MySale Group eyes growth with buy-now-pay-later tool

Cocosa owner MySale Group is confident about its prospects for the year ahead, following recent investments in technology and the development of a new ‘buy-now-pay-later’ solution.

At the Australia-based company’s annual general meeting today, non-executive chairman Iain McDonald will outline ambitious plans for the new year, which he says will be supported by recent partnerships, product verticals and technology platform enhancements.

MySale’s brand include OzSale and BuyInvite in Australia, and NzSale in New Zealand.

The flash sales retailer’s buy-now-pay-later Ourpay solution, which was launched in the last financial year, was highlighted as a key part of the business’s plans for the future, following an increase in users.

''Our enhanced proprietary technology platform which was rolled out last year is, as anticipated, supporting all areas of the business to reach more customers and operate more efficiently,” McDonald will say.

“The Ourpay buy-now pay-later solution continues to grow its subscriber base at a pleasing rate and Identity Direct, the personalised goods business acquired last year, has integrated well.”

Those present at the AGM will hear that this financial year has started positively for MySale Group, with revenue growth up on last year. McDonald will say that gross margins are increasing and the organisation continues to carefully control its cost base. 

“This is delivering good growth in underlying profitability, in line with management's expectations.”

Ourpay is just one example of a number of new online customer credit tools emerging in the retail space, with Asos and Amazon among those launching these services in recent months. Asos’s new payment solution is supported by Scandinavian tech company Klarna, which effectively allows shoppers to procure products online, try them on and pay for the items they keep.

MySale’s Ourpay solution is an instalment payment option which aims to help customers manage their finances, and the retailer says its introduction has contributed to an increase in spend and shopping frequency among those customers accepted to the programme.

Developed in house, the payment method contributed to average customer spend growing by 19% and the frequency of purchases increasing by around 30% during initial trials. Ourpay is being rolled out to all MySale territories and websites where legislation currently allows.

There are also plans for MySale to launch a subscription-delivery model for customers which will be fully integrated to the Ourpay platform.

Carl Jackson, CEO of the group, said: “We anticipate we will see further take-up within our own customer base and also have the potential strategic option to leverage Ourpay, as a standalone product, with others.”