the purchasing process. Splitit’s approach of leveraging pre-approved credit lines, rather than initiating new credit applications, aligned perfectly with GSN’s vision of removing friction and enhancing flexibility for their customers.
Splitit allows customers to utilize their approved credit lines over time, offering the freedom to choose between full payment or spreading the cost over several months. By eschewing the potential pitfalls of BNPL services, GSN ensures responsible spending and shields itself from issues arising between customers and credit bureaus. The nuanced approach of working with a spread between approved credit and unused credit aligns with GSN’s commitment to a customer-centric strategy.
Being financially unable to purchase high end items, the price points offered by GSN usually are fair enough. The Splitit program enables more room to acquire any of the countless items shown all day every day. My GSN collection has grown because of Splitit and I wear 2 or 3 prices from it every day of the week. Fine jewelry is one of the four things that make me happy!
Impact: Flexibility is synonymous with growth
Given GSN’s presence across various media channels, it was crucial for the payment solution to scale seamlessly. Splitit’s integration spans traditional ecommerce experiences, phone transactions, and chat interactions, providing customers with consistent payment options across all platforms.
In optimizing the payment experience, Hauser underscores the paramount importance of “removing barriers at the time of transaction.” GSN has methodically explored “every conceivable avenue” to eliminate friction and enhance flexibility, spanning the spectrum from accepting credit cards and ACH to accommodating wire transfers. Hauser emphasizes, “Flexibility is synonymous with growth,” particularly in the flourishing and expansive jewelry industry. Recognizing this, GSN proactively seeks ways to streamline payments within the industry, acknowledging the significant impact it can have on overall business success.
GSN’s disciplined approach involves a meticulous separation between the engagement and transaction platforms. The network’s primary focus at the top of the funnel is on growing viewership and engaging audiences, emphasizing education and entertainment.
Splitit and GSN’s friction-busting payment strategy emerge as powerful conversion tools in the transaction or conversion funnel, steering clear of being mere audience development tools. The network aims to provide customers with transactional flexibility, strategically embedding installment payments in the ecommerce experience at the product description page.
Results
By partnering with Splitit, GSN has successfully addressed the unique challenges posed by the fine jewelry market, offering its high-value customers a seamless and responsible payment experience. The collaboration has not only driven impressive sales figures but has also positioned GSN as an industry leader committed to customer-centric innovation. As GSN continues to grow, Splitit remains an invaluable partner in achieving their goal of removing transactional friction and fostering customer satisfaction.