Offering a payment plan increases ticket sales conversion by 34% & average order value by 74%

eventgenius
26 Jul
2020
min read

Those festivals offering fans the option to pay via a payment plan benefit from an increase of 34% in sales, according to our data. This payment option has come to the fore even more during recent months given the economic impact many consumers are feeling from the coronavirus outbreak. And with the uncertainty likely to continue, we see this payment solution becoming even more important.

Payment plan orders are also often linked to higher value items, such as accommodation and extras, and we’ve found that offering a payment plan increases the average order value by 74%. It is therefore clear that fans are more likely to book more expensive items if given the opportunity to spread the cost over a longer period of time. Alongside an increase in CVR and ABV, we have also seen that since the COVID-19 outbreak began, 40% of orders have been paid for via payment plans, while even lower value tickets (those under £50) have received a 10% adoption rate. The amount of orders where someone fails to complete a follow-up payment stands at below 1%, showing that the risk of cancelled tickets is extremely low.

We’re proud to offer the most advanced and reliable payment plan ticketing technology on the market, and currently have over 60% of our partners benefitting from this offering, with many promoting us as their official payment plan provider. We believe the stats shown are testament to how vital this method of payment is to consumers, particularly during these unprecedented times which are likely to continue into next year. Giving consumers the opportunity to secure a booking through a small upfront payment is an easy way to help ease their mind.

If you are a new partner and would like to know more about our payment plan solution please contact partners@festicket.com, or if you would like to activate a payment plan on your existing account, please contact your account manager on accountmanagers@festicket.com.

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