Up Close is Sourcing Journal’s regular check-in with industry executives to get their take on topics ranging from personal style to their company’s latest moves. In this Q&A, Brad Paterson, CEO of “buy now, pay later” installment payment solution Splitit, discusses why customer centricity is key during Covid and the importance of shopping convenience.
Name: Brad Paterson
How would you describe yourself as a consumer?
I would say I am somewhat educated and try to do research before I purchase but can also be impulsive. I do look for quality, value and convenience in the way I shop and what I purchase.
As a consumer, what does it take to win your loyalty?
I am loyal to the brands that offer convenience, a great quality product that I am proud to wear and talk about, and an overall great shopping experience. Brands that can provide that keep me coming back again and again.
What’s your typical uniform?
I can almost always be found wearing a T-shirt and jeans or casual polo shirt.
What’s the best decision your company has made in the last year?
This has been a big year for Splitit. I would say one of the best decisions we made was to do less and to narrow our focus on growing core verticals such as home and luxury. Splitit has always been a distributed workplace with employees all across the world, so we were less impacted by Covid restrictions in that way. We’ve always been able to build our company culture around being distributed.
How would you describe your corporate culture?
Three things I would say best describe Splitit’s culture would be the importance of creating a learning mindset, always focused on the customer and prioritizing courage.
What can companies learn from Covid-19?
Covid revealed the importance of focusing on the customer to stay connected and to prioritize the overall customer experience. It also showed that brands need to be flexible and adaptable and be able to adjust to new challenges quickly. I think brands also realize that they can’t rely and be locked into long-term plans.
What should be the apparel industry’s top priority now?
My advice to the apparel industry is to be adaptable and try new things. Now is the time to invest in your product and the brand, as well as how to best personalize and customize the customer experience.
What keeps you up at night?
It’s an uncertain time for everyone right now. I am always thinking about how to best prepare for the unknown and to make sure we are nimble enough to adapt quickly.
What makes you most optimistic?
I am optimistic about our team and our focus on building a team that’s highly customer centric. I do believe the days ahead are incredibly bright and that good will come from these days of uncertainty.
Tell us about your company’s latest product introduction:
We recently announced a new form called Flex Fields that removes friction for shoppers by keeping them on a merchant’s website when using Splitit. With other brands, there can be up to approximately 15 clicks before a shopper can pay. Splitit’s Flex Fields make it easier to use, keep the shopper on the merchant’s website to increase conversion rates for the merchant and overall improves the customer experience so they will be more likely to shop again using the service.