Katapult Announces Katapult Cartridge for B2C Commerce on Salesforce AppExchange
Katapult has launched the Katapult Cartridge for B2C Commerce on Salesforce AppExchange, enabling merchant partners to reach nonprime consumers who lack access to traditional credit. This lease-to-own (LTO) solution offers multiple ownership options without late fees or penalties, ensuring transparent terms. CEO Orlando Zayas highlighted the LTO's potential to broaden retailers' markets and enhance customer satisfaction. Casper, a Salesforce platform user, has recently partnered with Katapult to extend its product reach. Salesforce's Alice Steinglass praised the addition for expanding access to a new customer base.
- Katapult launched the Katapult Cartridge for B2C Commerce on Salesforce AppExchange, expanding market reach.
- Lease-to-own (LTO) solution targets nonprime consumers, opening new markets for retailers.
- Multiple ownership options with no late fees or penalties, promoting transparency.
- High net promoter scores and repeat purchase rates, indicating customer satisfaction.
- Casper partnered with Katapult to enhance product reach to nonprime consumers.
- Salesforce AppExchange integration praised for accelerating business transformation.
- No mention of immediate financial benefits or revenue projections from the new solution.
- Reliance on nonprime consumers, who may have higher default risks.
Insights
Katapult's launch of its Cartridge for B2C Commerce on Salesforce AppExchange is a noteworthy strategic move. This integration is set to enable retailers to reach a previously underserved market: nonprime consumers. This demographic often lacks access to traditional financing options and Katapult's lease-to-own (LTO) solution offers a new pathway for them to acquire durable goods.
From a financial perspective, this partnership with Salesforce can potentially expand Katapult's market reach, bringing new growth opportunities. By leveraging Salesforce’s vast network, Katapult can tap into a larger pool of retailers, diversifying its revenue streams. However, the success of this venture heavily depends on the adoption rate of the Katapult Cartridge by retailers and the willingness of these retailers to cater to nonprime consumers.
In the short-term, Katapult may see an increase in acquisition costs as it markets this new solution. Over the long-term, however, the integration could lead to higher revenue growth if the adoption rate is strong. Investors should closely monitor adoption metrics and any subsequent financial performance updates to gauge the success of this initiative.
This new product launch by Katapult is likely to have significant implications for the retail market. Nonprime consumers represent a sizeable and often overlooked segment with substantial purchasing power. Katapult's LTO solution addresses a clear market need by providing financing alternatives where traditional credit is not available.
The integration with Salesforce AppExchange is strategic, allowing Katapult to leverage Salesforce’s established platform. Retailers using Salesforce can now easily integrate Katapult’s LTO solution into their existing systems, reducing the friction often associated with implementing new financial products. This seamless integration could be a strong selling point for retailers looking to attract a broader customer base.
In the retail sector, offering diverse payment options can enhance customer loyalty and increase overall sales. With transparent and fair leasing terms, Katapult can build trust with consumers who have historically been wary of nontraditional financing due to hidden fees and complex terms. This move could also drive higher repeat purchase rates, boosting retailers' long-term revenue potential.
From a technological standpoint, the integration of the Katapult Cartridge into Salesforce AppExchange is a smart move. By embedding directly into the Salesforce ecosystem, Katapult ensures that its solution can be easily adopted by retailers already using Salesforce for their B2C commerce needs. This reduces the technical barriers to entry and facilitates smoother implementation.
The omnichannel nature of the Katapult Cartridge means it can support a variety of sales channels, including online, in-store and mobile. This flexibility is important in today's retail environment where consumers expect seamless experiences across different channels. Additionally, the scalability of the solution means that it can grow alongside the retailers’ needs without requiring significant additional investment in infrastructure.
Retailers who choose to integrate this technology can better serve nonprime consumers, potentially increasing their customer base. However, the real test will be in the user experience. The technology must deliver on its promise of transparency and ease of use, or it risks alienating the very customers it aims to attract.
Katapult’s Merchant Partners Can Now Benefit from an Innovative Lease-to-Own Solution That Offers a Best-In-Class Experience for Underserved, Nonprime Consumers.
PLANO, Texas, May 30, 2024 (GLOBE NEWSWIRE) -- Katapult today announced it has launched the Katapult Cartridge for B2C Commerce on Salesforce AppExchange, a leading enterprise marketplace for partner apps and experts, empowering merchant partners to reach underserved, nonprime consumers who often don’t have access to traditional financing or credit.
