Published on 12/08/2024

FLOA Circle Pay¹ | Your gateway to eco-friendly tech

Say goodbye to €800 smartphones! Second-hand tech products are all the rage. Whether you need a phone, tablet or computer, the French have found the answer: refurbished gadgets. This market is thriving, driven by eco-conscious consumers and, above all, the savings on premium products. The result? Widespread enthusiasm, with a third more people joining the trend in 2023². This momentum marks a shift away from the “produce, consume, dispose” linear economy towards a more sustainable future.

Making this market accessible to everyone, payment in instalments is creating waves. The idea? Spread the cost over several months. This smart solution is winning people over with its simplicity and positive impact on both users and the environment. The future of high-tech is looking responsible!

FLOA Circle Pay<sup>1</sup> | Your gateway to eco-friendly tech

The refurbished products market

The market for refurbished products continues to grow in popularity, driven by an increasing consumer demand for more eco-friendly alternatives. This is especially true for tech products like smartphones, tablets and computers.

According to a recent study, one-third² of the French population now opts for refurbished phones, with 62% doing so for financial reasons³. This trend is fuelled by the average purchase price of a new smartphone, which was around €500 in 2023⁴. It's much easier to buy a refurbished iPhone than a new one! As a result, more and more buyers are turning to refurbished products to make substantial savings and combat planned obsolescence.

But the appeal isn’t just about saving money. Environmental awareness is also pushing consumers, especially younger generations, to choose second-hand tech products to reduce their carbon footprint and support the energy transition. In line with the anti-waste law under a government circular economy plan, 56%⁴of French users of split payment solutions now do so to buy more sustainable products.

With such strong demand, the refurbished products market, driven by the circular economy, is only just getting started.

CirclePay1 | Supporting the rise of payment in instalments in the circular economy

In response to the strong demand for refurbished products, FLOA has enhanced its offering with an innovative solution: FLOA Circle Pay. This payment service⁶ allows customers to spread the cost of high-end tech products like smartphones, tablets, and computers over several months and reduce their bill by trading in their old device⁷.

FLOA Circle Pay addresses two complementary consumer needs:

The need to acquire new equipment or replace outdated devices
The desire to make an environmentally friendly choice by giving their smartphone a second life

By encouraging consumers to refurbish their old smartphones, FLOA Circle Pay offers access to quality products with affordable monthly payments. Consumers can easily upgrade their tech while giving their old device a second life through an integrated trade-in service.

This smart approach aligns perfectly with the circular economy's core principles: reducing environmental impact by rethinking our production and consumption habits and minimising waste. It’s a win-win for both consumers and the planet, taking another step towards a greener future.

A concrete example: Cdiscount

A perfect example of this winning synergy between split payments and the circular economy is FLOA Circle Pay's integration at Cdiscount.

With FLOA, Cdiscount has seen smartphone conversion rates soar⁵ and a record number of completed purchase journeys. This shows that providing a seamless experience that combines access to innovation with eco-friendly choices truly meets consumer expectations.

Boosted average basket and happy customers | The dual impact of FLOA Circle Pay1

The performance of FLOA Circle Pay speaks volumes. Commercially, the purchase acceptance rate reaches 94%⁵ when the option for payment in instalments is available. What’s more, the average basket size increases by 30%⁵ compared to traditional payment methods.

But it’s the customer feedback that truly showcases the solution’s success. With an overall satisfaction rating of 4.6/5⁵ and an NPS of 71⁵, FLOA Circle Pay has garnered widespread appeal. 90%⁵ of users even hope to see the offer extended to other product categories.

These numbers and reviews confirm consumers’ enthusiasm for a solution that offers flexible access to everyday essentials while reducing their environmental impact. It’s a potent lever for merchants aiming to transform their business model—and for the planet.

Interested in providing your customers with a shopping experience that is both seamless and ethical? Contact FLOA advisors today to get started.

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