Otto as a digital marketplace
OTTO, founded in 1949, proves how fresh a company can be. Everyone remembers the catalogs; in the meantime OTTO is also one of the most successful e-commerce companies in Europe and far ahead of the game when it comes to digitalization. Now it’s time for the next transformation: The company is shifting to digital platforms and is opening up for its partners.
Challenge
As part of its further development into a digital marketplace, OTTO needs to make two target groups happy: External retailers and shoppers. One wants easy onboarding, lots of convenience for their customers and fast payments. The other wants a seamless customer experience and a convenient one-stop-shop solution where they can pay how they like. Because marketplaces are a welcome playing field for old and new forms of fraud, innovative solutions have to be found in this area. One of the very specific challenges? Until now, shoppers with OTTO brands and products from external retailers in their shopping carts had to inconveniently go through the checkout twice. This led to weak conversion rates and less sales.
Solution
Of course, Ratepay had to dig deep into its bag of innovative tricks for a digital mega-player like OTTO. We developed unique logics for the debtor management system and a completely new contractual structure. We work with the latest AI technologies so that we are always a step ahead of scammers. And by linking payment structures in a completely new way, we have ensured that OTTO is the sole contact partner for its retailers. The checkout has also been simplified so that all orders can be taken care of in one payment procedure.
Result
We are excited to set out into the future together with OTTO. Since the launch at the end of 2019/start of 2020, the transaction volume has increased dramatically. This is proof that the simplifications and conveniences have made life much easier for OTTO, the retailers and the shoppers. It also proves that seamless payment procedures result in higher conversion rates and higher sales.
What can we do for you? We are happy to advise you.
