Bread Helps More Eargo Customers Hear to the Fullest
Eargo is the future of hearing technology. They are more than a medical device manufacturer—they approach their business with the drive and vision of an innovative tech company. They’ve created a line of direct-to-consumer hearing aids unlike any others on the market. Sleek and inconspicuous, Eargo’s solutions are comfortable, rechargeable, and app-connected. Their support team is made up of dozens of audiologists, licensed hearing professionals, and nationally recognized industry leaders who consult with customers to help them hear better.
Eargo’s revolutionary solutions have led them to massive growth, and Bread has worked side-by-side with them to offer payment options that suit their needs and those of their customers.
Bread Outperforms on Ecommerce
To make sure they were getting the best results from their financing program, Eargo compared Bread and a competing provider.
Eargo’s customers showed a clear preference for Bread’s full-funnel, built-for-ecommerce experience. Shoppers can prequalify with Bread anywhere across Eargo’s site with a short, automated, and embedded process. The results speak for themselves—Bread’s experience was able to generate a lot more interest from Eargo customers.
Bread received 4X more prequal applications than their previous provider, and saw a 4X increase in overall financing volume.
Experience is what wins out for ecommerce customers. More shoppers trust, choose, and checkout with Bread’s ecommerce-first financing experience.
- Shiv Singh, CMO, Eargo
0% Financing Bolsters Demand While Decreasing Returns
Eargo was also an early adopter of Bread’s 0% APR financing rate, and have enthusiastically embraced leveraging this option to command the attention of their customers. They used 0% APR to promote the launch of a new higher-AOV product, and saw that it drove an increase in interested consumers without also increasing returns.
In the month they launched their promotional 0% option, Eargo saw a 25% increase in applicants over the month prior. They also saw that these customers were checking out more quickly after applying. A 10% increase in same-day activations meant that more customers were learning about their buying power with 0% financing, and then deciding to purchase that very same day. 0% customers weren’t just using this rate as a way to try out Eargo’s products, they were committed shoppers who were convinced to check out based on a more-appealing financing option.
Today 49% of all of Eargo’s financed transactions are made with Bread’s 0% product, and 41% of all the purchases made at Eargo are with Bread’s financing.
- John Gareau, VP of Digital and Ecommerce, Eargo