Published on 03/07/2024

Brand of the Year 2024 | FLOA awarded for its excellence

e're proud to announce that FLOA has been named Brand of the Year for 2024. This prestigious accolade, awarded by the Nielsen Consumer Institute, is a mark of quality and trust, recognising brands that exceed customer expectations. This year, FLOA, a leader in Buy Now Pay Later, truly stood out. What does this concept involve? How did FLOA shine? Find out in this article.

What does "Brand of the Year" mean?

The "Brand of the Year" label is a coveted prize for major brands, showcasing those that excel based on rigorous criteria evaluated directly by consumers.

Established in 1987, the "Product of the Year" label is recognised by 9 out of 10 French consumers and is present in 45 countries. Building on this success, the new "Brand of the Year" label was created to honour brands that innovate and win over consumers with attractive, high-quality, and highly recommended products.

To vie for this prestigious award, brands must apply. Only those achieving top marks across all consumer-rated performance criteria can proudly boast the title of Brand of the Year.

This label is a reliable seal of a brand's ability to understand and effectively meet customer needs through innovation and continuous product improvement. Certified by an independent institute (Voted Product of the Year Worldwide), it stands as a mark of trust for consumers.

How is the ranking determined?

To ensure the integrity and credibility of this award, the Nielsen Consumer Institute uses a rigorous methodology to select the Brand of the Year. This process relies heavily on insights from the Nielsen Panel, a large sample of over 15,000 consumers representative of the French population.

Each brand's performance is benchmarked against its competitors and the average of the sector. The winner is the brand that stands out by offering superior products and services that effectively meet consumer expectations.

Members of the Nielsen Panel are surveyed annually to evaluate candidate brands based on five key criteria:

Purchase intent: how likely consumers are to buy from the brand.
Attractiveness: the overall appeal of the brand.
Innovation: perception of the brand’s innovation and product novelty.
Corporate Social Responsibility (CSR): the brand’s ethical and sustainable commitments.
Recommendation: how likely consumers are to recommend the brand.

Each criterion is scored and weighted according to its influence on overall consumer trust. The brand with the highest score compared to its competitors in the same category is crowned Brand of the Year by the Nielsen Panel.

FLOA's standout performances in 2024

The 2024 study results reveal that FLOA has cemented its reputation as a leader in payment in 3 or 4 instalments⁽¹⁾. By naming FLOA Brand of the Year, Nielsen highlights the company's operational excellence and its ability to meet consumer expectations, particularly for split payment options.

Consumer trust, the cornerstone of FLOA's success (recognised as Customer Service Provider of the Year 2024), is evident in scores that surpass those of its competitors in several key areas. In particular, FLOA stands out in:

attractiveness (25% compared with 22% for the average competitor)
and recommendation (25% versus 23% for the competition).

These scores reflect not only the quality of services and products FLOA offers but also its commitment to innovation and social responsibility.

Winning Brand of the Year 2024 is not just a testament to FLOA's exceptional performance; it also celebrates the company's ability to build strong, trust-based relationships with its customers. By prioritising transparency, innovation, and social responsibility, FLOA has set itself apart and met the evolving needs of consumers. This recognition results from a well-planned strategy and a relentless commitment to excellence and customer service. FLOA firmly establishes itself as an undisputed leader in the 3- or 4-instalment payment solutions sector.

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