VANCOUVER, BC, Aug. 1, 2023
/PRNewswire/ - Thinkific Labs Inc. ("Thinkific" or the "Company")
(TSX: THNC), a leading platform for creating, marketing, and
selling online learning products, announced today the launch
of Buy Now, Pay Later (BNPL) functionality, via providers
Affirm, Klarna, and Afterpay, as part of its growing suite of
integrated business management and payments solutions which
includes Thinkific Payments. Powered by global financial
infrastructure platform Stripe, the latest functionality enables
Thinkific Creators to offer credit at checkout options thereby
increasing accessibility of their products to wider audiences and
driving increased sales.
"Our goal at Thinkific has always been to empower our Creators
to build and scale their own remarkable and successful online
businesses," said Greg Smith, CEO of
Thinkific. "The addition of Buy Now, Pay Later options to Thinkific
Payments provides another compelling tool for our Creators,
allowing them to attract more students, increase sales, and provide
flexible payment solutions that align with their audience's
needs."
With Affirm, Klarna, and Afterpay, students have the flexibility
to pay for education over time, while Creators receive immediate
payment. This allows Creators to reinvest their sales revenues into
marketing efforts, fueling their growth and expanding their
reach.
During extensive beta testing, by offering a convenient form of
credit that lowers the purchase barriers for students, Thinkific
Creators saw strong and consistent increases to sales conversions
and revenue. According to Stripe data, businesses that accept BNPL
services on their platform have seen an average 25% incremental
uplift in sales volume.
Thinkific's integration of BNPL functionality was also shown to
increase average order values, contributing to Creator's overall
revenue growth. As part of its ongoing beta testing of BNPL, the
Company continues to find that the average transaction size is
larger with the use of BNPL features than without, meaning
Thinkific Creators see larger purchases from students when the
flexible payment option is enabled.
"Stripe's work with Thinkific to offer a BNPL feature means
Thinkific Creators can unlock new opportunities for growth and
expand accessibility to their educational products," said
Sophie Sakellariadis, Product Lead
for Payment Methods at Stripe. "We believe our collaboration will
help Creators scale their audiences even more and supercharge
sales, ultimately driving success throughout the online learning
industry."
For more information on Thinkific Payments and how to add Buy
Now, Pay Later, please visit
https://thinkific.com/features/sell-courses/thinkific-payments.
About Thinkific
Thinkific (TSX:THNC) makes it simple for Creator Educators and
established businesses of any size to scale and generate revenue by
teaching what they know. Our Platform gives businesses everything
they need to build, market, and sell digital learning products -
from courses to communities - and to run their business
seamlessly under their own brand, on their own site. Thinkific's
50,000+ active creators earn hundreds of millions of dollars in
direct course, membership and community sales while teaching tens
of millions of students. Thinkific is headquartered in Vancouver, Canada, with a distributed
team.
For more information, please visit www.thinkific.com.
This news release includes forward-looking statements and
forward–looking information within the meaning of applicable
securities laws ("forward-looking statements"). Often, but not
always, forward–looking information can be identified by the use of
words such as "plans", "is expected", "expects", "scheduled",
"intends", "contemplates", "anticipates", "believes", "proposes" or
variations (including negative and grammatical variations) of such
words and phrases, or state that certain actions, events or results
"may", "could", "would", "might" or "will" be taken, occur or be
achieved. Forward-looking statements in this news release include
statements regarding the Company's BNPL functionality, the expected
benefits including revenue generation potential for Creators and
for Thinkific, Thinkific's continued commitment and plans to
protect personal data; and the expected benefits that this may have
in support of Thinkific's continued growth. Such statements and
information are based on the current expectations of Thinkific's
management, and are based on assumptions and subject to risks and
uncertainties. Although Thinkific's management believes that the
assumptions underlying these statements and information are
reasonable, they may prove to be incorrect. Except as required by
applicable securities laws, forward–looking statements and
information speak only as of the date on which they are made and
Thinkific undertakes no obligation to publicly update or revise any
forward–looking statement or information, whether as a result of
new information, future events or otherwise.
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SOURCE Thinkific Labs Inc.
