Black Friday Thru Cyber Monday Shows Bill Me Later, Google Checkout and PayPal Accounted for More Than 18% of Purchases Made on GSI Commerce’s Partner Sites that Use Those Services
KING OF PRUSSIA, Pa., Nov. 30, 2006 – GSI Commerce Inc. (Nasdaq: GSIC), a leading provider of e-commerce solutions, today reported that the alternative checkout and payment methods most recently added to GSI’s ecommerce platform – Bill Me Later, Google Checkout and PayPal – drove more than 18 percent of online holiday purchases for its partners from Black Friday, Nov. 24 through Cyber Monday, Nov. 27.
“Providing multiple checkout and payment options is just one of the ways we deploy innovative tools and features on our platform to help our partners to grow their e-commerce businesses faster than they could on their own,” said Steve Davis, senior vice president, GSI Commerce Partner Services.
“Providing multiple online checkout and payment methods is a big and important part of growing our online business as it gives a variety of customers convenient options,” said Jeffrey R. Hennion, senior vice president & chief marketing officer for Dick’s Sporting Goods, the nation’s largest sporting goods retailer. “And with GSI Commerce, we’re partnered with a leader in the world of providing alternative checkout and payment options to online shoppers.”
“By offering a variety of checkout and payment options, GSI expands the number of choices that our e-commerce partners can use to capture an online sale that might otherwise walk out the virtual door,” explained Davis.
Google Checkout is the most recent alternative checkout process GSI offers on its e-commerce platform, and Bill Me Later and PayPal are the most recent alternative payment options. Other alternative payment options include private-label store credit cards, multiple types of gift cards and certificates, checks and money orders.
In addition to supporting all major credit cards, as of Nov. 29, more than 60 percent of GSI’s partners had deployed one or more alternative checkout or payment options as part of their e-commerce businesses.
Adding one or more alternative checkout and payment methods provides an opportunity to expand a partner’s base of customers by giving consumers the choice to transact as they feel most comfortable. This is particularly important to people who have security fears about disclosing credit card information either online or over the phone, as well as for people who do not use or qualify for credit cards. “By providing a robust variety of alternative checkout and payment options, GSI’s partners open their online door to a larger, more diverse group of shoppers,” said Davis.
Alternative payment options such as Bill Me Later and PayPal can offer shoppers flexibility and security. Bill Me Later provides qualified “instant credit” for shoppers and flexible payment terms such as “90-days-same-as-cash.” PayPal customers can make purchases quickly and securely using their credit cards, bank accounts, PayPal Buyer Credit, or cash stored in their PayPal accounts. An alternative checkout option such as Google Checkout can add speed, convenience and security to the online shopping experience by allowing shoppers to checkout using a Google login. Both alternative checkout and alternative payments are attractive features to people who prefer to shop sites that offer them as options.
About GSI Commerce
GSI Commerce is a leading provider of e-commerce solutions that enable retailers, branded manufacturers, entertainment companies and professional sports organizations to operate e-commerce businesses. We provide solutions for our partners through our integrated e-commerce platform, which is comprised of three components: technology, logistics and customer care, and marketing services. We provide e-commerce solutions for approximately 60 partners.
Forward-Looking Statements
All statements made in this release, other than statements of historical fact, are or will be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “will,” “would,” “should,” “guidance,” “potential,” “continue,” “project,” “forecast,” “confident,” “prospects,” “schedule” and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect GSI Commerce’s business, financial condition and operating results include the effects of changes in the economy, consumer spending, the financial markets and the industries in which GSI Commerce and its partners operate, changes affecting the Internet and e-commerce, the ability of GSI Commerce to develop and maintain relationships with strategic partners and suppliers and the timing of its establishment, extension or termination of its relationships with strategic partners, the ability of GSI Commerce to timely and successfully develop, maintain and protect its technology, confidential and proprietary information, and product and service offerings and execute operationally, the ability of GSI Commerce to attract and retain qualified personnel, the ability of GSI Commerce to successfully integrate its acquisitions of other businesses, if any, the performance of acquired businesses and the impact of SFAS 123(R). More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the SEC. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements.
Contact:
Greg Ryan
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