Rapid Transition: Ego Alters Payments within a Week, Saving €30,000 Monthly and Enhancing App Conversions with Primer
Ego Fashion Brand Boosts Revenue by Partnering with Primer
Ego, a popular fashion brand based in Manchester, has partnered with Primer, a global payments and commerce platform, to optimize its payments strategy and drive growth. The partnership has resulted in significant cost savings and increased revenue for the fashion retailer.
The decision to partner with Primer was prompted by the high payment fees that Ego was facing, particularly on its successful mobile application. Despite attempts to renegotiate with their previous payment service provider, they were unable to secure more favourable rates.
By partnering with Primer, Ego has been able to dynamically route payments, reducing transaction and processing fees significantly. This multi-PSP (Payment Service Provider) strategy avoids high fees linked to one provider, saving Ego approximately €30,000 per month.
The lower fees and smoother payment experience have led to a 30% increase in app conversion rates. This means more completed sales and thus increased revenue for Ego. The improvement in customer experience has also contributed to the boost in conversion rates.
Gabriel Le Roux, Co-founder and CEO at Primer, stated that Ego is an example of a business taking control of its payments. He believes that more retailers need to adopt the mindset of treating payments as business-critical and getting them right to gain a competitive edge.
Ego plans to extend its use of Primer across additional sales channels, including its webstore. The brand is also planning a broader effort to optimize its payments strategy and make payments a lever for growth.
According to Mr. Le Roux, what started as a cost challenge for Ego became an opportunity to move faster, adapt smarter, and future-proof its strategy. The rollout of Primer was supported by detailed documentation, real-time communication between teams, and coordinated execution across engineering, product, finance, and legal functions.
Ego's mobile app, initially projected to generate 10% of total revenue, now drives more than 30%. The success of the app led to excessive payment fees due to a PSP agreement based on lower projected transaction volumes. The partnership with Primer has enabled Ego to have more control over its payment management, ensuring that the success of its mobile app continues to drive revenue growth.
In conclusion, Ego's partnership with Primer has proven to be a successful strategy for optimizing costs, improving customer experience, and driving growth. The fashion brand is now better positioned to adapt to changing market conditions and capitalize on opportunities for growth in the future.
- Ego's partnership with Primer, a technology-driven payments and commerce platform, has revolutionized its business model, drastically reducing finance costs and increasing revenues.
- Moving forward, Ego intends to expand its business partnership with Primer, integrating the platform across various sales channels, including the webstore, aiming to make technology a cornerstone for both cost optimization and growth strategy.
