How Bolt unlocked additional revenue with pioneering payments
“If you’re afraid of losing, then you daren’t win”, said tennis legend Björn Borg.
Today, his name still resonates, both in memory of his achievements and in association with the leading clothing brand: Björn Borg.
Since launching in Sweden in the 1980s, Björn Borg has extended its reach to 16 markets worldwide. Its largest markets are currently in Northern Europe but the company is growing in North America and looking to expand into Russia and Asia.
In 2014, Björn Borg needed a payments partner able to scale to meet the growing demands of its international expansion. Its current partner was unable to support local payment methods, and required a separate account for each currency. The set-up was becoming restrictive and so Björn Borg turned to Adyen.
Björn Borg went live with Adyen’s Hosted Payment Page (HPP) integration. This is a quick and easy setup in which the payments pages are hosted by Adyen, while advanced skin technology allows Björn Borg to retain the look and feel of its website.
Time was tight. Björn Borg’s contract ended with its previous payments provider at the end of June and summer sales were underway. Adyen moved fast, working closely with Björn Borg’s team, it managed to get the company live in just one day!
"Going live with Adyen in one day is just one example of the company’s excellent support. The team is fast and efficient, willing to do what it takes to get the job done." - Noelia Guinón, E-Commerce Manager, Björn Borg
"We have seen a 25% uptick in customer retention."
Björn Borg makes use of Adyen’s plugin for Magento, which seamlessly integrates Adyen’s payments platform into the Magento ecosystem. As the two backoffices are connected, the company can view summary transaction data from directly inside Magento.
Adyen’s Magento plugin is developed in-house, meaning a quick turnaround for bug fixes and new features. Its dedicated support team is always on hand to assist Björn Borg and ensure the plugin is optimized for its specific needs.
"Adyen’s connection to Magento is a huge benefit for us. It means we have an overview of our entire e-commerce operations, including transaction data, at a glance. And it is reassuring to know there is an in-house team managing the plugin. It means things can be handled quickly, so we are never left hanging." – Noelia Guinón
Björn Borg’s latest initiative is an underwear subscription service for men, delivering new underwear straight to the customer’s door each month. This has proved very successful. With Adyen’s recurring functionality and integrated backoffice, the company was able to set up and review subscription payments from inside Magento.
"Our subscription service has been a great success. Since launching, we have seen a 25% uptick in customer retention." – Noelia Guinón
As a successful international brand, Björn Borg inevitably attracts fraudsters. The challenge is to maintain the optimal balance between defending against fraud and maximizing conversions.
The solution came with Adyen’s dynamic risk management tool RevenueProtect and its core feature, the Risk Engine. Adyen worked with Björn Borg to fine-tune its risk settings and set the criteria to define each transaction’s risk score, using a combination of machine learning and industry-specific best practice. Based on its score, a transaction is authorized, refused or held for manual review.
The largest impact could be seen in Lithuania and Romania. Previously, almost all transactions were refused, but thanks to the Risk Engine dynamically evaluating each transaction individually, more payments were authorized and more shoppers could enjoy a frictionless checkout.
"With the Risk Engine our fraud defense is much more targeted. As a result, our conversion rates are up by 80%." – Noelia Guinón
Moving forwards, Björn Borg plans to bring its in-store Point-of-Sale (POS) operations into the same system. This integrated omni- channel approach means the webshop will become an extension of the physical store, and visa versa. As a result customers will seamlessly interact with the brand across numerous touch-points. All the while Björn Borg will benefit from invaluable cross-channel insight into customer behavior, allowing for highly targeted marketing and CRM initiatives.
"We are excited at the prospect of an omni-channel setup where both our e-commerce and physical stores are managed from one single platform. And since Adyen has had omni-channel capabilities built into its platform from the very start, it is the ideal partner to take us there.” – Noelia Guinón
"Our conversion rates are up by 80%."
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