Katapult Cartridge for B2C Commerce is currently available on AppExchange at https://appexchange.salesforce.com/appxListingDetail?listingId=1f496f4f-18ee-4642-bb79-903321cad588
Katapult Cartridge for B2C Commerce
The Katapult Cartridge for B2C Commerce, a scalable, omnichannel solution, is integrated directly with Salesforce and currently available on AppExchange. For consumers who have nonprime credit, Katapult’s lease-to-own (“LTO”) offering enables new paths to obtain durable goods. Customers have several options to acquire ownership of the product they are leasing and because Katapult never charges late fees or penalties and clearly and transparently communicates terms and conditions, customers understand the full cost of ownership at the outset of the lease.
Comments on the News
- ”We believe that our LTO solution offers significant benefits to both consumers and retailers,” said Orlando Zayas, CEO of Katapult. "Our LTO solution broadens the addressable market for retailers by allowing them to tap into the millions of consumers that don’t have access to traditional financing. With our fair and transparent lease terms, we empower consumers to lease the durable goods they need, when they need them, which our customers love. We have consistently high net promoter scores and repeat purchase rates and we believe a partnership with Katapult will be accretive to those retailers who choose to integrate our LTO solution.”
- Casper, a Salesforce platform customer, recently joined Katapult's growing retail community. "Casper partnered with Katapult so that customers who may not have been able to shop with us before will have the financial power to obtain our innovative sleep solutions,” said Rachel Pedicini, Vice President of E-commerce at Casper. “We are excited about the potential to provide access to our high-quality bedding products to even more consumers across the United States."
- “Katapult Cartridge for B2C Commerce is a welcome addition to AppExchange, as it accelerates business transformation by giving retailers access to a new customer base: the non-prime consumer,” said Alice Steinglass, Executive Vice President and General Manager, Platform, Salesforce. “AppExchange is constantly evolving to connect customers with the right apps and experts for their business needs.”
About Salesforce AppExchange
Salesforce AppExchange, a leading enterprise marketplace for partner apps and experts, empowers companies, developers and entrepreneurs to build, market and grow in entirely new ways. Since its launch in 2006, the platform has grown to include more than 8,000 apps and experts, with over 12 million customer installs. AppExchange connects customers of all sizes and across industries to ready-to-install or customizable apps and Salesforce-certified consultants to solve any business challenge.
Additional Resources
Salesforce, AppExchange and others are among the trademarks of Salesforce, inc.
About Katapult
Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity. For more information on Katapult, visit www.katapult.com.
Katapult’s LTO solution provides significant benefits to consumers including:
- Customers understand the full cost of the product ownership up-front. There are no surprise fees or compounding interest payments. In fact, there are no late fees, ever.
- No long-term obligations for the customer – they can either make recurring payments toward owning the purchase outright or return it at any time.
- Financial flexibility that can make an LTO purchase more attractive and accessible than traditional financing.
Hundreds of merchants are leveraging Katapult’s LTO solution to help expand their businesses. Key merchant benefits of a partnership with Katapult include:
- Merchants have access to new shoppers who can drive incremental sales
- Higher conversion rates and lower cart abandonment
- Opportunities to drive repeat customer purchase rates up
- No merchant recourse from customer defaults
- Katapult covers all interchange costs related to the transaction
- No risks from out-of-window returns
Consumers interested in unlocking financial purchasing power through personalized lease-to-own plans can download our app in the Apple App Store or Google Play. For more information on our LTO offering, consumers can also visit our website.
Forward-Looking Statements
Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions.. These forward-looking statements include, but are not limited to, statements regarding the success of our partnership with Salesforce and the benefits of our LTO platform. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Katapult’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Katapult.
Media Contact:
Jennifer Kull
Katapult
ir@katapult.com
FAQ
What is Katapult's new offering on Salesforce AppExchange?
When was the Katapult Cartridge for B2C Commerce announced?
What benefits does the Katapult Cartridge offer to consumers?
Which retailers have partnered with Katapult for this solution?
What is the significance of the Katapult Cartridge for retailers?
Where can the Katapult Cartridge for B2C Commerce be accessed?
